Jump to content

policebox

Synchrony Bank Shutdowns

Recommended Posts

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.

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites
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?

Share this post


Link to post
Share on other sites

I'm curious what happens to my lowes card. hasn;t been used for 10 months.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites
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".

Share this post


Link to post
Share on other sites
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?

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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. 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.





  • Today's Birthdays

    1. psp
      psp
      Age: 62
    2. tt7777
      tt7777
      Age: 53
  • Member Statistics

    • Total Members
      178,464
    • Most Online
      2,046

    Newest Member
    Stressed02
    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.
×
×
  • Create New...

Important Information

Guidelines