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

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New Visitor

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

Synchrony did the same to me. Right after I purchased my home and another car. I have NEVER had a late payment on any of my Synchrony accounts over a several year period and they started cutting my balance and closing my accounts with zero balance. I just inherited 70k ; so don’t really need these **bleep** any more and vow I will never do business with them again !!! I urge others to not do business with this company.

Message 1 of 17
16 REPLIES 16
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Moderator

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

Hi @Courtlandw, the thread you replied to was old so I've moved your post to a new thread to get your issue more exposure.

 

--UB

Message 2 of 17
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Frequent Contributor

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

Wow walmart gave u 7500 mc being on ssi? Thats good i didnt know if they would approve ppl on ssi
08 ficos 9/2019 eq 685 tu 704 ex 677
Message 3 of 17
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Community Leader
Mega Contributor

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

If you have income, you can be approvedSmiley Happy

Op, what cards did you have and what were the limits, balances etc. We need a clearer picture on whst happened. Thanks
Message 4 of 17
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Valued Contributor

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


@FreeIsForMe2019 wrote:

All Walmart asks you is to list your YEARLY INCOME  to them, They don't ask where the money is coming from. I also asked 3 Social Security workers prior to doing this, If I could use my SSI Funds to open credit cards with and they all said the same thing "Its your money, do what you want with it"

 

 

FreeIsForMe2019 Credit Cards & Limits

Not Bad For Someone on SSI 

$7,500.00......Walmart Mastercard
$1,000.00......Amazon Prime Rewards Visa
$0,600.00......Montgomery Wards Store Card
$0,600.00......Fingerhut Store Card
$0,500.00......Capital One - Journey Mastercard
$0,501.00......Capital One - Platinum Mastercard
$0,400.00......Credit One - Platinum Mastercard

 

Credit Limit: $11,101.00

 

Start Credit Rebuilding May 2018 

Credit Score 578

Age of Oldest Account: 1 Year, 0 Months

 

Experian........709 - Good
TransUnion....720 - Good
Equifax..........700 - Good

 


I would highly recommend closing the CreditOne account. Where did you get your scores from? As long as they are not from CK or similar sites, then I would recommend applying for another card and to close some of your subprime cards.



Scores - All bureaus 756 +
TCL - Est. $275K
Message 5 of 17
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Valued Contributor

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

Sorry to hear about your Sync Experience OP.

Wish OP would come back and share some of the DPs below for others to learn from;

1.0 How many TU HPs in last 6 months.
2.0 How many NEW TLs last 6 months.
3.0 Aggregate UTIL across all cards.
4.0 REPORTED util on SYNC accts.
5.0 Any returned payments on any Sync acct

BK7 dc in 01/2011 with FICO8 in the 500s

New cc TLs : 1/6 ; 1/12 ; 2/24
HPs EX 2 EQ 2 TU 1
AAoA 5y4m
UTIL 1% - 3%

$220K+ Total Limits










Message 6 of 17
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Community Leader
Super Contributor

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


@Courtlandw wrote:

Synchrony did the same to me. Right after I purchased my home and another car. I have NEVER had a late payment on any of my Synchrony accounts over a several year period and they started cutting my balance and closing my accounts with zero balance. I just inherited 70k ; so don’t really need these **bleep** any more and vow I will never do business with them again !!! I urge others to not do business with this company.


Hi OP

 

Since you didn't provide any information, one would not just stop doing buiness with a credit card company because another is unhappy with the decisions the lender made in his/her specific situation, and especially without any background information.

 

Usually, when a lender starts balance chasing or taking adverse action on an account, it's because they're in protective mode. Their algorithms have spotted behavior it perceives as risky. It could be high UT, making only minumum payments on large outstanding balances over a long period of time, a signicant drop in scores, or even non-use of their cards. When adverse action is taken, Synchrony is not only looking at its own accounts that you hold, but your overall credit profile.

 

It is not personal and shouldn't be taken as such.

