What the heck is going on with Synchrony?

[IgnatiusReilly]

I don't have a Synch card but here is what has always befuddled me about Synch, and this is directed at the company, not the cardholders:

"I apped and got approved for a (fill in the blank) card with a SL of $1,000.  I called and asked for a CLIand now my limit is the GDP of Belize!!!!"

What?  What explains the difference between underwriting giving out a SL of $1k and then upping it to $15k a day later?  I never got that.  

Lastly, a $10k Lowe's card (for the well qualified) I can understand as home improvement can be expensive.  A 10k Men's Warehouse card, not so much.  

This just looks like Newton's Third Law in action here, and I feel for all of you who are being affected.  Hope all works out.  

[Anonymous]

Thank you for sharing.

[Anonymous]

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@IgnatiusReilly wrote:

I don't have a Synch card but here is what has always befuddled me about Synch, and this is directed at the company, not the cardholders:

"I apped and got approved for a (fill in the blank) card with a SL of $1,000.  I called and asked for a CLIand now my limit is the GDP of Belize!!!!"

What?  What explains the difference between underwriting giving out a SL of $1k and then upping it to $15k a day later?  I never got that.  

Lastly, a $10k Lowe's card (for the well qualified) I can understand as home improvement can be expensive.  A 10k Men's Warehouse card, not so much.  

This just looks like Newton's Third Law in action here, and I feel for all of you who are being affected.  Hope all works out.  

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I love it when someone quotes Newton's Third Law!

Newton's third law is: For every action, there is an equal and opposite reaction.

[ohreally7654]

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@dragontears wrote:

Is it just me or does it seem that the people that have been asked for income verification all report large income (>100k) or a significant increase in income?

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As a data point, my net income is $66K, so, nothing outrageous by any means. One synchrony account has a balance of $2K- care credit. 10 year old account. Every other account is PIF every month. 

[ohreally7654]

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@Creditplz wrote:
Tried logging into my DW Sams club MC and it's frozen now too.... She said she could care less and she will let them close it :

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Oh wow I am so sorry this is affecting her now as well. Though it sounds like she has a good attitude about it. Still, it's nothing that any of us want to be going through. I'm trying to be patient and wait for my letter--nothing else I can do. But still hard not to stew about it. 

[dragontears]

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@ohreally7654 wrote:

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@dragontears wrote:

Is it just me or does it seem that the people that have been asked for income verification all report large income (>100k) or a significant increase in income?

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As a data point, my net income is $66K, so, nothing outrageous by any means. One synchrony account has a balance of $2K- care credit. 10 year old account. Every other account is PIF every month. 

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hmmmm so your income is 66k and your exposure was 55k? maybe it is related to income vs exposure for some....

[ohreally7654]

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@dragontears wrote:

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@ohreally7654 wrote:

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@dragontears wrote:

Is it just me or does it seem that the people that have been asked for income verification all report large income (>100k) or a significant increase in income?

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As a data point, my net income is $66K, so, nothing outrageous by any means. One synchrony account has a balance of $2K- care credit. 10 year old account. Every other account is PIF every month. 

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hmmmm so your income is 66k and your exposure was 55k? maybe it is related to income vs exposure for some....

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Well, it's $66K after taxes. Gross is much higher. Which is what every other lender typically uses for approvals and CLIs. Synchrony is the only lender I've worked with who asks for net. They froze my avvounts yesterday within hours of me adding my mom as an AU to my Walmart account. I tend to think that was likely the trigger.  Or maybe a combo of the two.  I wish I knew for sure!

[Anonymous]

I wonder how the rest of the people are doing with their sync accounts outside of this forum.  This is ridiculously out of hand.

[coldnmn]

I personally think heads rolled when Synchrony financial results were posted and there is over reaction and employees are trying to save their job. Someone set new standards in my opinion.

[Creditplz]

I'll tell my DW to call her mom and see if her Bannana visa is still up when I get home. I'm curious now