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Synchrony closed all of my accounts today

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Community Leader
Mega Contributor

Re: Synchrony closed all of my accounts today

What Sync should do is lower limits not cut completely, especially for those who arent running up huge balances on their cards. Unfortunately  Sync decided on the pull at once bandaid  methodSmiley Sad

Message 61 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today

@AverageJoesCredit 

 

All of my Synchrony accounts were already "closed by Grantor".

 

I'm wondering if @Caddypower might have found part of the answer (I talked to synchrony ) ... large lines of credit with other financial institutions. 

 

I think @ImTheDevil  is correct in that was the easy answer for CSR. I also think it very well could be a contributing factor in all this. 

 

This year added roughly $30k in Credit Limits between a new card from BECU, DW putting me as AU on her BoA card and CLI's.

 

-- not to get to far off topic --

I was looking at my Comenity exposure and questioned myself as to making changes. 

Overstock $14k

Wayfair $17k

Jared $15k

Williams-Sonoma $15k

Playstation Visa $2,750

 

I haven't used hardly any of those lines in a significant manner, purchased a couch for $2,500 on Wayfair in 2018 (never again, couch is already garbage and warranty requires me to ship it to China for repairs); ring for DW on Jared $3,500 (paid off already); mixer last year on WS; Playstation has recurring monthly payment ($30) on it.

 

-- End off Topic thought --  

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 62 of 249
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Community Leader
Mega Contributor

Re: Synchrony closed all of my accounts today

With how Sync uses trend data now no doubt other credit one has can come into play. But even when they were giving great increases ive always believed they checked your whole report especially when you call credit Solutions  and they pull afresh report. 

Message 63 of 249
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Senior Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

Score provided was from April 8, 2020 : 645

 

 

 

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.


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




Message 64 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today


@GApeachy wrote:

@chiefone4u wrote:


 

 

Score provided was from April 8, 2020 : 645

 

 

 

Is that Score 645 VS4 or Fico? 

 


The letter did not specify, my guess is VS4 as my Fico's are/were 700 +/- 20 points. 

 

Transunion Fico8 was 725 on April 5th, Fico9 was 760 on April 7th

 

Experian Fico8 is 673 today (23% utilization after Synchrony reported closed accounts).

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 65 of 249
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Senior Contributor

Re: Synchrony closed all of my accounts today

@chiefone4u  do you remember what your scores were compared to that score?  Wondering if your scores took a dive and if so by how much?  


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




Message 66 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today


@GApeachy wrote:

@chiefone4u wrote:

Score provided was from April 8, 2020 : 645

 

 

 

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.


According to your pdf inclusion (Thank you @GApeachy ), I'm in the less risky category. All accounts including credit  cards, mortgage and auto loan all receive more than minimum payments.

 

Depending on balance for credit cards I "overpay" to round reporting balances to an even number.

 

eg. Balance is $1567, I will pay $167, $367 or $567 instead of the $35 minimum payment... any of those payments are well above double minimum.

On the flip side occasionally I have been know on a balance of $1462 to only pay $62 instead of the $35 minimum. 

If the balance is $605 with a minimum payment of $29 I will 99% of the time pay $205 to keep the account an even amount (even at the hundred level).

 

Mortgage payments have been 112% of minimum payment since first payment. 

 

Auto loan is $579.80 a month,  I pay $700 a month. 

 

I have moved some balances around to utilize lower APR's in an attempt to both lower my DTI and allow my payments to pay more principal. 

 

Obviously, it is hard for anyone to be extra critical of themselves when building/ rebuilding credit;  so while being as objectionable as I can, it is possible someone else reviewing the same data would categorize my risk level differently. 

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 67 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today


@GApeachy wrote:

@chiefone4u  do you remember what your scores were compared to that score?  Wondering if your scores took a dive and if so by how much?  


Around Christmas my VS4 hit 700, but since Synchrony switched to VS4 their free score has held between 645 and 660. VS3 used to hang out 720's range. 

 

December was the odd month reporting the 700 score as all other months were much lower. I'm not sure what caused the spike but I recall December being the only month Synchrony didn't mention "not enough real estate secured debt paid down" as a reason for low score. 

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 68 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today

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. 

Message 69 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today


@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. 


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).

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 70 of 249
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