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Synchrony closed all of my accounts today

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Senior Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

 

 I haul wood waste to Clearwater Paper so they can make toilet paper and other paper products).

 


Keep On Trucking GIFs | TenorThank you for sharing everything.....drive safely; stay safe and healthy!


"MY TAKE HOME PAY WON'T TAKE ME HOME"
Current Scores: Exp 736/Eq 744/ Tu 756




Message 91 of 249
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Valued Contributor

Re: Synchrony closed all of my accounts today


@GApeachy wrote:

@chiefone4u wrote:

 

 I haul wood waste to Clearwater Paper so they can make toilet paper and other paper products).

 


Keep On Trucking GIFs | TenorThank you for sharing everything.....drive safely; stay safe and healthy!


Boy that's an old image!

@GApeachy, I think you're showing your age Smiley Wink

... but I guess I am too! Smiley Surprised



Updated 07/03/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (July 2020)
Total Open Credit Lines Over $510K. Utilization Less Than 1%. Inquiries until Nov 2020 (TU:2 -- EQ:4 -- EX:7)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 92 of 249
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Senior Contributor

Re: Synchrony closed all of my accounts today


@Aim_High wrote:

... but I guess I am too! Smiley Surprised


Uh-oh!......guess so.  (hang-ten)Smiley Very Happy


"MY TAKE HOME PAY WON'T TAKE ME HOME"
Current Scores: Exp 736/Eq 744/ Tu 756




Message 93 of 249
Highlighted
Valued Member

Re: Synchrony closed all of my accounts today

Synch closed my 6 cards with them a couple of weeks ago as well.   No notice, no nothing, just an alert that my cards were closed.  all 6 cards had 10K limits with 0 balance.   Ultimately, they were making no money off me so I'm sure I'm not their most desired customer.  But they cut a customer with 780 FICO score with no negatives and no late payments with a 150K income.  Seems like a poor business decision to me, but at the end of the day the have the right to close accounts and I have the right to say the next time I will app for one of their cards is when Hell freezes over.  The notice in the mail said something about my profile being a risk.   LOL

Hi ho hi ho its off to the garden I go!!!!
FICO8- 6/30/2020 TU- 788, EQ- 790, EX- 786
Chase Disney Premier Visa $25,000 - Cap1 Venture $19,500 - Cap1 QS $ 24,000 - BofA Premier Rewards $72,500 - Discover IT(2) $33,500 - PenFed Power Cash $50,000 - Citibank Simplicity $28,100 - Citibank Costco Anywhere Visa $21,000 - Discover IT $19.900 - US Bank Cash + $3,000 - NFCU Platinum Visa $33,000 - Chase Amazon Prime $3,000 - NFCU Flagship Rewards Visa $28,000 - Wells Fargo Cash Wise Visa $6,000 - Station Casino Visa $15,000
Total Credit Lines = $381,500
Message 94 of 249
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Valued Contributor

Re: Synchrony closed all of my accounts today


@vegasJohn wrote:

Synch closed my 6 cards with them a couple of weeks ago as well.   No notice, no nothing, just an alert that my cards were closed.  all 6 cards had 10K limits with 0 balance.   Ultimately, they were making no money off me so I'm sure I'm not their most desired customer.  But they cut a customer with 780 FICO score with no negatives and no late payments with a 150K income.  Seems like a poor business decision to me, but at the end of the day the have the right to close accounts and I have the right to say the next time I will app for one of their cards is when Hell freezes over.  The notice in the mail said something about my profile being a risk.   LOL


Sorry for (their) loss!  Lol Smiley Tongue  Looks like Synchrony is on quite a roll.  Regardless of whatever credit factors are going into these decisions or the profiles of the cardholders being slashed, I think this wholesale slaughter of credit files is simply inexcusable.  Someone's head at the bank needs to roll for allowing it to apparently overextend their ability to lend to this level.  Why not instead cut most of those  credit limits by 50% or just selectively close a line or two per customer?   I'd love to see a class action lawsuit or a congressional investigation demanding more detailed proof of what made those customers a higher risk.  It sounds like a total excuse.



Updated 07/03/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (July 2020)
Total Open Credit Lines Over $510K. Utilization Less Than 1%. Inquiries until Nov 2020 (TU:2 -- EQ:4 -- EX:7)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 95 of 249
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Established Contributor

Re: Synchrony closed all of my accounts today

^^ totally agree

 

whatever Algo let them give those increases to us in the first place, should have been implemented to ramp them down due to lack of use

drop them by 50-80% is different than mass closures

or close the ones with no usage like other creditors do

 

but everything in one fell swoop is utter BS

 

of course when i login to Paypal, it gives me the option to apply for PayPal credit - and it is stuck on there - not a one time offer

 

i am waiting until June to close out my PayPal account entirely - had to be 6 months past the last transaction or i would have done it already

