Synch shutdowns

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kdm31091
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Synch shutdowns

Postby kdm31091 » Fri Jul 08, 2016 6:08 am

There's a wave of Synch freezes/shutdowns being reported on MF, and it amazes me how little people learn over time. We see this happen over and over with various creditors, and the answer is always "we need to figure out what's going on at Synch!". There were also some people who basically said they inflated their income, etc, so there's a few "proactive closures" occuring. :rolleyes:

No, you need to look in a mirror. 20 inquiries in 3 months is excessive. 5 new accounts posting in one month is excessive too. This isn't rocket science. I don't know why people act like they are oblivious to the reasons why these things occur, even though it's the same thing over and over. Yet instead of adjusting their habits, they'll all flock to another creditors and then cry when that creditors does the same thing because the root problem has not changed.

Addiction is really a sad thing, even with things that aren't physically harmful, such as credit cards. You really see the result of it with people on some forums.


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CarefulBuilder14
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Re: Synch shutdowns

Postby CarefulBuilder14 » Sat Jul 09, 2016 12:37 pm

It's funny to read old MF threads where people talk about "staying below the radar" with Synchrony by...get this...no longer requesting CLIs once they reached $100k in total CLs.
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TXviking
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Re: Synch shutdowns

Postby TXviking » Sun Jul 10, 2016 11:28 pm

I cancelled my last two Synchrony accounts (one with City Furniture, one with La-z-boy) once all my new furniture was paid off. I only got the accounts for the umpteen-months-same-as-cash financing deal, and saw no need for them anymore. The credit lines in both cases were suspiciously close to the cost of the furniture I wanted to buy, so I have a feeling that credit line is based at least in part on how much furniture the store thinks they can sell you (although I'm sure it's also capped based on creditworthiness.)

No doubt Synchrony has product lines besides their store cards, but the first thing that came to mind when I read this was:

"What size houses do these MF members have that they need $100K worth of furniture?"

;) :beat: :ppp :rolleyes: :money: :cheers: :eek: :cool:

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CarefulBuilder14
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Re: Synch shutdowns

Postby CarefulBuilder14 » Tue Jul 12, 2016 1:06 am

TXviking wrote:I cancelled my last two Synchrony accounts (one with City Furniture, one with La-z-boy) once all my new furniture was paid off. I only got the accounts for the umpteen-months-same-as-cash financing deal, and saw no need for them anymore. The credit lines in both cases were suspiciously close to the cost of the furniture I wanted to buy, so I have a feeling that credit line is based at least in part on how much furniture the store thinks they can sell you (although I'm sure it's also capped based on creditworthiness.)

No doubt Synchrony has product lines besides their store cards, but the first thing that came to mind when I read this was:

"What size houses do these MF members have that they need $100K worth of furniture?"

;) :beat: :ppp :rolleyes: :money: :cheers: :eek: :cool:

I'm not quite sure how the CLs are determined. The $1,260 SL Synchrony gave me on Brooks Bros (when my other CLs ranged from $2k to $6k) would be enough for a decent suit and some extras (ignoring the high utilization), but it would have precluded the purchase of a suit from the $1200-before-tax line.
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MemberSince99
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Re: Synch shutdowns

Postby MemberSince99 » Tue Jul 12, 2016 11:04 am

I would guess the proactive folks lied about their income and are just hoping to stay out of the crosshairs.

I only have two of their cards with 7k total exposure so I don't really care what they do. I didn't lie about income but I'm not willing to submit a tax form of requested because I feel it's far too invasive. I would verify income a different and less intrusive way.if that was an option but since it's not I would just close and move on.

I doubt they will bother me though. Sucks to be them I guess. It is kind of self inflicted damage.

takeshi
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Re: Synch shutdowns

Postby takeshi » Fri Jul 15, 2016 8:23 am

TXviking wrote:What size houses do these MF members have that they need $100K worth of furniture?

It's not necessarily just about house size. $100K wouldn't go too far where my wife works. However, they don't have a store card.

kdm31091
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Re: Synch shutdowns

Postby kdm31091 » Fri Jul 15, 2016 9:02 am

MemberSince99 wrote:I would guess the proactive folks lied about their income and are just hoping to stay out of the crosshairs.

I only have two of their cards with 7k total exposure so I don't really care what they do. I didn't lie about income but I'm not willing to submit a tax form of requested because I feel it's far too invasive. I would verify income a different and less intrusive way.if that was an option but since it's not I would just close and move on.

I doubt they will bother me though. Sucks to be them I guess. It is kind of self inflicted damage.


It's clear a lot of them lied about their incomes and that's why they are so vehemently opposed to having to prove their income. Sorry, but if you believe what the people on MF say, 80% of them are six figure earning professionals. I highly doubt that many of such people are sitting around juggling 40 cards to maximize a penny per day. Not to say some of them are not high income but I don't think it's as many as they let on. Based on post quality alone, there's no way some of them are earning six figures. They just don't have the brain cells.

JonE
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Re: Synch shutdowns

Postby JonE » Sat Jul 16, 2016 1:49 pm

I don't get how some people need $25k-$35k on a Walmart card. Most I would need on any store card would be about $5000. No way am I going to blow that kind of money at Walmart (or Amazon for that matter!)

MF is microcosm of people who abuse credit, they lie about incomes, apply for everything under the sun, and then wonder why AA always hits them first. I also don't think MF (or for that matter, this place) is reflective of society as a whole, as there are majorities of people who are happy with 1-3 cards, and have no knowledge of Churning, Rewards or bonus spending. I'm starting to become one of those people.
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Re: Synch shutdowns

Postby CarefulBuilder14 » Sat Jul 16, 2016 10:50 pm

JonE wrote:I don't get how some people need $25k-$35k on a Walmart card. Most I would need on any store card would be about $5000. No way am I going to blow that kind of money at Walmart (or Amazon for that matter!)

MF is microcosm of people who abuse credit, they lie about incomes, apply for everything under the sun, and then wonder why AA always hits them first. I also don't think MF (or for that matter, this place) is reflective of society as a whole, as there are majorities of people who are happy with 1-3 cards, and have no knowledge of Churning, Rewards or bonus spending. I'm starting to become one of those people.

It's rarely about needing the CL - it's about keeping score. If you're a long-standing customer on a primary card, the issuer might stick with you in bad times. I don't think many people really expect a $30k Pottery Barn or Barney's card to offer the same loyalty - or to assuage the concerns of lenders if someone's debt is low vs. total CL, but high vs. documented income.

When objectivity is non-FSR, batspit crazy becomes the community's common sense.

There's always light bonus hunting as a middle ground between aggressive and minimalist approaches.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

kdm31091
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Re: Synch shutdowns

Postby kdm31091 » Sun Jul 17, 2016 7:14 am

Unfortunately like builder said, non FSR is "bad" on there, so the prevailing opinions are generally the crazy ones. It sucks but is what it is. Been on the site a long time and it has not changed one iota. Older crazies post less and new ones move in but the pattern doesn't change. MF equates anyone disagreeing as "non FSR" which is completely untrue but they are way too sensitive.

As far as minimalism, I think the people on MF (and some other sites) go crazy and open 30 cards, obsessing about saving an extra maybe $50 a year, yet nobody stops to consider that they probably overspend by much more than that because of all their "special cards" that they need to "give love" to and keep active. It's pretty easy to throw away $50 and there you go, you wiped out your extra gains.



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