Synchrony bank — how to recover scores after closures?

[Blessed221]

Hello All

 I was wondering have anyone had this to happen to them? Most of my Synchrony bank accounts were closed. I had really high credit lines and long tenor with them. I had no derogatory history with them. Please explain what I can do to keep my score from going down? 
Any suggestions as to what I should do?

[FinStar]

@Blessed221 

So the community can provide some guidance, can you provide more details about your profile?

What are your current FICO scores? What about your overall utilization? Highest individual utilization on your cards?

When you say high credit lines, how many accounts were closed by SYNCB and what were their aggregate limits?  You also mentioned most accounts were closed, which SYNCB accounts 'survived'?  Do you have any balances on those accounts?

Also, you should have received some correspondence regarding the closures, what were the reason(s) were cited?

[Blessed221]

My cards were in good standing. I had altogether 12 accounts closed. I have received a resin the letter is in the mail, this happened on October 7th. I called and was told I had a lot of their accounts and was considered a high risk. My credit lines ranged from $4500-18K...I paid my balances off in full whenever I did use them. My accounts were opened in 2011-2018

[SouthJamaica]

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@Blessed221 wrote:

Hello All

 I was wondering have anyone had this to happen to them? Most of my Synchrony bank accounts were closed. I had really high credit lines and long tenor with them. I had no derogatory history with them. Please explain what I can do to keep my score from going down? 
Any suggestions as to what I should do?

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I'm not sure from what you say why the closure of these accounts would hurt your scores at all.

The best thing you can do is to keep your utilization low on your other accounts, and to have most of them report zero balances.

FWIW, Synchrony has been on an account closure spree, for a year and a half now, so don't take it personally.

[Blessed221]

I didn't know synchrony bank was on a closing spree. Thanks for the heads up. My utilization is under 3%. My credit score is 775,769,763

[Blessed221]

[CreditMarathoner]

Sorry to hear Sync gave you a haircut.  They seem to be doing that a lot lately.  They seem to be risk averse lately.

Closed accounts in good standing will continue to report for up to 10 years, so your score shouldn't drop due to AAoA, until they fall off eventually, but at that point your open accounts will have aged just as much so in most cases it's a wash, unles you open a ton of new accounts in 10 years.

The only thing that can hurt is aggregate utilization, since your TCL dropped and you have balances, it will increase your utilization, and if it crosses a threshold, you can lose points that way.  If that happens, you just have to pay down your balances and/or get some CLIs on your still-open accounts to bring things back up.

[FinStar]

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@Blessed221 wrote:

My cards were in good standing. I had altogether 12 accounts closed. I have received a resin the letter is in the mail, this happened on October 7th. I called and was told I had a lot of their accounts and was considered a high risk. My credit lines ranged from $4500-18K...I paid my balances off in full whenever I did use them. My accounts were opened in 2011-2018

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That's definitely a lot of SYNCB CCs by today's standards 😬. Sorry to hear about your account closures. What was the aggregate total of your 12 SYNCB accounts before the closures? 

And, as mentioned upthread, as long as your overall utilization is in a good place, there shouldn't be any major impacts score-wise plus the closed accounts will still be factored into your AAoA for a long time. So, based on your screenshot further upthread, if your overall utilization is currently 3% post-closures then that's definitely pretty good 👍  Again, sorry for the closures.

[Blessed221]

Thanks, I really appreciate your wisdom and advise. 

@CreditMarathoner

[Blessed221]

I had one card $17,500+8,500+6,500 the other were $4,500 Mostly all store cards with the exception of 2 or 3 mastercards. I was purging my accts anyway, so the way I look at it they help me move a little faster. I will keep all my Amex and other major cards. I just have to get my line of credit up to compensate for the loss. I will reachout to PenFed and Navy Federal for an increase beginning of next year.

@CreditMarathoner