AVOID These 2 Banks Closing Credit Card Accounts
Vložit
- čas přidán 10. 03. 2024
- SoFi Checking Account (Bonsu $25) - offers.calbartoncashback.com/...
👉🏽 Best Credit Cards (BONUS Up to $750)
Chase Sapphire Preferred (60k bonus pts) - offers.calbartoncashback.com/...
Amex Gold (60k bonus pts) - offers.calbartoncashback.com/...
Capital One Quicksilver ($200 bonus) - offers.calbartoncashback.com/...
Capital One Venture X (75,000mi bonus) - offers.calbartoncashback.com/X
Chase Freedom Unlimited (6.5% on travel) - offers.calbartoncashback.com/...
Chase INK Business Unlimited ($750 bonus) - offers.calbartoncashback.com/...
👉🏽 Free Stuff! ($0.00)
See every credit card you're pre-approved for with just a soft pull - offers.calbartoncashback.com/...
Credit limit increase hacks (cheat sheet): offers.calbartoncashback.com/...
9 credit cards that show your starting limit before approval (cheatsheet) - offers.calbartoncashback.com/...
0% APR Business Cards for Up to 18 months (cheatsheet) - offers.calbartoncashback.com/...
NO Credit Check Cards Up to $25,000 - offers.calbartoncashback.com/...
Do It Yourself Credit Repair Course - offers.calbartoncashback.com/...
👉🏽 Corporate Credit Cards (Never Reports to Personal Credit)
7x points on Dining (SOFT CREDIT CHECK)(EASY APPROVAL)(NO PG) - offers.calbartoncashback.com/...
20x higher credit limits (NO CREDIT CHECK)(NO PG) - offers.calbartoncashback.com/...
$2,000,000 EIN Only No PG Business Card - offers.calbartoncashback.com/...
👉🏽 Fund Your Business (600 FICO Score APPROVED)
Up to $75,000 with NO DOCS, NO PG, ONLY 600 FICO + FREE Business Checking Account offers.calbartoncashback.com/...
Free Business Grant Writing Checklist - courses.calbartoncashback.com...
Free 5-Day 0% APR Business Funding Email Course - courses.calbartoncashback.com...
0% APR Business Credit Card Master List with over 130 banks - courses.calbartoncashback.com...
$1 Million Business Line of Credit (SOFT CREDIT CHECK) - offers.calbartoncashback.com/ROK
How To Fund Your Small Business in 30 Days Or Less Without Proof of Income - • How To Fund Your Small...
👉🏽 Build Personal Credit (FAST as 2 Weeks)
$2,500 Credit Line & 12 Month Installment Loan (INSTANT APPROVAL) - offers.calbartoncashback.com/Ava
$750 Credit Line (INSTANT APPROVAL) - offers.calbartoncashback.com/...
$10/mo Credit Builder (INSTANT APPROVAL) - offers.calbartoncashback.com/...
Chime Credit Builder ($100 BONUS)(INSTANT APPROVAL) - offers.calbartoncashback.com/...
Build Credit While Building Savings (INSTANT APPROVAL) - offers.calbartoncashback.com/...
👉🏽 DIY Credit Repair
Instant hard inquiry alerts & I.D. theft protection
Get 2 weeks Free - offers.calbartoncashback.com/...
91% of Premium users see a 56-point score increase in 6 months or less - offers.calbartoncashback.com/...
👉🏽 Run Your Business (Escape Your 9 to 5)
Write a Business Plan in Hours that Attracts Bank Funding Without Knowing Where to Start - courses.calbartoncashback.com...
Turn Business Credit Into Cash Fast - offers.calbartoncashback.com/...
Setup Your LLC without the paperwork - offers.calbartoncashback.com/...
👉🏽 Build Business Credit (Qualify for SBA Loans)
Increase your business credit scores up to 50% in 3 months - offers.calbartoncashback.com/NAV
(70) Net-30 Vendor Master List - offers.calbartoncashback.com/...
