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Synchrony Bank Shutdowns

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I received two letters from Synchrony Bank shutting down two of my accounts with them.

 

  • Chevron & Texaco Credit Card account with $10,000 limit.
  • Ashley Furniture Homestore account with $25,000 limit.

 

The stated reason: "Activity on account(s) with SYNCHRONY BANK indicative of high risk of failure to pay"

 

Don't really know what that means. Neither of these accounts see any action. They actually raised the Ashley card's limit from $16,800 to $25,000 two months ago. The only card that sees any action is the PayPal Cashback Mastercard, which gets $2,000 to $5,000 a month put on it, but gets paid-in-full. No revolving debt. No installment loans. Only major change was obtaining a mortgage a couple months ago.

 

Fuck 'em.

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With the recent economic downturn, I expect some creditors to start closing accounts or reducing credit limits in an attempt to limit potential exposure. 

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3 hours ago, policebox said:

I received two letters from Synchrony Bank shutting down two of my accounts with them.

 

  • Chevron & Texaco Credit Card account with $10,000 limit.
  • Ashley Furniture Homestore account with $25,000 limit.

 

The stated reason: "Activity on account(s) with SYNCHRONY BANK indicative of high risk of failure to pay"

 

 

Just wondering if this a "closure for inactivity" sheep in "high risk" wolves' clothing.  How long since the last use?

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Heg that Lowes card will get shutdown.

I just got my letters from my shutdown which I shared with everyone.

It said the samething.

Synch is scared and pulling in the reins.

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19 hours ago, hdporter said:

 

Just wondering if this a "closure for inactivity" sheep in "high risk" wolves' clothing.  How long since the last use?

Chevron card was last used and paid off in June 2019.

 

Ashley Furniture was last used May 2018 and paid off October 2018, although I pushed a $5 payment to the account in November 2019 to keep it "active".

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2 hours ago, policebox said:

Chevron card was last used and paid off in June 2019.

 

Ashley Furniture was last used May 2018 and paid off October 2018, although I pushed a $5 payment to the account in November 2019 to keep it "active".

Wow.  Guess I should count my Walmart and Care Credit as vulnerable.

 

Not that it should matter in regard to the closure, was the $5 "push" against a "0" balance?

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There have been a wave of closures from Synchrony being reported over on the forum that shall not be named. From what I have seen, it seems to be people with high Synchrony limits/exposure overall or those who have not used their cards in a while. But I think everyone is getting the same reason for the closures. If they did not close your Paypal Mastercard, then that is probably a good sign. But I would not necessarily take it personal, considering the COVID-19 effects on the economy as well as what's going on in retail, which comprises a lot of Synchrony's credit card portfolio. But they did start this before the corona panic took off, so I would lean more towards problems in their business.

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1 hour ago, RehabbingANDBlabbing said:

 I would lean more towards problems in their business.

Or could just be cleanup of unused credit to reduce exposure and be able to offer more credit to people who are actually going to be using it. 

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Posted (edited)

Well, here's an update.

 

Synchrony shut me down across the board. Logged in to check my PayPal Mastercard, and it had been closed. Checked my other accounts, Amazon Store Card and Rakuten Visa, both also shut down.

 

That's a total of 5 credit lines totally $65,000, gone in a flash.

 

I use the PayPal MasterCard monthly, probably putting $2k - $5k a month through it, which I pay in full.

 

Never had a missed payment on any of these cards.

 

Their reason, "contact the credit bureaus because they are reporting something that shows I'm a high risk." I check my report nearly daily and the only major change was getting a mortgage. Didn't know having a bank rigorously go through all my financials and giving me a $1.2M mortgage would demonstrate that I'm a financial risk.

 

[CENSORED - YOU WERE GIVEN A LANGUAGE WARNING BY AN ADMIN. DON'T PRESS YOUR LUCK AND FIND YOURSELF IN QUARANTINE!]

Edited by IndyPoolPlayer
Removed Profanity

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Posted (edited)
1 hour ago, policebox said:

Well, here's an update.

 

Synchrony shut me down across the board. Logged in to check my PayPal Mastercard, and it had been closed. Checked my other accounts, Amazon Store Card and Rakuten Visa, both also shut down.

 

That's a total of 5 credit lines totally $65,000, gone in a flash.

 

I use the PayPal MasterCard monthly, probably putting $2k - $5k a month through it, which I pay in full.

 

Never had a missed payment on any of these cards.

 

Their reason, "contact the credit bureaus because they are reporting something that shows I'm a high risk." I check my report nearly daily and the only major change was getting a mortgage. Didn't know having a bank rigorously go through all my financials and giving me a $1.2M mortgage would demonstrate that I'm a financial risk.

Had you accepted any offers to defer payments through any of the accounts?  Any notations on a paper report related to deferrals? 

Edited by IndyPoolPlayer
Removed Quoted Profanity

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On 4/17/2020 at 3:09 PM, policebox said:

Well, here's an update.

 

Synchrony shut me down across the board. Logged in to check my PayPal Mastercard, and it had been closed. Checked my other accounts, Amazon Store Card and Rakuten Visa, both also shut down.

