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Synchrony closed all of my accounts today

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Valued Contributor

Re: Synchrony closed all of my accounts today

I'm geinuinely sorry to hear this. I know Synchrony have been a bear to deal with lately.  

 

Having been through a bankruptcy, I know it's not fatal, it's not final.  You will bouce back from this.

 

Guyatthebeach

Message 31 of 249
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Mega Contributor

Re: Synchrony closed all of my accounts today


@CreditCrusader wrote:

As for me, I'll NEVER do business with Synchrony...and my dearest wish for them is that retailers who use them will drop them like a bad habit and use Comenity or Capital One instead. This is the second time in two years that Synchrony has done something like this. It's high time they pay a price.

 

 


Comenity?    Lots of similar threads about them too.   Possibly more.

Message 32 of 249
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Super Contributor

Re: Synchrony closed all of my accounts today


@longtimelurker wrote:

@CreditCrusader wrote:

As for me, I'll NEVER do business with Synchrony...and my dearest wish for them is that retailers who use them will drop them like a bad habit and use Comenity or Capital One instead. This is the second time in two years that Synchrony has done something like this. It's high time they pay a price.

 

 


Comenity?    Lots of similar threads about them too.   Possibly more.


This. I've seen many threads about Comenity AA, with things like how Caesars (for example) should go with another lender because Comenity is horrible. Should Amazon (for example) go with another lender because of Chase having a 5/24 rule? Because I've seen that mentioned around the Internet too!

 

The point is that there are always going to some people who don't like xyz lender, so the retailer is never going to please every customer, in that sense. I would put Sync and Comenity in basically the same league, so not really any reason for a retailer to prefer one over the other, IMO.

Message 33 of 249
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Contributor

Re: Synchrony closed all of my accounts today

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. 

Message 34 of 249
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Valued Contributor

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. 

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 35 of 249
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Frequent 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. 

Starting Score: EQ:608, EX:617, TU:625
Score 10/2018: EQ:669, EX:686, TU:668
Score 11/17/2018: EQ:682, EX:681, TU:683
Current Score 3/11/2020: EQ:695, EX:703, TU:720
12/24/2018 -- EQ Beacon 5.0: 678, EX Fico II: 690, TU Fico Classic 04: 716

Goal Score: 740+


Take the myFICO Fitness Challenge

Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $8300ExxonMobil 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 April 8, 2020 -- Last HP April 15, 2020 -- Gardening Goal:
April 2022 and reach 0/24
Message 36 of 249
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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 37 of 249
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New Contributor

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 38 of 249
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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 39 of 249
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Frequent 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. 

Starting Score: EQ:608, EX:617, TU:625
Score 10/2018: EQ:669, EX:686, TU:668
Score 11/17/2018: EQ:682, EX:681, TU:683
Current Score 3/11/2020: EQ:695, EX:703, TU:720
12/24/2018 -- EQ Beacon 5.0: 678, EX Fico II: 690, TU Fico Classic 04: 716

Goal Score: 740+


Take the myFICO Fitness Challenge

Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $8300ExxonMobil 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 April 8, 2020 -- Last HP April 15, 2020 -- Gardening Goal:
April 2022 and reach 0/24
Message 40 of 249
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