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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


@ccpat wrote:

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?


I'd be careful, @ccpat.  What is your total utilization now across all cards?  You could be causing the very problem you're trying to avoid!  If you think you're overextended with them, you might close one credit line or ask for a couple of CLD if that makes you feel better, but I wouldn't rush out to close four cards at once unless your utilization is already down to 1% or less.   And you don't know the whole story about why they picked the accounts they did, so you might not be targeted at all.  Over time, though, I think diversifying with other lenders or lessening Synchrony exposure might be prudent. 



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 51 of 249
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Super Contributor

Re: Synchrony closed all of my accounts today

I don't think there is much point in proactively closing the accounts unless you really hate the idea of a "closed by grantor" on your report. I am not sure that I've seen many, if any, people mention that "closed by grantor" negatively affected their ability to get cards in the future. Maybe it would come up on a manual review if you had a ton, but I don't know.

Message 52 of 249
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Valued Contributor

Re: Synchrony closed all of my accounts today


@Aim_High wrote:

@ccpat wrote:

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?


I'd be careful, @ccpat.  What is your total utilization now across all cards?  You could be causing the very problem you're trying to avoid!  If you think you're overextended with them, you might close one credit line or ask for a couple of CLD if that makes you feel better, but I wouldn't rush out to close four cards at once unless your utilization is already down to 1% or less.   And you don't know the whole story about why they picked the accounts they did, so you might not be targeted at all.  Over time, though, I think diversifying with other lenders or lessening Synchrony exposure might be prudent. 


This^^^^ +1!

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 53 of 249
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Senior Contributor

Re: Synchrony closed all of my accounts today


@ChargedUp wrote:

@Aim_High wrote:

@ccpat wrote:

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?


I'd be careful, @ccpat.  What is your total utilization now across all cards?  You could be causing the very problem you're trying to avoid!  If you think you're overextended with them, you might close one credit line or ask for a couple of CLD if that makes you feel better, but I wouldn't rush out to close four cards at once unless your utilization is already down to 1% or less.   And you don't know the whole story about why they picked the accounts they did, so you might not be targeted at all.  Over time, though, I think diversifying with other lenders or lessening Synchrony exposure might be prudent. 


This^^^^ +1!


I gotta ^^^ +1 to you both:

Reading all this stuff was making me want to cut and run, bleed it out but after reading replies and thinking about it .....just ride the wave, it's pretty much self-explanatory during this economic dilemma that if the axe drops it drops no real biggie.   


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




Message 54 of 249
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Valued Contributor

Re: Synchrony closed all of my accounts today

This is very unfortunate OP of the closures. My experience a few weeks back and others for a matter of fact was a precursor of what is to come. I am afraid of Synchrony will do more of the  cutting while they are ahead. Not the end of the world OP. Give your business to other more appreciative lenders. There is plenty to choose from. 👍

Starting FICO08 Scores 2016 All in the mid 500’s
Current FICO08 Scores July 2020 (TU 757) (EQ 749) (EXP 740)
$600k+ Tradelines in progress
“The credit is no longer bruised, it has endured the test of time” (formally know as bruisedcredit)
Message 55 of 249
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Senior 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.


Well, if a lender did this to me they'd never get a dime of business from me again, I don't blame you. But a couple things:

- $65k in CLs is alot of exposure to one customer for them, but the sensible thing would be to lower CLs, not close everything

- Your new mortgage might have been the trigger. Logically one would think "Oh, they bought a home, must be very financially stable!". But the thing with installment loans is that credit scoring treats them the same as credit cards for utilization. Your new mortgage is reporting at 99.99% utilization, the same as if you maxed out your Ashley Homestore w/$25,000 CL. I've had a car loan since Oct. 2017, and instead of an "Atta Boy! You've paid off 44% of that car loan!" I get a "Loan Balances Too High!!!" on my credit scores, and will get that message until I get it under 50%.

- The other thing is Synchrony seems to really, really hate paying off balances before the statement. I see posts about folks complaining about Synchrony randomly reporting balances mid statement, and almost always they have been PIF before the statement. In my opinion I see no sense in doing that, I've always loved "free money" and when I get the interest free float as long as I PIF before the due date why in the world would I pay it sooner than necessary???

 

And probably like most folks posting in this thread, I checked my Synchrony accounts first. Now that Walmart went to Cap One I just have PayPal MC and Lowes. I run around $1200 /mo. through PayPal, monthly bills that don't meet a higher category spend on other cards, and they just gave me an auto CLI from $10k to $12,500 last month. Lowe's is probably most at risk, $15k CL. I did run some large balance through it 4-5 years ago with deferred interest, but the last couple years it's been a garden hose or houseplant twice a year to keep it active.


