Jump to content

Dervrak

Synchrony Bank / Wal-Mart Mastercard Weird Cancellation

Recommended Posts

A little background, I have very good credit (790-815 depending on the credit bureau on my latest 3B reports through MyFico).  Not a single blemish, the last time my credit report was pulled was 2017 for an auto loan. I opened a Walmart Mastercard ($5,000 limit) in 2011 through Synchrony Bank, it wasn't one of my "regular" cards as the interest rate was higher than most, but I always put at least one charge on it every couple months to show activity and keep it open.  Well during a recent check of my credit report I noticed my score had dropped several points and the reason listed was the Wal-Mart Mastercard had been "closed by merchant". I promptly called thinking there was a mistake and was told my account had been closed because I no longer met the credit standards set forth and the account couldn't be reopened, which was appropriately vague and of course they wouldn't give me any more information other than to tell me I could get a copy of my credit report.

 

So this is where it gets really odd. In a fit of annoyance I went right to the Wal-Mart credit card site and filled out the application for a credit account....and was instantly approved for the same Synchrony Bank Mastercard with the same limit as before ($5,000).  In fact when I received my new card and activated it, the old account was still listed as active on the payment website, though showing as $0 Balance / $0 Limit.  In my 25+ years of dealing with credit, I've never seen something so strange. I do wish I would have thought before I applied for the new card though because quite frankly it's not a very competitive rate and I just ended up hurting my score by a couple more points since it showed as a credit hit and a new account.

 

So has anybody else ever had an issue like that?

Share this post


Link to post
Share on other sites

1 hour ago, Kat58 said:

I don't recall this happening before... Glitch?

 

Where's cv?

 

If you spent more time in the General Discussion Forum you'd know that I was making a flourless chocolate cake.

Share this post


Link to post
Share on other sites
2 hours ago, Dervrak said:

A little background, I have very good credit (790-815 depending on the credit bureau on my latest 3B reports through MyFico).  Not a single blemish, the last time my credit report was pulled was 2017 for an auto loan. I opened a Walmart Mastercard ($5,000 limit) in 2011 through Synchrony Bank, it wasn't one of my "regular" cards as the interest rate was higher than most, but I always put at least one charge on it every couple months to show activity and keep it open.  Well during a recent check of my credit report I noticed my score had dropped several points and the reason listed was the Wal-Mart Mastercard had been "closed by merchant". I promptly called thinking there was a mistake and was told my account had been closed because I no longer met the credit standards set forth and the account couldn't be reopened, which was appropriately vague and of course they wouldn't give me any more information other than to tell me I could get a copy of my credit report.

 

So this is where it gets really odd. In a fit of annoyance I went right to the Wal-Mart credit card site and filled out the application for a credit account....and was instantly approved for the same Synchrony Bank Mastercard with the same limit as before ($5,000).  In fact when I received my new card and activated it, the old account was still listed as active on the payment website, though showing as $0 Balance / $0 Limit.  In my 25+ years of dealing with credit, I've never seen something so strange. I do wish I would have thought before I applied for the new card though because quite frankly it's not a very competitive rate and I just ended up hurting my score by a couple more points since it showed as a credit hit and a new account.

 

So has anybody else ever had an issue like that?

I haven't seen anything like that.

 

Note that when you use a card correctly the APR doesn't matter.

 

This would have been a great opportunity to open a new card with decent rewards, rather than reward Synchrony with more of your business. 

 

Good news:  You still can!  :) 

Share this post


Link to post
Share on other sites

I'm surprised Synch is still issuing Walmart Mastercards as they will be out of the picture in 6 or 7 months. Unless they are planning to re-issue generic Mastercards once the Walmart connection is severed.

Share this post


Link to post
Share on other sites

I only experienced this one with a card that subsequently no longer exists (Revolution - remember them?). Is it for sure that CrapOne is going to take ownership of the current Synchrony WMT portfolio? It could be CrapOne has given Synchrony their parameters for accounts and those who do not meet CrapOne's standards are being dropped by Synchrony prior to handover

Share this post


Link to post
Share on other sites
Posted (edited)

From what I read, if Synch decides to sell the portfolio, Cap1 will ultimately offer (or has offered) a price to take over the portfolio that takes into account current loss ratios. If the offer falls below fair market value, WMT has to pay Synch the difference. Which may be why WMT recently sued Synch.

Edited by chicagorich

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Today's Birthdays

    1. mmarch
      mmarch
      Age: 47
    2. lpro
      lpro
      Age: 47
    3. shackowsky
      shackowsky
      Age: 38
  • Member Statistics

    • Total Members
      175,543
    • Most Online
      1,528

    Newest Member
    RW1160
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×

Important Information

Guidelines