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

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Frequent Contributor

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

  • I have obtained new credit including from Sync in the last 6 months
  • Sync cards
    • Lowes about 30 days old $1,500 limit
    • B&H about 90 days old $1,500 limit raised to $6,000 limit
  • Non Sync
    • New Debt consolidation loan from Credit union 35 days ago $10,000
  • Inquiries 
    • Trans Union 2/12/2020
      Experian 5/11/2020
      Experian 5/19/2020
      Equifax 6/22/2020
      Experian 6/22/2020
      Trans Union 6/23/2020
      Trans Union 6/24/2020
      Trans Union 6/26/2020
      Experian 7/9/2020
      Equifax 7/16/2020

Now here is what I think triggered it I got gready and asked for CLI's in the past few months with all of my sync cards.  

I did get B&H raised from $1,500 start to $5,000.

 

In total this way $55,000 worth of credit limits that was closed with about $5,800 owed.

I am really dissapointed as I use some of these cards very often like

Synchrony Car Credit 

Care Credit

Amazon

Lowes

B&H

Banana Republic

My Paypal Rewards Mastercard

 

I have made very large payments recently paying off Care Credit and nearly paying off Amazon.

 

My Credit scores are just over 700 FICO 8 each bureau.

 

The advice I have that may or may not help others is do not ask for more credit with Sync.

 

Whle this raises my utilization it's not horrible it's now 28.9% overall utilization.


So frutstrated but maybe my greed asking for more is what hurt me here.

 

 

Message 1 of 47
46 REPLIES 46
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Frequent Contributor

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

I am sorry this happened to you but that is some serious credit seeking behavior - especially the loan.

What is your AaoA?


TU - 785
EX - 771
EQ - 779


Message 2 of 47
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Frequent Contributor

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

Average Age of Accounts is a little over 3 years.

Oldest account 14 years.

 

I am rebuilding and finished replacing terrible credit cards with good cards.

Last month my DCU Visa was raised to $5K @9% and Visions Visa $10K at 8.25%

 

I just think I poked the bear with soft inquiry requests with Sync.

I called they said letter coming in 7-10 days.

 

I don't need the credit and will pay off the $4K remaining balance (paid some today) within 30 days.

It just stings to lose $50K in credit and I liked some of those stores.  B&H saved me sales tax, Amazon 5% back. I don't need those cards but just mourning them.

Message 3 of 47
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Community Leader
Super Contributor

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

Multiple requests for CLIs, followed by an aggregate balance of $6K with a recent debt consolidation loan.     Sadly with Synchrony being so twitchy recently this isn't a surprising outcome. Smiley Sad

 

Sorry this happened to you OP.

 



(7/2020)
FICO 8 (EX) 798 (TU) 800 (EQ) 793
FICO 9 (EX) 817 (TU) 815 (EQ) 812

$1M+ club

Artist formerly known as ColdFusion
Message 4 of 47
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Frequent Contributor

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

I understand and learning.

I never suspected that requesing a CLI that is a soft pull would hurt me.

 

Going to lock my 3 bureaus and give someone else the passwords to unlock for 1 year.

Message 5 of 47
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Moderator

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

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

Message 6 of 47
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Frequent Contributor

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

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

Would Sync even see them all or just 1 bureau?

Message 7 of 47
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Moderator

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


@njcobra10tha wrote:

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

Would Sync even see them all or just 1 bureau?


Only you can know.. Can see if whom they SP'ed from annualcreditreport.com.   They certainly could SP all three as they are a current creditor of yours.  They also have access to 3rd party systems such as number works, innovis, sage stream, etc..  Such things such as number works has income information, sage stream, etc credit seeking inquiries regardless of EQ/TU/Exp, etc, etc.

Message 8 of 47
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Community Leader
Senior Contributor

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

I think it's a combination of things with the debt consolidation loan being the pièce de résistance. Debt consolidation loans certainly make financial sense. But the combination of these loans and suddenly available credit are often viewed like oil and water by lenders.

Message 9 of 47
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Mega Contributor

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

 

@njcobra10tha, I am very sorry for your closuresSmiley Sad

 

 

 

#SyncTheHatchetLender

 

Message 10 of 47
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