Master Synchrony Account Closure Thread

[CreditCuriosity]

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@Brian_Earl_Spilner wrote:

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@CreditCuriosity wrote:

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@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.

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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.

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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? 

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Not saying new code persay..  I write code for a living and have worked for chase, credit one, wells fargo, amex all in a consulting role back in the days.  Granted not in this particular area, but none-the-less in the CC section on various systems and if this doesn't already exist it is a pretty easy thing to put in place, but i suspect the big banks use advanced analytics very heavily to predict trends in losses and have statistics backing that and most likely shuffling debt more today than before is a "warning factor" and among other things can trip this AA people possibly could be seeing or this poster.  Pure speculation of course.   Lets use an analogy if my friend owed me 10,000 dollars then i knew they had another friend take that 10k loan off me and paid me back but then asked for possibly another 10k if they needed it would i lend it to them?  Nope..

[CreditJourney007]

Yikes, I just requested a copy of my TU CR and they pull my credit every week!

[Anonymous]

July 29 Stnchrony closed all of my accounts. They were all in good standing and many had zero balances. The reason that they gave was that the activity with my Synchrony accounts made me a high risk .

Every one of my accounts were current and none were over limit. I always paid very large payments. For example my payment would be $28.00 and I would pay $100.00. I had recently asked for increases of my credit lines and they approved amounts way larger than I asked for. I had opened an account to purchase a mattress in June and had already paid $ 1,000 off of a $2,699 balance. I had a Home Design Card that I hade used to put a roof and gutters on my house and purchase a stair lift. This account was paid off  two years ago and had a $15,600 credit line. I had a $5,00 Visa with a $345.00 balance. 
I figured if I asked for a credit limit they would not give it to me if they thought I was a credit risk. Most of my credit cards were with Synchrony. My gas card my Lowe’s. This was so frustrating because I was doing home repairs and had ordered a cooktop which they don't charge to your account until it ships. Now my card is closed and I still have an item to pay for.

i think all total I had 14 Synchrony accounts. This included my HSN and QVC accounts. Both had zero balances. 
I can only guess they closed my accounts because I requested and they granted me credit line increases. I had a Pay Pal Line of Credit with a $1,035 balance and a Pay Pal Mastercard with $346.00. 
On my credit report it says closed by grantor/ no missed payment(something like that) but I'm afaraid that my credit score will tank because my available credit is now reduced by over $40,000. Also I worry that my bank may close my credit card because my credit utilization which was 30% will now be who knows what. When I recover from this I don't think I will every use Synchrony bank again

[Anonymous]

July 29th they closed all of my accounts. I had just opened one 2 moths ago for $2699 and had already paid $1000.00 on the balance. I had asked them to raise my Amazon account to $1,200 and they raised it to $3,500.00. About 1/3 of my accounts has zero balances. I figured if they thought I was a risk they would not have increased my credit limits. I fear what is going to happen to my 710 Credit score.

when I recover from this I will never use Synchrony Bank again.

[Anonymous]

They closed mine also and they said it was my activity on my Synchrony accounts not the Credit Bureau. My history with Synchrony was excellent. I did get Credit limit increases. but when I asked that they raise my Amazon from $700.00 to $1,200 THEY increased it to $3,500. So I'm not even sure it was the increases because they control the amounts.

[Anonymous]

They did the same thing to me. They said it was because of my history with Synchrony which was excellent. I had opened 1 acct. 2 months ago and had already paid$1,000 against the balance. I had gotten credit line increases recently . However when I asked that they increase my limit to $1,200 from $700.00 they raised it to $3,500. 
If I was such a risk why would they give me such a high increase when I didn't ask for it and why would they open a new account in June. Also they closed accounts with zero balances. 
Whatever the case I will be paying the accounts off and staying far away from Synchrony in the future.

[Anonymous]

Hey Clayton,

Did Synchrony close your accounts?  

[M_Smart007]

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@Anonymous wrote:

July 29 Stnchrony closed all of my accounts. They were all in good standing and many had zero balances. The reason that they gave was that the activity with my Synchrony accounts made me a high risk .

Every one of my accounts were current and none were over limit. I always paid very large payments. For example my payment would be $28.00 and I would pay $100.00. I had recently asked for increases of my credit lines and they approved amounts way larger than I asked for. I had opened an account to purchase a mattress in June and had already paid $ 1,000 off of a $2,699 balance. I had a Home Design Card that I hade used to put a roof and gutters on my house and purchase a stair lift. This account was paid off  two years ago and had a $15,600 credit line. I had a $5,00 Visa with a $345.00 balance. 
I figured if I asked for a credit limit they would not give it to me if they thought I was a credit risk. Most of my credit cards were with Synchrony. My gas card my Lowe’s. This was so frustrating because I was doing home repairs and had ordered a cooktop which they don't charge to your account until it ships. Now my card is closed and I still have an item to pay for.

i think all total I had 14 Synchrony accounts. This included my HSN and QVC accounts. Both had zero balances. 
I can only guess they closed my accounts because I requested and they granted me credit line increases. I had a Pay Pal Line of Credit with a $1,035 balance and a Pay Pal Mastercard with $346.00. 
On my credit report it says closed by grantor/ no missed payment(something like that) but I'm afaraid that my credit score will tank because my available credit is now reduced by over $40,000. Also I worry that my bank may close my credit card because my credit utilization which was 30% will now be who knows what. When I recover from this I don't think I will every use Synchrony bank again

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@Anonymous, Sorry for your closeures

I do not blame you for never wanting to use them again.

[Anonymous]

I have come to terms with my loss (sync cards).

I lost about 55K of tradelines with maybe a $5,000 balance.

All in excellent standing.

Some 4 years old.

Some as new as 2 months.

None with a balance greater than 30%

more than 1/2 with a 0 balance.

Score wise I have lost 4-6 points on 2 bureaus and no effect on the other but I do not know how it affects my other scores like 5-4-2 and Auto yet.

[Anonymous]

Yes. With no warnig and without cause.