Synchrony closed all accounts

[AverageJoesCredit]

---

@MacCreed wrote:

Surprise!  The store card bank strikes again!   

---

Not really, been going on for awhile now

[Anonymous]

I had 4 accounts with them. 

Amazon 10k

Lowes 17k

Banana republic 10k

Hom furniture 50k 

They have my tax info from last year to grant 50k on hom furniture showing 330k.

No mortgage

Trans 752

Eq 776

Ex 791

Account age 13 years

Average 6 years

[Anonymous]

I am sorry to hear that this happened to you, OP. It is always a bit of a shock to the system to suffer from adverse action when your scores are high and balances low. 

The best advice I can give is to remember that it is not personal, it is business. 

Per a CNBC article I found, the average American has but 4 credit cards. Some people here opened 4 last month! Point being, it is arguable that a company like Synchrony would typically only have minimum exposure to the average consumer. When times get bad, they take a deep dive into their customer base and find that they have lent too much to a single individual (in your case, $87,000) and they feel that they need to limit that exposure. I would argue that for most people, that they do not have $87,000 in unsecured limits with say, BofA, Citi, Chase, Discover, Amex etc. But to play devil's advocate...if Synch felt uneasy with the $87,000 they lent you, why did they lend it to you in the first place?

Over the past year or so, there were postings here about BofA's new SP CLI's (okay that was 2018) and the "Discover Gravy Train CLI" thread. In many instances, there are those with huge limits with BofA and Discover. I quietly sat back, popped some popcorn and have been waiting for both banks to start CLD-but so far, they have not. Anyway, slightly off topic, but point being that some folks have a ton of unsecured credit from a single bank.

I personally would not do business with Synchrony. I always felt they were a bit tacky and had an identity crisis. They were called GECCB, GEMB and GECRB before General Electric spun the consumer finance division off on its own only to be renammed yet again to Synch Bank (Synchrony Financial). Having said that though, if a consumer frequents a store that offers a Synch backed credit card, there is no reason for that person to fear them. It is only when multiple accounts are opened that they may feel uneasy. 

[AverageJoesCredit]

---

@Anonymous wrote:

I had 4 accounts with them. 

Amazon 10k

Lowes 17k

Banana republic 10k

Hom furniture 50k 

They have my tax info from last year to grant 50k on hom furniture showing 330k.

No mortgage

Trans 752

Eq 776

Ex 791

Account age 13 years

Average 6 years

---

Thanks for sharing, what other lenders do you have?

[Anonymous]

Amex plat personal and business

Amex cash magnet

Amex delta reserve

Nfcu cash rewards and flagship

Capital one quicksilver

Discover it

[recoveringfrombk7]

---

@Anonymous wrote:

Amex plat personal and business

Amex cash magnet

Amex delta reserve

Nfcu cash rewards and flagship

Capital one quicksilver

Discover it

---

@Anonymous unrelated, but why cash rewards and flagship?  There is no reason to use CR if you have FS.  Might want to consider a PC.

[Anonymous]

1 late from 2016. 

Inquires

1- trans

1-eq

2-ex

[Anonymous]

I got it for the sub. Have had it for years. Have considered combining but have not committed yet

[notmyrealname23]

---

@AverageJoesCredit wrote:

---

---

Sorry, i can. Despite what has been happening, they can be reliable to help build a profile. They have been more than generous to me and i know this can happen to me, 99% sure it will with my current life situation, but i wont say they are a horrible lender or wouldnt recommend to someone else. What i would do is recommend them but let said person know the risks, always pif just in case and dont live in fear of closure. Just my .02

---

I actually like the PPMC as a keeper card because unlike the Citi DC or Fidelity Visa, it doesn't have a foreign transaction fee as a 2% CB card. That's actually a unique feature unless you're going down the CU path to lenders like PenFed. Given that I've decided that I'm in the AMEX MR ecosystem for a while, a 2% cashback MC I can use outside the US when I travel someplace where AMEX isn't accepted (or make a non-USD denominated purchase with in a case where I can't use an AMEX) is pretty useful.

So I probably am never going to apply for a CLI for this card and see what happens. I probably would never need more than my current $6400 CL anyway if the primary purpose is "back up AMEX outside the US plus use semi-regularly on a monthly bill, so they won't have reason to close me out for non-use, or if for SOME reason I need a non-USD purchase that doesn't use AMEX".

Same goes with the Amazon Prime Store card: I don't need or want to blow a Chase 5/24 slot (once I actually have them, lol) for 5% back on Amazon. I also don't need to jack that CL particularly high, either. I can't think of a month where I've spent a thousand cumulative at Amazon.

[Anonymous]

Just applied for chase amazon. Instant approval 16,500. Should have gotten that card from the beginning.