Master Synchrony Account Closure Thread

[M_Smart007]

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@GApeachy wrote:

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@M_Smart007 wrote:

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The only two reason codes Vantage 4.0 gives

Too high proportion of accounts recently opened

Lack of real estate secured loan information

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It didn't mention Inquiries?  So perhaps because judging by the layout of their page, they only list the two "most" important reasons.  Interesting.  I found this helpful:

https://www.vantagescore.com/images/resources/Trended%20Credit%20Data%20WP%20-%20FINAL.pdf

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No mention of Inquiries ,, Great find @GApeachy ! ..

I have read the scoring/rebuilding threads late at night, until I have a headache

I know that Vantage 4 relies pretty heavily on "trended data" .. one thing that you brought to mind when you posted,

Is that I did not mention, I always pay way more than the minimum due on 0% and if it carries Interest, PIF.

On PayPal Promotional's I will pay $1000.00 per month, and pay off before the promotion runs out.

On 0% BT's  I will pay at least double the minimum due, sometimes triple.

Did you forget the famous quote here on myFICo "Inquiries are so overrated"

and as @Gmood1 say's "Burn another Hard pull"

What New Inquiries???   ..(3B pull just now)  

Larger Image >> https://i.imgur.com/7rpEFG8.png

Very few are from loan rate shopping, and some HP's are for CLI's

Vantage 4.0 Influence

[Brian_Earl_Spilner]

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@chiefone4u wrote:

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@Brian_Earl_Spilner wrote:

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@chiefone4u wrote:

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@ccpat wrote:

I only closed Belk ($5k) and Athleta ($500-got for the initial discount). I hope I didn't trigger anything. I was coming up to 9 months of non use with Belk and the $500 is a waste with Athleta plus it's super new. Hopefully there's no harm.  I religiously use Sam's, CC and Amazon. 

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I'm starting to think more-so that the closures had less to do with my Synchrony profile and more to do with limits and utilization with other lenders. Trending data would not necessarily decipher that my overall debt is going down quickly if they focused on two high utilization cards (both have 0% apr BT's, the creditor knows I'm paying 10x minimum but don't think that translates well in credit report).

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It would translate just fine. Reports show the minimum payment and if the trended data shows the balance going down in amounts of 10x the minimum payments, they know what's happening. Now, if you were still charging on that card as well as paying down, then it wouldn't translate well.

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That's the thing @Brian_Earl_Spilner  it had been dropping dramatically, then I transferred a few more balances because PenFed and HSBC made offers I couldn't refuse, 2% BT fee no interest until 2021 (june and July respectively).

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Ah, then in that case, it could look like you're running up balances again and they wouldn't know why.

[TroysMom1]

The same thing happened to me.  I found out when I went BP to purchase gas and the card wouldn't work.  I called the number on the back of the card to find out the account was closed.  The next day I received alerts from Credit Karma that all of my Synchrony cards were in fact closed.  They will miss my business more than I will miss their card!

[TroysMom1]

Ditto, Policebox!

[seattletravels]

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@Anonymous wrote:

Just my opinion, which along with $3 will get you a coffee, but it seems to be the logical reason in my mind.

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Where will $3 get you coffee these days?

[Anonymous]

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@seattletravels wrote:

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@Anonymous wrote:

Just my opinion, which along with $3 will get you a coffee, but it seems to be the logical reason in my mind.

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Where will $3 get you coffee these days?

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I don't drink coffee anymore but I'm sure 7-11 still sells their coffee cheap. 

[longtimelurker]

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@GApeachy wrote:

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Is that Score 645 VS4 or Fico? 

ETA:  As far as Trended Data, this is a good read:  https://www.vantagescore.com/images/resources/Trended%20Credit%20Data%20WP%20-%20FINAL.pdf

Going by these charts you can pretty much size up which customer/consumer you are closely compared to.

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One interesting (to me!) fact from the PDF:

Over half of Prime and Superprime consumers have autilization rate above 30%, the rate considered abenchmark for healthy credit usage.

If I had to guess, I would have predicted a lot less than 1/2.   But I guess most of these people, when PIF, are paying when due. so a large balance reports.   And also, most don't have X credit cards with $1M TCL, so the balance from normal use exceeds 30%!

[GApeachy]

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@longtimelurker wrote:

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@GApeachy wrote:

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Is that Score 645 VS4 or Fico? 

ETA:  As far as Trended Data, this is a good read:  https://www.vantagescore.com/images/resources/Trended%20Credit%20Data%20WP%20-%20FINAL.pdf

Going by these charts you can pretty much size up which customer/consumer you are closely compared to.

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One interesting (to me!) fact from the PDF:

Over half of Prime and Superprime consumers have autilization rate above 30%, the rate considered abenchmark for healthy credit usage.

If I had to guess, I would have predicted a lot less than 1/2.   But I guess most of these people, when PIF, are paying when due. so a large balance reports.   And also, most don't have X credit cards with $1M TCL, so the balance from normal use exceeds 30%!

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ETA: I believe non-myfico'ers don't have a clue about the data collected and just pay their bills and carry on. Only having like one, two, or three cards and probably get the bill in the mail.  Simply life without the score stress.

"Eleven of the twenty-nine attributes in the prime
scorecard in VantageScore 4.0 are generated from
trended credit data, compared with just four of the
twenty-four attributes in the subprime scorecard. Of
the eleven trended attributes in the prime scorecard,
seven are related to revolving behavior, three to
intallment loans, and one to mortgage."

[Anonymous]

Underwriting for so many store cards with low starting limits, I was always under the impression that SYNC was a subprime lender. Clearly your SL's indicate otherwise. I stand corrected. What cards were these? 

I burned SYNC a few years ago, settled for less than the amount owed. I applied for an Amazon Prime card this year. I was told to call SYNC. They provided me another telephone number to call, and said they couldn't talk to me about my account until I called this number. I Googled the number, and it was a f*&%ing law office! I did NOT call the number! 

[Anonymous]

Lol around here (upstate NY), unless you go to Starbucks, everyone's coffee is under $3, sometimes significantly. And it's actually good. Couple years back, there was a little kiosk near the highway called Sip Of Seattle that had terrific coffee for right about $3. Some of the best I've ever had. 

If that's what Seattle coffee truly is like, I'd happily pay $5/cup for it.