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Canceling Syncrony Bank Cards?

drboxing
Established Contributor

Canceling Syncrony Bank Cards?

I have a question, I'm considering canceling all of my store cards distributed by synchrony bank. Such cards like Old Navy, Lowes, Walmart, etc. I've noticed that they've lowered my limits and in some cases such as Texaco Card they canceled it without reason. I don't need the cards and don't use them. Wondering if I canceled them all would it hurt my scores in any way. The oldest cards I have with them are the Walmart and Amazon Store card. All other cards are less then 12 months, I've had small balances on them but have paid them off. Would appreciate any info, thanks
Message 1 of 10
9 REPLIES 9
RobertEG
Legendary Contributor

Re: Canceling Syncrony Bank Cards?

You can close a card at any time at the consumer request.

However, that does not delete or cancel their credit reporting.

Only the creditor can report deletion of the accounts.

 

Are you considering requesting deletion of the accounts, or just closing the cards?

Message 2 of 10
drboxing
Established Contributor

Re: Canceling Syncrony Bank Cards?

I'm requesting to close the accounts but was concerned about any impact to my scores
Message 3 of 10
Appleman
Valued Contributor

Re: Canceling Syncrony Bank Cards?

The impact will be variable.

 

Depending on the scoring model there may be some effect for losing an old tradeline. The account will stay on your reports for around 10 years so that should help.

 

How will you utilization look after closing the cards? If your utilizations is pushed above 9%, 30%, 50%, 70% or 90% by losing available credit you will likely see another downward trend for your scores.

Message 4 of 10
RonM21
Valued Contributor

Re: Canceling Syncrony Bank Cards?

I believe it can hurt, but it depends on the situation. Like if you have a balance, that can hurt, do to the reporting of that balance that would continue. Or if it effects your AAoA enough to cause a score drop.
                

TCL: $306,100Utiliz: 6%AAoA: 5yrs 2mOther: Lease, Loan, *No MortgageCollections-Lates-BK's: 0

LWS-35k | BOA-50k | AMX-32.4k | DISC-33.6k | ALNT-25k | NFCU-33k | BARC-15k | BBUY-12k | CSE-10k | CP1-10k | CITI-11.7k | PF-38.4k


Message 5 of 10
drboxing
Established Contributor

Re: Canceling Syncrony Bank Cards?

Ok thanks. I think because I don't use them Synchrony will cancel them eventually
Message 6 of 10
UncleB
Moderator

Re: Canceling Syncrony Bank Cards?

Something else to consider is that if there is something else going on with your reports that's causing Synchrony to take AA your volunteering to close the accounts will likely not help matters, and could even make the situation worse for your remaining lenders.

 

Just my 2¢.  Smiley Wink

Message 7 of 10
drboxing
Established Contributor

Re: Canceling Syncrony Bank Cards?

I thought that but my scores have gotten better. No huge changes on my report. I'll just keep them
Message 8 of 10
BrutalBodyShots
Super Contributor

Re: Canceling Syncrony Bank Cards?

I would just keep them open so that 10 years from now or longer you'll still be getting that nice positive AAoA impact from them.  Even if you cut the cards up and never used them again there's a chance Synchrony would keep them open for even a few years or longer before cancelling them.

Message 9 of 10
takeshi74
Senior Contributor

Re: Canceling Syncrony Bank Cards?


@drboxing wrote:
Wondering if I canceled them all would it hurt my scores in any way.

See the Closing Credit Cards thread linked in the Helpful Threads sticky in the Credit Cards subforum.  Don't overlook resources such as the sitckies and existing threads.

Message 10 of 10
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