Message 56 of 249
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Valued Contributor

Re: Synchrony closed all of my accounts today


@DaveInAZ wrote:

@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.


Well, if a lender did this to me they'd never get a dime of business from me again, I don't blame you. But a couple things:

- $65k in CLs is alot of exposure to one customer for them, but the sensible thing would be to lower CLs, not close everything

- Your new mortgage might have been the trigger. Logically one would think "Oh, they bought a home, must be very financially stable!". But the thing with installment loans is that credit scoring treats them the same as credit cards for utilization. Your new mortgage is reporting at 99.99% utilization, the same as if you maxed out your Ashley Homestore w/$25,000 CL. I've had a car loan since Oct. 2017, and instead of an "Atta Boy! You've paid off 44% of that car loan!" I get a "Loan Balances Too High!!!" on my credit scores, and will get that message until I get it under 50%.

- The other thing is Synchrony seems to really, really hate paying off balances before the statement. I see posts about folks complaining about Synchrony randomly reporting balances mid statement, and almost always they have been PIF before the statement. In my opinion I see no sense in doing that, I've always loved "free money" and when I get the interest free float as long as I PIF before the due date why in the world would I pay it sooner than necessary???

 

And probably like most folks posting in this thread, I checked my Synchrony accounts first. Now that Walmart went to Cap One I just have PayPal MC and Lowes. I run around $1200 /mo. through PayPal, monthly bills that don't meet a higher category spend on other cards, and they just gave me an auto CLI from $10k to $12,500 last month. Lowe's is probably most at risk, $15k CL. I did run some large balance through it 4-5 years ago with deferred interest, but the last couple years it's been a garden hose or houseplant twice a year to keep it active.


Looking at from their end, I don't think they care if they get nothing from you ever again, otherwise they wouldn't close all the accounts. 

 

They just think they're better off using unused credit lines or accounts that are deemed too risky for other lending products or other customers. If a cardholder is low risk and profitable, they wouldn't cut off that cardholder. They need profitable lower risk customers, and that's one reason they are cutting accounts. 

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 57 of 249
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Established Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

@Brian_Earl_Spilner wrote:

Wow, sorry to hear that. Will be checking back for an update.


I forgot I had applied for the Marvel card a few weeks ago. The letter in the mailbox was it's denial letter dated April 12, 2020:

 

Not enough balance paid down over time on real estate secured loans  (mortgage is 14 months old have been paying extra $100 a month-- not surprising not much has been paid down on a 30 year loan in 14 months) 

 

Too many bank cards with a high balance (one card is nearly maxed from balance transfer) 

 

Not enough balance paid down over time on revolving accounts 

 

Too many Inquiries 

 

 

Score provided was from April 8, 2020 : 645

 

I always pay more than minimum, no lates in the last 8 years. 

 

Hopefully I get a letter explaining why. Old Navy Visa says I requested the closure (I did not) when I asked the chat bot online; all other accounts chat but says "sorry, it appears your account is closed".


Soon as I read that, figured that was why.  Didn't see anyone else mention it neither, which I find odd.   But...dollars to donuts..

Sorry to hear.  Robot Sad

- | - Mee'sa not'ta Jar'Jar Bink'sa. Mee'sa just like'sa the word'sa BOMBAD! - | -


BK7 Discharged 12/16 - | - EQ8/9: 696/730 | TU8: 738 | EX8: 733
Message 58 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today

That's why I shared the denial information @mrEus figured it might be related and might be useful to others. 

 

PenFed is the card holding a balance which is currently at 94% utilization with an offer of 0% apr until july 2021.

 

I have an AU card I'm on and an HSBC card that are roughly 62% utilization. All other cards are under 20% with what was 2/3rds reporting $0 balances.

 

Vantage 3.0 gave me a 47 point increase after all these Synchrony cards reported closed (Transunion is reporting closed April 15, 2020) with no other meaningful changes; one card made the 2 year old hump... don't see that jumping my scores much.

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+


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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:
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Message 59 of 249
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Community Leader
Mega Contributor

Re: Synchrony closed all of my accounts today

If Sync has not closed your accounts i wouldnt do any closures right now.  Let it ride.  I would just use each card for a charge , then pay it , let them know you are still hereSmiley Wink

Message 60 of 249
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