 

 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 7 of 17
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Valued Contributor

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


@CreditInspired wrote:

@Courtlandw wrote:

Synchrony did the same to me. Right after I purchased my home and another car. I have NEVER had a late payment on any of my Synchrony accounts over a several year period and they started cutting my balance and closing my accounts with zero balance. I just inherited 70k ; so don’t really need these **bleep** any more and vow I will never do business with them again !!! I urge others to not do business with this company.


Hi OP

 

Since you didn't provide any information, one would not just stop doing buiness with a credit card company because another is unhappy with the decisions the lender made in his/her specific situation, and especially without any background information.

 

Usually, when a lender starts balance chasing or taking adverse action on an account, it's because they're in protective mode. Their algorithms have spotted behavior it perceives as risky. It could be high UT, making only minumum payments on large outstanding balances over a long period of time, a signicant drop in scores, or even non-use of their cards. When adverse action is taken, Synchrony is not only looking at its own accounts that you hold, but your overall credit profile.

 

It is not personal and shouldn't be taken as such.

 

 


While agreeing with the above, Sych is one of the more schizophrenic lenders out there. Their decisions are hard to comprehend at times, and they do seem to AA for reasons that even the minds of MyFico can't figure out. I have an Ebates card that I rarely use as it has a tiny limit on it that seems to be stalled. At the same time I'm getting $10K CLI's from BoA and auto increases from Chase and Elan.

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 8 of 17
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Community Leader
Mega Contributor

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

Sorry buddy, Penfed takes that cake🎂

Anyone who sends out preapprovals to nonmembers but wont to their own members is 🤯😎

Hi @rbentley 🙋‍♂️😆
Message 9 of 17
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Moderator

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


@ChargedUp wrote:

@CreditInspired wrote:

@Courtlandw wrote:

Synchrony did the same to me. Right after I purchased my home and another car. I have NEVER had a late payment on any of my Synchrony accounts over a several year period and they started cutting my balance and closing my accounts with zero balance. I just inherited 70k ; so don’t really need these **bleep** any more and vow I will never do business with them again !!! I urge others to not do business with this company.


Hi OP

 

Since you didn't provide any information, one would not just stop doing buiness with a credit card company because another is unhappy with the decisions the lender made in his/her specific situation, and especially without any background information.

 

Usually, when a lender starts balance chasing or taking adverse action on an account, it's because they're in protective mode. Their algorithms have spotted behavior it perceives as risky. It could be high UT, making only minumum payments on large outstanding balances over a long period of time, a signicant drop in scores, or even non-use of their cards. When adverse action is taken, Synchrony is not only looking at its own accounts that you hold, but your overall credit profile.

 

It is not personal and shouldn't be taken as such.

 

 


While agreeing with the above, Sych is one of the more schizophrenic lenders out there. Their decisions are hard to comprehend at times, and they do seem to AA for reasons that even the minds of MyFico can't figure out. I have an Ebates card that I rarely use as it has a tiny limit on it that seems to be stalled. At the same time I'm getting $10K CLI's from BoA and auto increases from Chase and Elan.


You kinda answered your own question.  You have a card that you rarely which *may* lead to believe that a higher limit is not needed.  Is that the reason for Synchrony not giving you an increase?  Who knows...but if you're not really using the card then I wouldn't bother.  As for getting higher limits from other lenders...just know that they all have their own level of risk that they're willing to take.  The modules in which lenders use can be modified as you know at any given time.  

 

If you've been around here long enough you'll remember that PenFed was really tight with risk...and somewhere around 2016-2017 they really let loose and lots of folks got in really good with them (myself included) but then as of late, the strings have once again been tightened.  The same can be said with most lenders.  Even the FicoForums famous Navy Federal has even changed things a bit.  Do they still give out large limits...absolutely...have they changed the way in which they do it...absolutely as well.  When I got my first card when them it didn't matter how long my BK has been discharged...the fact that it was discharged got be a card with them with a very generous limit.  As of late they have implemented a 1 year post discharge before even tossing a glance.  My point is things with these lenders are in constant motion.  You just have to be ready strike with the opportunity presents itself.  

Message 10 of 17
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