What's the deal with Synchrony?

[1LostArk]

Current have $27,500 in tradelines with Synchrony ($20k Verizon Visa, $7.5k PayPal Credit). I'm looking at possibly picking up the Harbor Freight card at the end of the year. I've read horror stories about Synchrony randomly CLD'ing or closing accounts, but so far in my experience all they've done is given me CLI's and provide good customer service. Are the horror stories blown out of proportion?

[1LostArk]

Seems like whenever I see Synchrony mentioned it's in the context of some AA horror story. But in my experience (so far) all they've done is give me generous SP CLI's and provide good customer service. Am I an outlier? Is it only a matter of time before the other shoe drops? I want to pick up a Harbor Freight card at the end of the year, but I already have $27k+ in tradelines with Syncrhony and don't want to incur gratuitous AA. Anyone have long term experience with multiple Synchrony tradelines?

[Drifter73]

Not long-term, roughly 3 years and x3 credit lines (carecredit, walgreens, sams club) with a total of $15k exposure in their ecosystem.

Like you, I've had no issues. I even carry a balance on carecredit most times, because I use their 0% x12mo and 0% x24mo promos on mid 4-figure medical related purchases once or twice per year.

Nothing but good things to say so far (knock on wood).

If synchrony had more than just Sam's club in their business credit lines portfolio, I would probably go for some of their Biz cards too.

[Andypanda]

I have the Verizon visa, and had the  Rakuten visa while it existed. No issues.

[Shooting-For-800]

I have not had any issues - knock on wood.

I have had a lot of exposure and used 0% a lot.

I have $70k among 4 cards now.

Was $80k among 5 cards before WalMart went to CapOne.

It is a lot but I no longer ask for CLIs or open new accounts with them.

YMMV.

GL!

[CreditCobra]

I have four Synchrony cards with a total exposure of $62,500. I am carrying a few hundred on a single card, as those purchases are zero interest.

PayPal Mastercard - My fallback 2% card.

Venmo Visa - My 3% Costco card.

Amazon Prime Store Card - 5% at Amazon.

Sweetwater Store Card - 5% cash back (sorta) at Sweetwater, or 0% interest for 6-48 months depending on the item purchased.

So far, I've had zero issues.

[UncleB]

So far I've never had any issues with Synchrony.  My oldest two cards are Lowe's and Belk, so while it wouldn't be disastrous if something happened I'd really prefer to keep them around for as long as possible.

At times I've added multiple new accounts at once (last spring was an example of this) and I knew it was possible Synchrony would react, but everything was fine.  The one thing I've not done in the last decade is carry a balance with a Synchrony card, which may or may not have made a difference.  Lowe's did balance chase me in the mid-2000s, but my credit scores were falling due to financial difficulties so that wasn't suprising.  When my credit scores eventually rebounded I got the credit line restored (and more). 

My exposure with them is as follows:

• Lowe's  - 2004 - $20k
• Belk - 2006 - $5k
• Sam's Club MC - 2015 - $20k
• Care Credit MC - 2018 - $15k
• Venmo Visa - 2022 - $13k

[tcbofade]

No, they aren't.

...but they don't happen to everyone, and the severity varies greatly.

I've had a few "haircuts" from Synchrony, but nothing devasting.

At $27K in total exposure, I wouldn't worry too much about adverse action from Synch.

You can almost certainly double that exposure and still not have to worry.

Good luck to you!

[GreatLife]

I caution you to carefully research the benefits this card does or doesn't offer for consideration in your decision. My spouse got the card about 5 or 6 years ago and only ever received 10% off a SINGLE item during 1st purchase on the card. No rewards, no further purchase discounts, no promotional offers - nothing except a hard pull and high APR on balances. Synchrony eventually closed the sock drawered card after almost 3 years but didn't touch his other Synch cards. From my previous readings within the forum Synch will sometimes auto CLI, then turn around and AA the same profile.  IMO there are better cards to be used at Harbor Freight without risk of Synchrony AA, unnecessary hard pull for initiating the account, or risk of exceeding Synch's secret internal CL algorithm if open another type of account with them in the future.

[ALLgoodABQ]

I have 4 cards with Synchrony: the amazon store card, Sam's club, Lowe's, and Venmo visa.

The Lowe's I got back in August, 2022. Started with a $1000 limit, bought a washer, PIF before the interest kicked in. Couple months later, bought a $50 gift card. About 2 days later, got a letter saying they reviewed my credit history and new limit was $100. Paid off and haven't touched since.

The amazon started at $300 and is now $1,500, and just recently got PIF, but had been at its max since July last year.

Sam's started at $800, and got axed to $680 when my balance was $650 after about 6months or so. This also just got PIF.

My Venmo started at $250 and a couple month later bumped to $500. This one also just got PIF recently.

I've been carrying high balances on all my CCs, but just paid a lot of them off. I'm hoping with my scores increasing they won't cut my lines again, but i'm preparing myself for the worst. Honestly, I'm about ready to just close them all, but waiting to see what they do.