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Master Synchrony Account Closure Thread

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UpperNwGuy
Valued Contributor

Re: Warning: Synchrony closed all of my accounts details may help others avoid

Debt consolidation loans are supposed to help a person reduce their debt.  Credit limit increases help a person increase their debt.  From the bank's point of view, you're trying to play it both ways, and they didn't want any part of that.

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Message 320 of 1,099
CreditInspired
Community Leader
Super Contributor

Re: Warning: Synchrony closed all of my accounts details may help others avoid


@CreditCuriosity wrote:

Doubt it was the CLI's but the debt consolidation loan and the slew of inquiries showed possibly trouble coming.  Sorry this happened


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Message 321 of 1,099
CreditInspired
Community Leader
Super Contributor

Re: Warning: Synchrony closed all of my accounts details may help others avoid


@Anonymous wrote:

Is that really a slew of inquiries it's 10/3 bureaus.

Would Sync even see them all or just 1 bureau?


Yes, its a slew!

 

When I first read OPs post, I wasn't surprised that AA was taken, although I was sad it happened. 

Aggressive credit seeking is never a good idea in any climate, and doing it now puts a spotlight on the behavior and brings unwanted attention to your credit profile. And yes, Sync can see all bureaus through SPs. 


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Message 322 of 1,099
NRB525
Super Contributor

Re: Warning: Synchrony closed all of my accounts details may help others avoid

Thanks for sharing your details OP. Sorry to hear this happened to you.

 

The 5% at Amazon might be the one I'd miss. I don't have any Sync cards though. 

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Message 323 of 1,099
Anonymous
Not applicable

Re: Warning: Synchrony closed all of my accounts details may help others avoid

Thanks all. 

 

Bottom line is minimal impact on my credit scores just loss of rewards from Amazon, B&H and Lowe's.  

I have enough credit and still a low enough utilization.  

I learned a lesson without too much pain.   Once I get the letter in the mail I will share the details.  

Message 324 of 1,099
CreditCrusader
Valued Contributor

Re: Warning: Synchrony closed all of my accounts details may help others avoid

I agree with the growing consensus regarding the combination of the debt consolidation loan and requests for CLIs.

 

ANY lender (not just Sync) would raise an eyebrow with that confluence of factors.

 

But look, this is just a blip on a large radar. It sucks, but shake it off and move forward.

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Message 325 of 1,099
Brian_Earl_Spilner
Credit Mentor

Re: Warning: Synchrony closed all of my accounts details may help others avoid

I don't know why everyone keeps listing the debt consolidation loan as a reason. Sync can't see what the loan is for, just that there's a new one. Now if the monthly payment changed DTI significantly, or combined with maxed cards could cause the OP to be severely overextended, then I can see why AA might be taken, but they have no idea it's a debt consolidation loan unless a lender put in comments saying what it was.

    
Message 326 of 1,099
coldfusion
Community Leader
Mega Contributor

Re: Warning: Synchrony closed all of my accounts details may help others avoid


@Brian_Earl_Spilner wrote:

I don't know why everyone keeps listing the debt consolidation loan as a reason. Sync can't see what the loan is for, just that there's a new one. Now if the monthly payment changed DTI significantly, or combined with maxed cards could cause the OP to be severely overextended, then I can see why AA might be taken, but they have no idea it's a debt consolidation loan unless a lender put in comments saying what it was.


It's part of a pattern over the last 3 months of also actively seeking unsecured credit via new cards + CLI requests, coupled with a fairly big jump in unsecured debt.   

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Message 327 of 1,099
CreditCuriosity
Moderator Emeritus

Re: Warning: Synchrony closed all of my accounts details may help others avoid


@Brian_Earl_Spilner wrote:

I don't know why everyone keeps listing the debt consolidation loan as a reason. Sync can't see what the loan is for, just that there's a new one. Now if the monthly payment changed DTI significantly, or combined with maxed cards could cause the OP to be severely overextended, then I can see why AA might be taken, but they have no idea it's a debt consolidation loan unless a lender put in comments saying what it was.


Not hard for a computer program to see balances going from CC to (personal loan in this case debt consolidation loan;  this can pretty easily be inferred) and now person can charge up more debt, etc.. Basically just debt shuffling and how CC companies see it and in todays environment they don't want to be the person holding the bag of coal if a person gets over their head.

Message 328 of 1,099
Brian_Earl_Spilner
Credit Mentor

Re: Warning: Synchrony closed all of my accounts details may help others avoid


@CreditCuriosity wrote:

@Brian_Earl_Spilner wrote:

I don't know why everyone keeps listing the debt consolidation loan as a reason. Sync can't see what the loan is for, just that there's a new one. Now if the monthly payment changed DTI significantly, or combined with maxed cards could cause the OP to be severely overextended, then I can see why AA might be taken, but they have no idea it's a debt consolidation loan unless a lender put in comments saying what it was.


Not hard for a computer program to see balances going from CC to (personal loan in this case debt consolidation loan;  this can pretty easily be inferred) and now person can charge up more debt, etc.. Basically robing peter to pay paul is how I see it and probably CC companies see it in todays environment leaving them for a higher chance of dafault possibly.


So you're saying lenders have written code to watch for a new loan and sudden drop in revolving balances and to regard that data as someone taking out a debt consolidation loan? 

    
Message 329 of 1,099
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