 

July 31/2019. EX-712. EQ-704. TU-726
Dec 16/2019. EX. 721. EQ. 723. TU 746
May 17/2020 EX. 733 EQ. 729 TU 753

July 5/2020 EX. 726 EQ. 720 TU 745
Inq. EX 8 EQ 4 TU 3


Cards
Amex BCP $20k
Apple GS $15k
BMW/Elan $2.5k
Cap1 QS $16.7k
Chase Amazon $13.6k
Chase United Club Infinite $20k
Citi DC $13.5k
CreditUnion1 $9k
DiscoverIT $20.5k
HSBC Gold - $10.5k
Wells Sig Visa $12k
Message 96 of 249
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Established Member

Re: Synchrony closed all of my accounts today

No big loss. Sync is barely half a step above sub prime.  Stay away!  

Message 97 of 249
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Valued Contributor

Re: Synchrony closed all of my accounts today


@Aim_High wrote:

@vegasJohn wrote:

Synch closed my 6 cards with them a couple of weeks ago as well.   No notice, no nothing, just an alert that my cards were closed.  all 6 cards had 10K limits with 0 balance.   Ultimately, they were making no money off me so I'm sure I'm not their most desired customer.  But they cut a customer with 780 FICO score with no negatives and no late payments with a 150K income.  Seems like a poor business decision to me, but at the end of the day the have the right to close accounts and I have the right to say the next time I will app for one of their cards is when Hell freezes over.  The notice in the mail said something about my profile being a risk.   LOL


Sorry for (their) loss!  Lol Smiley Tongue  Looks like Synchrony is on quite a roll.  Regardless of whatever credit factors are going into these decisions or the profiles of the cardholders being slashed, I think this wholesale slaughter of credit files is simply inexcusable.  Someone's head at the bank needs to roll for allowing it to apparently overextend their ability to lend to this level.  Why not instead cut most of those  credit limits by 50% or just selectively close a line or two per customer?   I'd love to see a class action lawsuit or a congressional investigation demanding more detailed proof of what made those customers a higher risk.  It sounds like a total excuse.


They might have found that those resources can be allocated elsewhere in a much more  profitable way, so closing and losing accounts that might provide them pennies could be used to get dollars, and many of them. 

 

If that's the case, they can't close accounts fast enough.

Scores, HPs/24 mos. (updated 4/08/20):
    Experian FICO Score 8 = 827, 2/24
    Experian FICO Score 9 = 834, 2/24
   TransUnion = 832, 1/24
    Equifax = 834, 0/24

Total 2019 rewards, incl. offers/deals = $1,709.07
Avg. rewards rate, incl. offers/deals = 3.92%

Total CL: $264,500

Cards (hover over for CL | interest rate | Date Opened):
Message 98 of 249
Highlighted
Valued Contributor

Re: Synchrony closed all of my accounts today


@CardNut wrote:


They might have found that those resources can be allocated elsewhere in a much more  profitable way, so closing and losing accounts that might provide them pennies could be used to get dollars, and many of them.  If that's the case, they can't close accounts fast enough.


... Well, maybe they need the government to shut them down fast enough to give them a taste of their own medicine.  Anyone affected could file complaints with the Consumer Financial Protection Bureau (CFPB) or The Office of the Comptroller of the Currency (one of whose duties is to ensure fair and equal access to financial services to all Americans.)  Especially if they don't have legitimate reasons on enough sample cases that could be reviewed, it might lead to restrictions on this type of malfeasance in the future.



Updated 07/03/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (July 2020)
Total Open Credit Lines Over $510K. Utilization Less Than 1%. Inquiries until Nov 2020 (TU:2 -- EQ:4 -- EX:7)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 99 of 249
Highlighted
Mega Contributor

Re: Synchrony closed all of my accounts today


@Aim_High wrote:

@CardNut wrote:


They might have found that those resources can be allocated elsewhere in a much more  profitable way, so closing and losing accounts that might provide them pennies could be used to get dollars, and many of them.  If that's the case, they can't close accounts fast enough.


... Well, maybe they need the government to shut them down fast enough to give them a taste of their own medicine.  Anyone affected could file complaints with the Consumer Financial Protection Bureau (CFPB) or The Office of the Comptroller of the Currency (one of whose duties is to ensure fair and equal access to financial services to all Americans.)  Especially if they don't have legitimate reasons on enough sample cases that could be reviewed, it might lead to restrictions on this type of malfeasance in the future.


I think the problem is that "normal" people don't have 6 sync cards in the first place to be shut down.   I would not be at all surprised for authorities, if they bothered to get involved, to agree that these are risky profiles from too many cards=credit seeking behavior.    It's not as if (AFAIK!) these closures are going after racial groups, particular socioeconomic classes etc

Message 100 of 249
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