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aroberson

Synchrony thinks I am a "high risk"

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I found out yesterday that Synchrony closed all of my accounts with them, 5 in total, about $50k in available credit.  They said they sent me a letter, and it states that my credit report shows that I am at a high risk of being unable to pay my accounts.  

 

I only have a balance on one of my cards, and it is on a deferred interest plan.  I assume they really are trying to do something else here,  Should I even bother trying to keep these accounts open, or just look for new credit with better banks/lenders?

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it is just business.

 

curious, what are your FICO scores?

 

is the deferred interest a BT and have you been playing the BT game?

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I think most will agree that Synchrony is not one of the more "emotionally balanced" lenders.  You've recently written that you've opened 6 accounts in the last 6 months.  That, alone, could be enough to tip them over the edge.

 

Bottom line, as Hege suggests, chalk it up to "just business" and move on.

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1 hour ago, hegemony said:

it is just business.

 

curious, what are your FICO scores?

 

is the deferred interest a BT and have you been playing the BT game?

FICO scores from when I applied for some loans recently was 738 or 742 I believe, not the greatest but still ok.  The deferred interest is on a Rooms To Go card, one of their 5 years 0 interest offers

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30 minutes ago, hdporter said:

I think most will agree that Synchrony is not one of the more "emotionally balanced" lenders.  You've recently written that you've opened 6 accounts in the last 6 months.  That, alone, could be enough to tip them over the edge.

 

Bottom line, as Hege suggests, chalk it up to "just business" and move on.

Thank you!  I am going to, it just sucks losing $50k in available credit

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When you say there is only one card with a balance, do you mean just one of the Suckrony cards or only one card in your entire profile? 

 

If other cards have a balance, what are THOSE balances relative to the individual lines? 

 

Which model of Fair Isaac scoring was the 738/742 derived from?  Since it was a loan, it may not be the same one used for card underwriting...

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1 hour ago, aroberson said:

FICO scores from when I applied for some loans recently was 738 or 742 I believe, not the greatest but still ok.  The deferred interest is on a Rooms To Go card, one of their 5 years 0 interest offers

credit seeking is high risk behavior; are these new tradelines reporting? what did they do to your AA of OPEN Accounts?

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38 minutes ago, hegemony said:

credit seeking is high risk behavior; are these new tradelines reporting? what did they do to your AA of OPEN Accounts?

I believe they are now, the AA of open accounts is 2 yrs 7 months

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1 hour ago, centex said:

When you say there is only one card with a balance, do you mean just one of the Suckrony cards or only one card in your entire profile? 

 

If other cards have a balance, what are THOSE balances relative to the individual lines? 

 

Which model of Fair Isaac scoring was the 738/742 derived from?  Since it was a loan, it may not be the same one used for card underwriting...

I have one at 28%, 2 at 24% and one at 11%  Yes I know it is bad to carry balances, but I have finally gotten a budget together and building savings, and being able to pay all my bills

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59 minutes ago, aroberson said:

I have one at 28%, 2 at 24% and one at 11%  Yes I know it is bad to carry balances, but I have finally gotten a budget together and building savings, and being able to pay all my bills

While those are not the worst percentages we've seen here, I'm sure that's what spooked them. Right there on the edge of getting it cleaned up, or it getting out of hand.

 

Good luck on the budgeting. You can do this!!!

 

Like others have said, it's just business. Not worth fighting to get those cards turned back on. They are not concerned with your story or intentions. They hear it a thousand times a day and worse. You know how many times a day they hear, I will pay you back next Friday? And Friday never comes.

 

A sound budget, and a clear understanding that there has never been, and never will be empathy or compassion in banking is part of the key to good financial health.

 

 

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45 minutes ago, TheVig said:

While those are not the worst percentages we've seen here, I'm sure that's what spooked them. Right there on the edge of getting it cleaned up, or it getting out of hand.

 

Good luck on the budgeting. You can do this!!!

 

Like others have said, it's just business. Not worth fighting to get those cards turned back on. They are not concerned with your story or intentions. They hear it a thousand times a day and worse. You know how many times a day they hear, I will pay you back next Friday? And Friday never comes.

 

A sound budget, and a clear understanding that there has never been, and never will be empathy or compassion in banking is part of the key to good financial health.

 

 

Thanks, and I have never had any issues with paying Synchrony, and have one 30 day late in 2018 that was my fault of not updating the automatic draft bank account.  I was really only using those 5 synchrony cards to help build up my available credit to reduce my utilization as I paid off my other cards.

 

At this point I am going to call my current creditors and see what I can do for a CLI, and hopefully boost them to 10k or more

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52 minutes ago, aroberson said:

Thanks, and I have never had any issues with paying Synchrony, and have one 30 day late in 2018 that was my fault of not updating the automatic draft bank account.  I was really only using those 5 synchrony cards to help build up my available credit to reduce my utilization as I paid off my other cards.

 

At this point I am going to call my current creditors and see what I can do for a CLI, and hopefully boost them to 10k or more

Good chance your current creditors will want to do hard pulls on your credit to approve or deny a CLI. Good luck.

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1 hour ago, TheVig said:

While those are not the worst percentages we've seen here, I'm sure that's what spooked them. Right there on the edge of getting it cleaned up, or it getting out of hand.