 

 

Despite what some dweeby CSR told you, it's evident that your closure wasn't risk-based.

 

That suggests to me that your status as a profitable or losing proposition customer is what pulled the trigger.   Like a lot of people here, you're unlikely to revolve a balance.  (If your credit report played any role, a $1+ mil mortgage screams this fact.)  It doesn't take a rocket scientist to do a look-back and assess your profitability.

 

I haven't looked at other Sync closure reports carefully, but can't help to wonder if there's a trend along these lines.  If so, light Synch users like myself are likely safe, but heavy chargers who are realizing greater than 1% or 1.5% rebates are likely getting scrutiny.

 

Really sucks when a closure is postured as due to some "fault" on your part.  If they simply said, "your business hasn't yielded the profit profile we desire", I think most would get it (and maybe pat themselves on the back for having used the account wisely! ;) )

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The more I read about Synchrony or Sync and how they treat customers I wouldn't touch them with a ten foot poll or the horse they rode in on.

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I still have 4 Sync cards. Amazon, Lowe's, Sam's Club, and Car Care One. Each with a $10k CL. $40k overall exposure. At one point I was at $90k exposure.

 

For those with $35k Walmart cards, it's probably good Cap1 took over. lol

 

 

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Sync must hate me... I have a $13K B&H Photo Payboo card (B&H refunds sales tax with this card, which in my case is 9.5% cash back).  I've spent over 10K on it in the last few months and always paid in full, so they never got a dime of their 29.99% interest rate.  Then there's another $10K with PayPal Credit, on which I ruthlessly use their 6-months no interest feature, and *always* pay off in 6 months.  I even have a 24-month no interest purchase going with them right now too.   I've never paid Sync a dime in interest.  

 

We'll see if they make any changes to my accounts...

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On 4/18/2020 at 11:45 PM, hdporter said:

 

Despite what some dweeby CSR told you, it's evident that your closure wasn't risk-based.

 

That suggests to me that your status as a profitable or losing proposition customer is what pulled the trigger.   Like a lot of people here, you're unlikely to revolve a balance.  (If your credit report played any role, a $1+ mil mortgage screams this fact.)  It doesn't take a rocket scientist to do a look-back and assess your profitability.

 

I haven't looked at other Sync closure reports carefully, but can't help to wonder if there's a trend along these lines.  If so, light Synch users like myself are likely safe, but heavy chargers who are realizing greater than 1% or 1.5% rebates are likely getting scrutiny.

 

Really sucks when a closure is postured as due to some "fault" on your part.  If they simply said, "your business hasn't yielded the profit profile we desire", I think most would get it (and maybe pat themselves on the back for having used the account wisely! ;) )

 

I would just like to add, Synchrony Bank screwed me out of $69.98 in cash back on my PayPal Cashback Mastercard since they closed the account, and closed accounts cannot earn cash back. I know it's terms and conditions, but I didn't do anything to warrant my account closure. They should at least pay me the cash back I earned while the account was open and in good standing. I mean, the account was never in bad standing. What a bunch of assholes.

 

I'll never do business with Synchrony Bank again.

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On 4/17/2020 at 12:41 PM, centex said:

Had you accepted any offers to defer payments through any of the accounts?  Any notations on a paper report related to deferrals? 

No, I do not have any accounts on deferral or any type of special status. My accounts are all paid-in-full each month. The only thing that reports are charges I can't/forget to pay off before the statement cuts. Generally, I try to only let one account report a small balance.

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Sync recently axed my sleep number card from $20k down to $6k.  I haven't used it since the initial purchase 2 years ago and balance has been PIF for some time now.  I don't really care.  They have not touched my Amazon card which sits at $20k as well, but I use that card frequently.

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1 hour ago, CTSoxFan said:

Sync recently axed my sleep number card from $20k down to $6k.  I haven't used it since the initial purchase 2 years ago and balance has been PIF for some time now.  I don't really care.

 

I take it they don't sell pencils ;)

 

(Not every tradeline is worth the effort it takes to keep one around for 40 years ...)

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5 hours ago, hdporter said:

 

I take it they don't sell pencils ;)

 

(Not every tradeline is worth the effort it takes to keep one around for 40 years ...)

Agreed unless you want to buy a pillow every six months to keep the trade line.

 

 

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10 hours ago, CTSoxFan said:

Sync recently axed my sleep number card from $20k down to $6k.  I haven't used it since the initial purchase 2 years ago and balance has been PIF for some time now.  I don't really care.  They have not touched my Amazon card which sits at $20k as well, but I use that card frequently.

Is it true that SN beds require special sheets that are only sold through SN because store bought king, queen, etc don't fit due to the bending of the bed?

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14 hours ago, IndyPoolPlayer said:

Is it true that SN beds require special sheets that are only sold through SN because store bought king, queen, etc don't fit due to the bending of the bed?

 

The only one that requires special sheets (as far as I know) is the one with the split top (which is what I have) where the heads of each side can be raised/lowered independently.  I have not found aftermarket sheets that fit this bed.  I don't see why widely available sheets couldn't be used on other models.

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