James T Ldd

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Synchrony Bank - Poor choices

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About 18 months ago, Synchrony closed all my accounts. I reapplied for each one, and Synchrony opened new accounts. In the past week, Synchrony closed all but one of my accounts again. Their reason: Im a high risk not to pay. My credit score is 762. Ive never missed a payment at Synchrony or anywhere else. My income is over $100,000. I dont know what more I could do to be less risky. I dont carry balances on their cards or I use a 0% promotion. They left my Venmo credit account open with a $10,000 credit line - a baffling move given my high risk status. As if Id ever use it again. If a store uses Synchrony as a credit provider, beware of the merchant and the bank. Ill never go back. The good news: my credit score increased when they closed the accounts.
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Loss:
$500
Pros:
  • Rewards
Cons:
  • Illogical credit decisions

Preferred solution: Let the company propose a solution

User's recommendation: Stay away!

3 comments
Guest

So if your numbers are all that, why are you applying for junk credit cards instead of using A REAL credit card? Could it be you’re playing the credit utilization game to keep your score up and they can see this?

James T Rwb
reply icon Replying to comment of Guest-2059911

I've never opened a credit card to play the credit utilization game, but I have opened accounts to earn rewards. In fact, that was the purpose of having them.

You make a valid point about these being junk credit cards, and I'm better off without them in the long run.

It just seems odd for Synchrony to spend the money to approve and open an account, maintain the account for 14 months and then shut it down. It would be more reasonable to reject the initial application.

James T Rwb
reply icon Replying to comment of Guest-2059911

I've never opened a credit card to play the credit utilization game, but I have opened accounts to earn rewards. In fact, that was the purpose of having them.

You make a valid point about these being junk credit cards, and I'm better off without them in the long run.

It just seems odd for Synchrony to spend the money to approve and open an account, maintain the account for 14 months and then shut it down. It would be more reasonable to reject the initial application.

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