Synchrony cutting and closing every single one of my accounts...

[Anonymous]

Its amazing how the OP and the people who responded so far continue to talk past each other.  The OP was advised to check his credit reports; he replies that his FICO and FAKO scores are fine.  But FICO scores are not the same as the credit reports obtained directly from the credit reporting agencies.

The OP also admits that when this cascade of events first started he received a letter from Bank of America but instead of taking it seriously he appears to just dismiss it as not relating to him and instead engages in unfounded speculation about the financial health of Synchrony and BOA. "I forgot to mention that around the time this started to happen, BofA closed my CC with nothing other reason than that of a "general risk" reason. It was very vague."  Vagueness is not a reason to dismiss a letter from a lender and I suspect that whatever is the issue with BOA is also at the root of his problems with Synchrony.

@lexguru, I think you'd be surprised at how much the banks/lenders know about you.  Although you claim that you and your wife are not connected by credit it would be fairly easy for the banks to figure out your relationship.  Lenders purchase consumer data from third-party data providers like LexisNexis Risk Solutions, IDA/SageStream, and  Advanced Resolution Services which they keep in their internal risk assessment systems.  These data providers comb through court house records and other sources of public information for lawsuits, judgements, liens, etc.  Filed an application for a marriage license at a county courthouse?  Well, they know you are married. While the information provided by these third-party sources is occasionally incorrect it is incumbent on you to make sure that no errors exist.  So my advice to you would be to obtain your credit reports (not FICO or FAKO scores) directly from the three major CRAs and go through them in detail to ensure that nothing is amiss.

[Anonymous]

I've never personally experienced adverse action but I don't know of any bank/lender who would disclose reasons for AA via telephone.  They rely on the mail to inform customers of any action they are taking.

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@Pikaboo-icu wrote:

The one thing I would suggest is to call them..

If you don't get any answers ask for a supervisor and/or call back & escalate again..

I would at least ask for an explanation as to why this was happening.. You may not get any decent reason but it's worth looking into.

Perhaps there's something easily explained- glitch with an address or bank payment- something..

Apping for the new cards might have freaked them out even more- it's hard to say.. 

BoA I do NOT like but that's a personal thing... It is VERY strange that they are balance chasing too- you need a look at your reports!

I would pull them now.. Not scores... Reports..

Get em at Annualcreditreport if haven't this year.. It's free and you can usually view them online immediately.. 

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[sarge12]

Just as a general rule, I adopted a strategy on credit cards that has worked well for me. Absolutely never do I even consider store credit cards, and only apply for premium cards, and avoids Comenity, and Synchrony. I treat all cards as if they were charge cards and always PIF, usually before statement cut date. I refuse to allow any credit card issuer to have the power to throw my utilization into a tailspin at their discretion. If any issue arrives I can and will close the card with no major impact...because I do not carry balances. I have about 20 or so revolving accounts or credit cards, but if they closed them all, I would be fine...but that is unlikely. It is a simple concept to just live within my means, and never pay on credit for something I would not or could not otherwise pay cash for. It is ridiculous that it took over half my adult life to learn this.

[AverageJoesCredit]

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@sarge12 wrote:

Just as a general rule, I adopted a strategy on credit cards that has worked well for me. Absolutely never do I even consider store credit cards, and only apply for premium cards, and avoids Comenity, and Synchrony. I treat all cards as if they were charge cards and always PIF, usually before statement cut date. I refuse to allow any credit card issuer to have the power to throw my utilization into a tailspin at their discretion. If any issue arrives I can and will close the card with no major impact...because I do not carry balances. I have about 20 or so revolving accounts or credit cards, but if they closed them all, I would be fine...but that is unlikely. It is a simple concept to just live within my means, and never pay on credit for something I would not or could not otherwise pay cash for. It is ridiculous that it took over half my adult life to learn this.

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Great for you Sarge.What works for you doesnt necessarily work for others. Store cards aren't evil , they may not be premium, but for some their value is as premium as a CSR or a Centurian Card. Credit cards come in all kinds , as do we  . But I wholeheartedly agree we should try to live within our means but that , Dear Watson, sometimes is easier said than done for many

[sarge12]

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@AverageJoesCredit wrote:

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@sarge12 wrote:

Just as a general rule, I adopted a strategy on credit cards that has worked well for me. Absolutely never do I even consider store credit cards, and only apply for premium cards, and avoids Comenity, and Synchrony. I treat all cards as if they were charge cards and always PIF, usually before statement cut date. I refuse to allow any credit card issuer to have the power to throw my utilization into a tailspin at their discretion. If any issue arrives I can and will close the card with no major impact...because I do not carry balances. I have about 20 or so revolving accounts or credit cards, but if they closed them all, I would be fine...but that is unlikely. It is a simple concept to just live within my means, and never pay on credit for something I would not or could not otherwise pay cash for. It is ridiculous that it took over half my adult life to learn this.

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Great for you Sarge.What works for you doesnt necessarily work for others. Store cards aren't evil , they may not be premium, but for some their value is as premium as a CSR or a Centurian Card. Credit cards come in all kinds , as do we  . But I wholeheartedly agree we should try to live within our means but that , Dear Watson, sometimes is easier said than done for many

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+100....but that is why I said it has worked well for me!!!! I, in no way would suggest that it is the only strategy that could work, and the opinion I have about store cards is to at least some degree shared by lenders unfortunately. This is especially true on manual review for 3B mortgage pulls...being evil is not the point...store cards are less respected by many lenders. Also, I personally think the Centurian card is very over rated, and is mainly just to boost someones ego.