Advertiser Disclosure: This video may contain links through which we are compensated when you click on or are approved for offers. - Zábava
Synchrony is trash👎
Had a Conoco and WellCare Synchrony bank cards and let them close due to no activity!🤣🤣🤣
I just got two increases with synchrony on my Verizon Visa card $2,000 increase it's now 8000 and my Amazon card went from 2500 to 5000
Synchrony bank closed two of my accounts without warning. I hate them.
So sorry to hear that. They have many victims.
They closed my CareCredit & my Discount Tire w/o any warning. I still have my 4 other accounts so far. 3 of them are currently at $0 balance. It was 5 total at $0. Before they closed the 2 mentioned above. So far my C1 is ok.
That's useful to hear! I have two cards with them, one was an accidental apply but I definitely won't be signing up with them again 😮
@@calbartonAnother victim lol.
Same here 😡no warning AT ALL!
Dont want to listen to all this just to hear name of second bank. So far mostly an ad
I have 1 CREDIT CARD. I only use a debit card in an emergency until I have SAVED enough money to cover 6 months of my core expenses. Mortgage, Food, Utilities and all transportation costs. Credit consumer debt is a losing game!
Amen
You are most definitely NOT playing when you say Synchrony will close your account.. they did it to me and it blew my mind.. back when I had an Amazon account.. I believe they did it because Home Depot reduced my credit limit by about 1k and I had no balance on my Home Depot, they did it because I hardly used my Home Depot account which is what Home Depot told me (this was pre-covid) and I think Sync saw that and though I was in some type of trouble and they freaking closed my account.. 🤨
People forget it's not your money. Your borrowing their money. They can do what they want
and I have the right not to borrow the money & give them interests so they lose too!
so contracts dont mean anything?
It is a good idea to let your CC issuer know of large, unusual or foreign purchases. Also contact them when you go on vacation.
OTOH, someone that has funds on deposit in a CAP 1 HYSA account, those customers might want them to be a bit cautious with CC users. But as mentioned, the banks have to prepare for increasing defaults which seem to be on the horizon. Good video.
Inactivity they can close your account
I could care less if Capital One closes my accounts I have a secured card 49.00 deposit it's now a $500 limit and a Quicksilver card that's a $850 limit those cards have been in the sock drawer for years. I have over $140,000 in credit limits $40,000 card a couple $20,000 cards 11,000 card couple 7,500 cards xcetera I don't need low limit cards.
Capitol One closed my account because of inactivity yet I used the card and paid off my balance.
Discover did that for me! They took about 10 years. I used them regularly until they suddenly would approve a $20 charge. They’d approved one at $300 earlier that morning. Yes, I was out of town but this had been going on for 3-6 months working on a remodeling. They told me they tried to call me when not everyone had cell phones. Besides it was a metal building where most peoples didn’t cover anyway. They then told me I had to call them every time I went out of town and all efforts to ask them distance they said from your town. Since I live in a town 80 and one grocery store I wasn’t going to call every day! So, I just point it in the drawer and they lost 10s of thousands of renovation expenses. VISA was happy for my money!
I say good reddens. The only other reason to close an account is they don’t get interest from me!!
Our credit unions won’t give use credit above $50,000 regardless of the amount they have in CDs. So, we have at least 4-5 different “bank’s” cards. Very rarely charge over half the limit, and I’ve been told it better to be a third.
Never had a limit on Amex ever!!!
While true, the part they mess up on, it's without warning.
I have one synchrony account. I RARELY use it. Once there was a fraudulent charge. They didn't care. It was a NIGHTMARE getting it refunded. I wouldn't give the slightest of damns if they closed it. Low credit limit anyhow.
Same here. I have a Synchrony card and I used it one time to get some new furniture. Paid it off and haven't used it in 3 years. I have no use for it. Hoping they'll close mine too.
@@sowhat599 Keeping it open with no balance hurts their total amount of credit they can offer!🤣🤣
Get another card. They sound awful.
I think you have to make sure you update your income with credit cards when you see that they are requesting it.
I once had a card with Providian😂😂
Those were the dark days😂😂
You can say that again. Lol😂
You gave me an ugly flashback mentioning that name........
Really dark days. I remember that one too.
I have had accounts closed without any reason given. I figured it was to cover their ass for law suit.
