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Synchrony closed all of my accounts today

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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 41 of 249
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Frequent 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. 

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 42 of 249
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Community Leader
Valued Contributor

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.

 FICO 8
Message 43 of 249
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Valued Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

Synchrony cards now closed 

CareCredit $20,000 / $0 / December 17

Lowe's $25,000 / $0 / March 19

Mattress Firm $20,000 / $0 / December 17

JC Penney $10,000 / $0 / April 18

PayPal $3,900 / $2476 / November 19

Amazon $3,500 / $1,280 / July 19

Chevron Visa $2,000 / $0 / February 20

Old Navy Visa  $2,500 / $0 / October 19

 

@policebox wrote:

I'm in the same situation.

Lost the following:

PayPal Cash Back MasterCard $10,000

Rakuten Cash Back Visa $10,000

Chevron/Texaco Card $10,000

Ashley Homestore $25,000

Amazon Prime Store Card $10,000



So sorry to hear about this @chiefone4u and @policeboxSmiley Sad

 

That's a LOT of credit lines and those dates are pretty recent!  It stinks to be treated that way.  I've always been leary of Synchrony and Comenity, and store cards in general have left a sour taste in my mouth for different reasons.  Obviously, they are just making adjustments to their exposure due economic conditions now more than anything.  It's not about you.  Hang it there, guys!  Definitely a lesson here for many of us about the importance of balance and diversity in a credit profile.  I recently went a little heavy into Chase but I've been balancing it out with other banks by either raising limits or adding new financial institutions. 



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 44 of 249
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Valued Contributor

Re: Synchrony closed all of my accounts today

It might be time for a few phone calls to Congress. Let them FaceTime with the CEO's and the BoD's!

Message 45 of 249
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Senior Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

 

 

So far they haven't touched my business lines either, who knows how long that will last.


I sure hope they leave your biz credit intact tool.  So sorry to see this (3) now that I have just read.....not a great time to be losing that padding, hopefully you'll keep what you have with your other creditors. sux! sux! sux!

 

So I thought there were 3 closures to read about and now I see @policebox too?!? That's 4 too many to read about and in one day, no doubt.  So sorry for all, hang in there y'all.......this will pass (maybe like dirty tp) but it will.


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




Message 46 of 249
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New Contributor

Re: Synchrony closed all of my accounts today

I logged into my paypal today and was greeted by a message from Paypal's CEO.

I wish i had save it.

But it read "We'll be here for you in this covid-19 crisis."

Both paypal mastercard and paypal credit use synchrony.

 

I guess the message means that

"we'll be here for you until, we are Not here for you"

 



Ex:724 EQ:739 TU:686
Message 47 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today


@N5369087 wrote:

I logged into my paypal today and was greeted by a message from Paypal's CEO.

I wish i had save it.

But it read "We'll be here for you in this covid-19 crisis."

Both paypal mastercard and paypal credit use synchrony.

 

I guess the message means that

"we'll be here for you until, we are Not here for you"

 


 

I still have a message saying they will be there for me, and below that is "account closed"

 

Maybe I should see what they have to offer... not like I have to worry about them closing my accounts if I ask for help now. Might allow me to stretch my budget further while waiting for things to get back to normal.

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 48 of 249
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Valued Contributor

Re: Synchrony closed all of my accounts today


@policebox wrote:

I'm in the same situation.

 

Just logged in to check my transactions on my PayPal Cash Back MC. Credit limit to $0. Checked all my other Synchrony accounts, all closed.

 

Lost the following:

 

PayPal Cash Back MasterCard $10,000

Rakuten Cash Back Visa $10,000

Chevron/Texaco Card $10,000

Ashley Homestore $25,000

Amazon Prime Store Card $10,000

 

Their reason was that something on my credit report indicated I was high risk, but yet the representative wouldn't tell me what that reason was. Nothing has changed on any of my reports except for opening a mortgage recently.

 

I've had these accounts for years, no late payments, always pay in full (usually before the statement cuts). Only 1% overall utilization. No baddies. 800+ FICO scores. No change in income. Not financially affected by COVID-19.

 

I'll never use another one of their products again if this is how they treat someone who was zero risk to them.


THIS is the BS I've been talking about with Synch... From your screen name, I'm assuming you're LE which makes your employment pretty much recession-proof... and Synch should know this as it would be in your file. Totally illogical move on Synch's part to get nervous with your scores, payment history and employment as a first responder.

 

For those who think this is Covid-19 driven, this has been a Synch trademark for much longer than the strange times we're all living in right now. It may happen more now, but it's always been something that's popped up here at MyFICO for one reason or another. Sometimes it was justified, but many times it was just a flip of the magic 8-ball.

 

Synch could throw a 5% everything card at me and I'd still throw the app in the shredder. Some things just aren't worth the headache...

Amex PRG (NPSL), Amex Blue Cash ($24K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($22.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($15K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K), PenFed PCR ($3500), Bank of the West CB MC ($3K)
Message 49 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today

Trying to get ahead of this.  Has anyone with under $50K had their cards closed?  I'm trying to close the cards I have with Synchrony that I don't use and get my exposure with them under $50K.  I use my Sams, Amazon, Lowes and CareCredit.  

 

Will close my JC Penney, Discount Tire, Belk and Athleta.  Does it matter if the exposure is store cards vs bank cards? Wonder if there's any reason to what accounts they're closing?

Message 50 of 249
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