 

 

With that level of expressed confidence, I expect you see my own Synch's biting the dust in record time:  I'm currently revolving $20k over 5 accounts, those accounts having $99k in CL's between them (indiv util are 29%, 25%, 13%, 11%, 11%).  Oh, and I reported outstanding balances on a total of 16 revolving accounts last month (11 will be PIF).  (Of course, I have the benefit of a bit more credit age.)

 

Given Synch's nature, it's impossible to be confident about what brought the axe down on OP.  I suggested it was the new account activity (and related inquiries).  I'm willing to believe it could be utilization, as you suggest.  Fllp a coin (or maybe check out the adverse action notice, when received -- although those are famous for an "all of the above" approach).

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2 hours ago, hdporter said:

 

With that level of expressed confidence, I expect you see my own Synch's biting the dust in record time:  I'm currently revolving $20k over 5 accounts, those accounts having $99k in CL's between them (indiv util are 29%, 25%, 13%, 11%, 11%).  Oh, and I reported outstanding balances on a total of 16 revolving accounts last month (11 will be PIF).  (Of course, I have the benefit of a bit more credit age.)

 

Given Synch's nature, it's impossible to be confident about what brought the axe down on OP.  I suggested it was the new account activity (and related inquiries).  I'm willing to believe it could be utilization, as you suggest.  Fllp a coin (or maybe check out the adverse action notice, when received -- although those are famous for an "all of the above" approach).

That too.

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6 hours ago, hdporter said:

I think most will agree that Synchrony is not one of the more "emotionally balanced" lenders.  You've recently written that you've opened 6 accounts in the last 6 months.  That, alone, could be enough to tip them over the edge.

 

Bottom line, as Hege suggests, chalk it up to "just business" and move on.

Lenders have "emotional balancing," lol?

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40 minutes ago, Lander said:

Lenders have "emotional balancing," lol?

 

I only have loose anecdotal evidence ... there was no question that the BA account manager who, around 2010, sliced me down from approx $50k in credit lines to $15k was definitely loosing her s**t.  (That forever left me with a "once bitten, twice shy" reticence when it comes to seeking BA CLI's even though many here are now fearless ;) )

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57 minutes ago, cashnocredit said:

Nothing to close.

I am Syn Free and pray for swirled peas.

 

I just may come to worship you in time ...  😍

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6 hours ago, aroberson said:

I have one at 28%, 2 at 24% and one at 11%  Yes I know it is bad to carry balances, but I have finally gotten a budget together and building savings, and being able to pay all my bills

What is the $ amount?

 

On 9/9/2019 at 10:51 AM, aroberson said:

I had a bunch of CCs with balances on them and making just the minimums was killing me.  I was able to get a loan through upstart that has a lower APR and I consolidated all of my payments into one.  You can have them draft a payment bi monthly which works well if you get paid every 2 weeks.  I have done pretty well with that, and have vitually no CC balances now

Are you still making minimum payments?

  

On 1/31/2020 at 9:42 AM, aroberson said:

I was in a similar situation, and used upstart to get a loan to consolidate my debt.  I had about 30k in debt, and was able to get a loan at 16%, and then about 9 months later got a loan for 12.8% APR.  With a score of 660 and the fact that you have 4k in extra income to pay debt with, I would definitely explore this option.  Just be disciplined and do not use the cards once you have them paid off.

 

1.  One late pay a year ago.

2.  $30k in recent, multiple(?) consolidation loans.

3.  Six new CC's over the last 6 months.

4.  Racking up more CC debt.

 

 

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there is a thread in the kiddie pool on synch shutting people down. perhaps it is getting ready for the wheels to come off the gilded popomobile economy?

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13 hours ago, Kat58 said:

What is the $ amount?

 

Are you still making minimum payments?

  

 

1.  One late pay a year ago.

2.  $30k in recent, multiple(?) consolidation loans.

3.  Six new CC's over the last 6 months.

4.  Racking up more CC debt.

 

 

$7000 maybe in revolving, that number has come down in the past 6 months every month.  Making all my minimums and then some.  I am not generating new debt.

 

I did recently get like $40k in CLI with Synchrony, maybe they thought that was too much?  and as Hege said, maybe they are trying to reduce their exposure to subprime situations

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17 hours ago, aroberson said:

$7000 maybe in revolving, that number has come down in the past 6 months every month.  Making all my minimums and then some.  I am not generating new debt.

 

I did recently get like $40k in CLI with Synchrony, maybe they thought that was too much?  and as Hege said, maybe they are trying to reduce their exposure to subprime situations

 

I'll emphasize that I don't see much value in investing in a post mortem on this situation ...

 

But here's one possible take:  In a review prompted by a number of recent Synch CLI requests which they granted, they look at the longer term picture.  They see that your total debt balances have likely increased significantly over the last 2 years with interim periods of marginal repayment activity, that you consolidated much of your debt into a term loan last year, freeing up a considerable chunk of revolving credit, and that you've just engaged in a new revolving credit run, opening up 6 new accounts. 

 

Most creditors might merely take note of the situation and deal with it prospectively.  Synch (in my book) is less rationally balanced, and decided to take their credit and make a run for it.

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On 2/10/2020 at 6:12 AM, aroberson said:

I found out yesterday that Synchrony closed all of my accounts with them, 5 in total, about $50k in available credit.  They said they sent me a letter, and it states that my credit report shows that I am at a high risk of being unable to pay my accounts.  

Synchrony views your report and actions as borderline bust-out behavior, IMO. All things considered, it makes perfect sense.

 

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