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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   I just remember when I got my first VS4 score I was like "waaaat?" it was a great score.......not my score. hahahaha no way!Smiley LOL

Then a couple of months later it plunged like 80 pts, to where it should be imo.  I have been nervous ever since.  Waiting for Large Marge to plow me down...ya know?

But that's why I'm so curious.  Trying to learn about this VS4 and what to watch for.

I don't think most ppl here that have had their accts. closed knew where they stood with Synch scorewise.....would be an interesting and helpful dp to me, maybe others too.

Thank you for sharing everything and your patience with meHeart

 

 

 

 


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




Message 71 of 249
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Community Leader
Super Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

@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).


It would translate just fine. Reports show the minimum payment and if the trended data shows the balance going down in amounts of 10x the minimum payments, they know what's happening. Now, if you were still charging on that card as well as paying down, then it wouldn't translate well.







Message 72 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today


@Brian_Earl_Spilner wrote:

@chiefone4u wrote:

@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).


It would translate just fine. Reports show the minimum payment and if the trended data shows the balance going down in amounts of 10x the minimum payments, they know what's happening. Now, if you were still charging on that card as well as paying down, then it wouldn't translate well.


That's the thing @Brian_Earl_Spilner  it had been dropping dramatically, then I transferred a few more balances because PenFed and HSBC made offers I couldn't refuse, 2% BT fee no interest until 2021 (june and July respectively).

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 73 of 249
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Community Leader
Super Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

@Brian_Earl_Spilner wrote:

@chiefone4u wrote:

@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).


It would translate just fine. Reports show the minimum payment and if the trended data shows the balance going down in amounts of 10x the minimum payments, they know what's happening. Now, if you were still charging on that card as well as paying down, then it wouldn't translate well.


That's the thing @Brian_Earl_Spilner  it had been dropping dramatically, then I transferred a few more balances because PenFed and HSBC made offers I couldn't refuse, 2% BT fee no interest until 2021 (june and July respectively).


Ah, then in that case, it could look like you're running up balances again and they wouldn't know why.







Message 74 of 249
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Contributor

Re: Synchrony closed all of my accounts today

The same thing happened to me.  I found out when I went BP to purchase gas and the card wouldn't work.  I called the number on the back of the card to find out the account was closed.  The next day I received alerts from Credit Karma that all of my Synchrony cards were in fact closed.  They will miss my business more than I will miss their card!

Message 75 of 249
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Contributor

Re: Synchrony closed all of my accounts today

Ditto, Policebox!

Message 76 of 249
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Mega Contributor

Re: Synchrony closed all of my accounts today


@GApeachy wrote:

 

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.


One interesting (to me!) fact from the PDF:

 

Over half of Prime and Superprime consumers have autilization rate above 30%, the rate considered abenchmark for healthy credit usage.

 

If I had to guess, I would have predicted a lot less than 1/2.   But I guess most of these people, when PIF, are paying when due. so a large balance reports.   And also, most don't have X credit cards with $1M TCL, so the balance from normal use exceeds 30%!

Message 77 of 249
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Senior Contributor

Re: Synchrony closed all of my accounts today


@longtimelurker wrote:

@GApeachy wrote:

 

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.


One interesting (to me!) fact from the PDF:

 

Over half of Prime and Superprime consumers have autilization rate above 30%, the rate considered abenchmark for healthy credit usage.

 

If I had to guess, I would have predicted a lot less than 1/2.   But I guess most of these people, when PIF, are paying when due. so a large balance reports.   And also, most don't have X credit cards with $1M TCL, so the balance from normal use exceeds 30%!


ETA: I believe non-myfico'ers don't have a clue about the data collected and just pay their bills and carry on. Only having like one, two, or three cards and probably get the bill in the mail.  Simply life without the score stress.

"Eleven of the twenty-nine attributes in the prime
scorecard in VantageScore 4.0 are generated from
trended credit data, compared with just four of the
twenty-four attributes in the subprime scorecard. Of
the eleven trended attributes in the prime scorecard,
seven are related to revolving behavior, three to
intallment loans, and one to mortgage."

 


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




Message 78 of 249
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Regular Contributor

Re: Synchrony closed all of my accounts today

Underwriting for so many store cards with low starting limits, I was always under the impression that SYNC was a subprime lender. Clearly your SL's indicate otherwise. I stand corrected. What cards were these? 

 

I burned SYNC a few years ago, settled for less than the amount owed. I applied for an Amazon Prime card this year. I was told to call SYNC. They provided me another telephone number to call, and said they couldn't talk to me about my account until I called this number. I Googled the number, and it was a f*&%ing law office! I did NOT call the number! 

Message 79 of 249
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Established Contributor

Re: Synchrony closed all of my accounts today

Sorry to hear about this OP - this happened to me in Feb of this year - 4 accounts closed in the space of 2 days - lost $75k of CL

 

I paid off the one account that had a balance right away - and like others have mentioned, will never utilize their CC's or any products again

 

there are many other lenders out there - and i will look to have minimal exposure with each of them

i have no more than 2 products with any other lender - and Sync was an outlier, but helped me plan for the future by not doing this with another lender

 

all the best to you

 

 

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


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Message 80 of 249
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