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

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Valued Contributor

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

Sorry about the closures OP! There's a few factors I see triggering the closures, but think it was the loan that activated the guillotine.

Synch isn't playing in these times. They have a hair trigger reaction of slightest risk.

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Message 11 of 47
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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 12 of 47
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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


^^^ times 10


DEC 2019: EX 816, TU 820, EQ 810
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Message 13 of 47
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Community Leader
Super Contributor

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?


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. 


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

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Message 14 of 47
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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 15 of 47
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Frequent Contributor

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 16 of 47
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Established 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 17 of 47
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Community Leader
Super Contributor

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 18 of 47
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Community Leader
Super 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 19 of 47
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Moderator

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 20 of 47
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