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

[FinStar]

OP, given that you asked for DPs, I have clean reports and a little north of $100K with multiple SYNCB CCs. I have not experienced any CLDs.

So, the generalization comment that SYNCB "is over its head" thus resulting in CLDs across the board is simply unfounded. I PIF and don't carry any balances on their CCs.

Are you updating your income as requested when the prompt displays? You mentioned something along the lines of DTI, so if your income with regard to the rest of your credit obligations (inclusive of SYNCB exposure) isn't up to par then SYNCB is typically known to CLD or balance chase. This is in addition to other factors that may have triggered your AA.

[Pikaboo-icu]

Really sorry this is happening to you..

Every time I read one of these Synch balance chase threads it makes me paranoid..

I have 4 Synch accounts all are PIF. I could live without 2 of them but I love my Amazon card & really like my Walmart card too.

I have no clue why they would do this to a person (persons) with your file.. It's strange..

You didn't get a Synch visa like Paypal or Ebates etc... by chance did you?

They keep emailing that I am preapproved, just accept blah blah- No Thanks... I've read this is often a death nail in Synch relationships- 

Again, sorry OP. 

[Anonymous]

Thanks for the response. I'm not trying to blame anybody, but when you compare my credit to most of their card holders, I'm sure I'm much better off. Then, if you were to compare my wife's credit to mine, shes much much better of. She is the definition of perfect, and yet, she's being cut as well. Also, is it a coincidence than both of our BofA cards were cut off? We know BofA's history, and if a collapse is due soon, I'm sure they'd be the first to jump.

Again, we aren't AU or joint on any of them.

I have the PP, but through comenity. I recently heard that it's being moved over to synch right? That's gonna suck.

Also, imagine this. BofA will give me an autoloan 1/2 point lower than published rates for prime borrowers. I realize it's secured against the car, but still, I'm prime in all lending options outside of credit cards? Also, any other CC's are at prime rates, and I can apply and be confident that I'll be approved at any other bank.

Addtionally, while I know this isn't any sort of indication of a "glitch" but, as Synch was chasing my cards, I actually opened the Tj Maxx card, my CL was 2.8k. I figured they were simply lowering my limits becuase there wasn't a ton of activity on the other cards. We were at TJX and I figured, why not? I guess that didn't really help my situation.

So it begs the question, if my file was really that bad, or there was an indication of me having a higher than normal risk level, why would they still extend credit, and at such a large CL - when compared to those whom have less than average credit. I realize that 2.8k isn't large by any leans, when you've got Lowes issuing 10k lines, but it's definitely not an indication of a bad file - in fact, it's the complete opposite.

Thoughts? 

I'm not looking for a solution to my problem, I'm just curious as to how many others have had this happen, while mainting good credit, with reasons listed in the letters that are irrelevant and/or different every time.

[Pikaboo-icu]

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.. 

[Anonymous]

If you haven't pulled your credit reports from the agencies or MyFico, I would do it right away. My daughter had something similar and when she checked her credit she found an account that she did not open. It took a few months to straighten it all out. Her information was one of those taken in the EQ breach.  Good luck to you.

[happypill]

You could look for all sorts of explanations, but I think it's really simple here.  Utilization is the issue.  High utilization on 1-2 cards is a leading indicator that someone is could be heading for credit trouble (not saying this applies to you, but CC issuers base their decisions on historical trends & metrics).

Of course, once they start balance chasing you, it's going to look like you have cards spiking to 100% utilization month after month.  1 or 2 of those on your report could surely spook other lenders (or Sync may be spooking themselves).  Best thing to do once they start balance chasing you is probably to just PIF if you can.  Of course, if they're balance chasing you and you're not able to PIF, any remaining credit limits you do have probably look really risky to the lenders.

For data points, I have accounts with BofA and Sync (and tons of others) and no signs of AA.  I did have a CLD from Capital One last year but that was clearly due to non-use of the card ($30k reduced to $10k, hadn't used it in close to a year if I recall correctly).  BofA had record profits last quarter so I don't think they're running out of money.  Lenders may be trying to reduce their exposure if they think the credit market is overheated, but in any case, utilization will always be a trigger for them to take AA and they might be more aggressive if things look more risky.

[SunriseEarth]

As has been said, I'd recommend obtaining your CR directly from TU.   Because you are experiencing AA from Sync, you should be able to obtain a free report.  

Before the slashing of CLs started, did you and your wife in combination come close to $100K in exposure to Sync?  Also, how long did you hold the balances before getting balance-chased?

[Anonymous]

Is it really that big a secret, that CCC like you to be under 30% Util? I realize that not everyone can do this, things happen. But when you allow it to go on month, after month, after month, after year. Something is gonna happen and not likely anything good. 

I do know one thing though, if I ever start to get balance chased. I'll simply PIF via ACH, then immediately call in and close it myself! ha ha

Then it will say "closed by consumer" instead. 

[fltireguy]

Pipe guy, although I respect you, I do have to disagree. My experience with them, when they hit me with the blue envelope 18 months ago, I closed my account. They had balances, and they did not report as 100% utilization. The credit limits were preserved for reporting purposes only, and there was no ill effect on my credit reports due to that.

[Gmood1]

Time to pull those reports straight from the CBs. Only takes a few minutes to do. Just go to the dispute section.
You may want to check the unknown ones as well, like ARS and Sage stream. I locked both recently so lenders can't pull them regardless.
Here's my data points.
I have $80k exposure with Synchrony. So far I've never experienced AA. Synchrony has my individual income as $65k...go figure. lol
I have every Synchrony account set to auto pay statement balance and have never carried a balance on any of their cards. My totally CLs exceed $600k. They still send me prequal offers for their other business partners CCs issued by Synchrony.