[UpperNwGuy]

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@sarge12 wrote:

Just as a general rule, I adopted a strategy on credit cards that has worked well for me. Absolutely never do I even consider store credit cards, and only apply for premium cards, and avoids Comenity, and Synchrony. I treat all cards as if they were charge cards and always PIF, usually before statement cut date. I refuse to allow any credit card issuer to have the power to throw my utilization into a tailspin at their discretion. If any issue arrives I can and will close the card with no major impact...because I do not carry balances. I have about 20 or so revolving accounts or credit cards, but if they closed them all, I would be fine...but that is unlikely. It is a simple concept to just live within my means, and never pay on credit for something I would not or could not otherwise pay cash for. It is ridiculous that it took over half my adult life to learn this.

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+1   Sarge's approach is similar to mine.  Others may not like his approach, but it works well.

[Gmood1]

Uhh..all Synchrony cards aren't store cards guys.😉
Yeah, love my Lowe's card! Wouldn't trade it for another. I've saved money with it on every purchase.
It sure has hampered me with other lenders...not!😂

[Moneyklutz]

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@AverageJoesCredit wrote:

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@sarge12

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Great for you Sarge.What works for you doesnt necessarily work for others. Store cards aren't evil , they may not be premium, but for some their value is as premium as a CSR or a Centurian Card. Credit cards come in all kinds , as do we  . But I wholeheartedly agree we should try to live within our means but that , Dear Watson, sometimes is easier said than done for many

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Agreed...

Amazon and Lowes give me 5% off everything I purchase using their store cards. Things I'd normally buy and pay cash for are magically reduced in price IF (and always if!) I PIF each month. When purchasing anything, I choose my cards like I choose tools in my workshop. ...sure I could eventually drive a nail in with that fancy golden gee whiz screwdriver that makes me special but it's a lot easier (and financially smarter IMO) to whip out that trusty rusty Amazon hammer and sync it with one blowe. 

ok..maybe that was a little over the top but it kinda flowed at the end.        

To the OP... something about all this smells and as others have stated I really encourage you to pull a full 3B report and figure out why Synchrony is all-a-jittery over your credit file.   

[sarge12]

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@Moneyklutz wrote:

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@AverageJoesCredit wrote:

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@sarge12

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Great for you Sarge.What works for you doesnt necessarily work for others. Store cards aren't evil , they may not be premium, but for some their value is as premium as a CSR or a Centurian Card. Credit cards come in all kinds , as do we  . But I wholeheartedly agree we should try to live within our means but that , Dear Watson, sometimes is easier said than done for many

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Agreed...

Amazon and Lowes give me 5% off everything I purchase using their store cards. Things I'd normally buy and pay cash for are magically reduced in price IF (and always if!) I PIF each month. When purchasing anything, I choose my cards like I choose tools in my workshop. ...sure I could eventually drive a nail in with that fancy golden gee whiz screwdriver that makes me special but it's a lot easier (and financially smarter IMO) to whip out that trusty rusty Amazon hammer and sync it with one blowe. 

ok..maybe that was a little over the top but it kinda flowed at the end.        

To the OP... something about all this smells and as others have stated I really encourage you to pull a full 3B report and figure out why Synchrony is all-a-jittery over your credit file.   

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While I can understand the attraction to store cards for discounts, and a few store cards are not going to tank your score, there are still pitfalls. The largest is the massive exposure some have to Synchrony, and Comenity which can lend itself to massive closures as is evidenced in this example. There are many with 10 cards or more tied to Synchrony, and often when 1 experiences AA, they all do. Very few people I am aware of have such extreme exposure to any other single creditor. The ease of obtaining these cards are well known, and in a manual 3B pull for a mortgage many lenders do in fact have less respect for these accounts, especially if it is a large portion of the profile. I have not said that the mere presence of a store card is going to harm your score like a consumer finance account will, but they are still less respected than Visa, MC, Discover, or AMEX by lenders. By the way...the Chase Amazon Prime Visa card also gives 5% at Amazon, and is not a store card.

[arkane]

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@Moneyklutz wrote:

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@AverageJoesCredit wrote:

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@sarge12

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Great for you Sarge.What works for you doesnt necessarily work for others. Store cards aren't evil , they may not be premium, but for some their value is as premium as a CSR or a Centurian Card. Credit cards come in all kinds , as do we  . But I wholeheartedly agree we should try to live within our means but that , Dear Watson, sometimes is easier said than done for many

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Agreed...

Amazon and Lowes give me 5% off everything I purchase using their store cards. Things I'd normally buy and pay cash for are magically reduced in price IF (and always if!) I PIF each month. When purchasing anything, I choose my cards like I choose tools in my workshop. ...sure I could eventually drive a nail in with that fancy golden gee whiz screwdriver that makes me special but it's a lot easier (and financially smarter IMO) to whip out that trusty rusty Amazon hammer and sync it with one blowe. 

ok..maybe that was a little over the top but it kinda flowed at the end.        

To the OP... something about all this smells and as others have stated I really encourage you to pull a full 3B report and figure out why Synchrony is all-a-jittery over your credit file.   

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I died