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Master Synchrony Account Closure Thread

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Anonymous
Not applicable

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

GE Money Bank balance chased me in 2008 before eventually closing a JC Penney card and Chevron card... perhaps they are anticipating the same? 

 

Out of foolishness, when they closed Chevron with a $32 balance I refused to pay them until 2016. I learned that's not the way to do it, so my balances will be paid... not sure yet if I want to zero them now to avoid the score hit, or keep the cash to protect future uncertainty. 

 

I have the funds to zero them out, but would leave me with less than a month of living expenses if my income were to reduce further.

 

On a bright note, my employer received the Payment Protection (PPP) grant, so I'll receive paychecks for at least 8 weeks (supposedly my normal wages. Would be nice since I've lost about $1,800 a month in take home pay since February).


Sorry to hear, but at least congratulations on the PPP. 

Message 50 of 1,099
Anonymous
Not applicable

Re: Synchrony closed my accounts

Sorry to hear.

 

For the future,  diversify, diversify,  diversify. 

 

Banks can pull their lines for any reason. High risk, over exposure, or freeing up credit for small business loans. 

 

Stay diversified and a closure has a much smaller impact on your credit. 

Message 51 of 1,099
chiefone4u
Established Contributor

Re: Synchrony closed all of my accounts today


@CCrew wrote:

Beware, Amex is at it also. Nothing new, other than a few old inquiries fell off my report, no recent utilization, I purchased parts for my RV online which was a $439 purchase on a 3yo card with a $10k limit and a $0 balance. Immediately got a message that they slashed my $10k to $1300 and my Magnet card that also had a $0 balance from $3k to $1k. Guess they're paring their exposure. That sucks. 


Sorry to hear about your Amx @CCrew hopefully you'll get your limits back when the dust settles. 

Goodwill Saturation Technique
Starting Score: EQ:608, EX:617, TU:625
Current Score 3/11/2020: EQ:695, EX:703, TU:720
Goal Score: 740+
Take the myFICO Fitness Challenge
Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000
Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.
Newest Account July 8, 2020 -- Last HP October 24, 2020 -- Gardening Goal: August 2022 and reach 0/24
Message 52 of 1,099
CCrew
Regular Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

Sorry to hear about your Amx @CCrew hopefully you'll get your limits back when the dust settles. 

Yeah, I understand it's crazy times... probably won't be the last. Shouldn't jinx myself but so far Sync has been good to me. I figure if nothing else my NFCU and PenFed cards will be the rocks of the collection tho. 

Message 53 of 1,099
Anonymous
Not applicable

Re: Synchrony closed all of my accounts today


@CCrew wrote:

@chiefone4u wrote:

Sorry to hear about your Amx @CCrew hopefully you'll get your limits back when the dust settles. 

Yeah, I understand it's crazy times... probably won't be the last. Shouldn't jinx myself but so far Sync has been good to me. I figure if nothing else my NFCU and PenFed cards will be the rocks of the collection tho. 


I've had amex take away but they always seem to give it back. 

 

I often say amex cards seem to have the most growth potential but with that often comes shrink potential too. Use the cards and pay them and you'll get the lines back when things get a little better 

Message 54 of 1,099
DoctorWily
Established Member

Re: Synchrony closed all of my accounts today

A few things I've noticed..

 

Synch seems to not like it when people have tons of cards and credit with them, and have 0 balance.

 

There was a comment about diversifying - yes, this makes sense. Why would you want all that credit and not use it? 

 

I am just trying to find reasoning behind Synch's behavior when things are seeming going well with a customer.

 

This is also why I have ONE Synch account and won't get another.. I don't want to be overexposed with with them.

Message 55 of 1,099
chiefone4u
Established Contributor

Re: Synchrony closed all of my accounts today


@DoctorWily wrote:

A few things I've noticed..

 

Synch seems to not like it when people have tons of cards and credit with them, and have 0 balance.

 

There was a comment about diversifying - yes, this makes sense. Why would you want all that credit and not use it? 

 

I am just trying to find reasoning behind Synch's behavior when things are seeming going well with a customer.

 

This is also why I have ONE Synch account and won't get another.. I don't want to be overexposed with with them.


With the exception of my Lowe's card, all of my cards were used regularly. Some I'd carry a balance for a short time, but at 29.99% on a large swath of their cards it's financial suicide to run a constant balance. 

 

I was a slow learner, I changed my way of using cards after looking closely at my Walmart card (originally issued by Synchrony, now with Capital One) and seeing of the $150 a month I was paying, $132 a month was interest! 

 

Since that realization, I have diligently attempted minimize my interest payments. 

Goodwill Saturation Technique
Starting Score: EQ:608, EX:617, TU:625
Current Score 3/11/2020: EQ:695, EX:703, TU:720
Goal Score: 740+
Take the myFICO Fitness Challenge
Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000
Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.
Newest Account July 8, 2020 -- Last HP October 24, 2020 -- Gardening Goal: August 2022 and reach 0/24
Message 56 of 1,099
DoctorWily
Established Member

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

@DoctorWily wrote:

A few things I've noticed..

 

Synch seems to not like it when people have tons of cards and credit with them, and have 0 balance.

 

There was a comment about diversifying - yes, this makes sense. Why would you want all that credit and not use it? 

 

I am just trying to find reasoning behind Synch's behavior when things are seeming going well with a customer.

 

This is also why I have ONE Synch account and won't get another.. I don't want to be overexposed with with them.


With the exception of my Lowe's card, all of my cards were used regularly. Some I'd carry a balance for a short time, but at 29.99% on a large swath of their cards it's financial suicide to run a constant balance. 

 

I was a slow learner, I changed my way of using cards after looking closely at my Walmart card (originally issued by Synchrony, now with Capital One) and seeing of the $150 a month I was paying, $132 a month was interest! 

 

Since that realization, I have diligently attempted minimize my interest payments. 


I once had bad CC debt.. now that I am out of it.. I don't ever want to pay interest - CC's pay ME to use them now!

 

My backup plan for myPaypal card (in case this happens to me!) is the FNBO Cashback Rewards Visa.

Message 57 of 1,099
chiefone4u
Established Contributor

Re: Synchrony closed all of my accounts today

I have to laugh... just received an email telling me I can use my Chevron Visa at restaurants to earn extra savings on gas purchases; and for every purchase I make at restaurants, Synchrony will donate $1 to a charity (world food organization? Maybe? I deleted the email before deciding to share the irony of it all).

 

Insult to injury... close accounts, then email perks of using the card you closed! Lol... way to kick a fella when he's down Synchrony! All that's missing now is the knife twist. 

Goodwill Saturation Technique
Starting Score: EQ:608, EX:617, TU:625
Current Score 3/11/2020: EQ:695, EX:703, TU:720
Goal Score: 740+
Take the myFICO Fitness Challenge
Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000
Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.
Newest Account July 8, 2020 -- Last HP October 24, 2020 -- Gardening Goal: August 2022 and reach 0/24
Message 58 of 1,099
Anonymous
Not applicable

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

I have to laugh... just received an email telling me I can use my Chevron Visa at restaurants to earn extra savings on gas purchases; and for every purchase I make at restaurants, Synchrony will donate $1 to a charity (world food organization? Maybe? I deleted the email before deciding to share the irony of it all).

 

Insult to injury... close accounts, then email perks of using the card you closed! Lol... way to kick a fella when he's down Synchrony! All that's missing now is the knife twist


0% APR on all purchases and BTs until 2030.

Message 59 of 1,099
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