It depends on how you make the payment as to how long it takes for the payment to go through. If you pay it via your bank account directly it can take 2-5 days to go through. I learned that the hard way when I made the payment 5 days before due and it was still late. Since I have figured out if scheduling it is that close it's better to either do it directly through the card app or in person at a payment center when possible. So there is a very good likelihood that the one who had the bank hacked might have had a larger window than you think.
8:20 - Not defending him or anything, but if he authorizes the payment on Friday after the bank's ACH cutoff time, don't the hackers have the whole weekend to do their thing?
Just pay your card’s every month before bill is due
Amazingly difficult concept for some people.
They will close your account asap if you do that. They don't make any money being your high interest lender and just shut you off. They only want people who cannot pay and will eventually go bad. Go figure.
@@aday1637 they still make money off of swipe fees
@@aday1637 I don't think so, I pay my balance as soon as the charge hits on my cards since 2019 and the only ones that got closed was due to inactivity!😲
@@aday1637 I have been paying off my cards as soon as they post since 2019! The only accounts closed were for non use for over a year!😁
I have no reaosn why sofi declined my card, I was told same things as said in this video. But I got negative impact on my account.
Credit score > 780 and no late fees ever.
Thanka for misleading sofi sponsors.
Why people are using their credit card; when they know they can't afford to pay their debt on their credit card. If you allow anyone to use your credit card make sure you have an agreement with them to pay off when they use it, and always set a limit for the ones you allow on your credit card, and make sure it is someone you can't trust. Like your husband, wife, or your children. If any of them violet the agreenment; you can shutdown their card. That you allowed to use. You are the one incharge of your own credit card.
American way.
I had an account closed due to returned payments because the payment was paid with the wrong account. I never had any late payments and when I found out the payment didn’t go through I paid immediately. I ended up speaking with a supervisor and writing an email to their reviewers and a week later it was reopened.
Same thing happened to me with Cap One.
i hate that they call it a returned payment. it just didnt go through and they are charging for it. the fact they basically force you to pay with ACH/EFT does not help. some of my credit cards will say the payment went and posted but the money doesnt leave my checking for like 2 more days.
Synchrony closed my account for not using the card enough
I liked SOFI too but they also haven't raised my CL since 2021!
That's because they do not offer credit limit increases. You are stuck with what you got
That's why u have to do it manually 🤦♂️ u can ask for a credit limit manually on the website or some credit cards u have to fuckin call them number located on the certain credit card website
@@ToboeKey309Do you have a SOFI card? Nobody is able to get a CLI on their cards. I like the card since it is a World MC but the inability to access higher CL is why I don't use it as much.
Here's a message I received from them last month while requesting a CL, "At this time we're unable to offer credit limit increases on SoFi Credit Cards. But we hear your feedback, and we're working on it!"
I definitely know how to request higher limits especially since I've joined NFCU! So why are you being rude? There are new people on here that are learning about credit so why don't you try and have a better attitude when responding. 😁
@@ToboeKey309not for SoFi though
@@ToboeKey309 Sofi doesn't offer credit limit increases even if you call them they'll tell you no
My Cap One card didn’t close, but they cut it in half, because I wasn’t using it regularly.
What was your credit limit?
My JC Penny's was $5000 but cut to $500 because I haven't used the card in a couple years!🤣🤣
Same with me, Capital One cut my credit limit from $20,000 to $5,000 because the maximum I had ever charged in 10 years was $5,000. And I always paid the full balance every month.
IRS. Only sends letters
I dont care they getting no interests from me they think I am losing? lol! They are losing I am the customer that is borrowing...They lose!
Idk about cap one I had an account with them for over 11 years and tbf I managed it horribly. They only recently closed my account after being consistently late for almost a year. So I don’t blame them for it they made the right move. Now synchrony yeah I had that with a men’s warehouse card, literally closed my account for no reason had it for 6 months used it for about 1,200$ had a 2500 limit and paid it off in 3-4 months then boom closed.
Can you imagine the hit on FICO scores with the downturn in the economy? Soon the banks will have to loan to people with less than 100 FICO in order to have any customers. I love it.
What downturn? Unemployment is low and wages are up, inflation outpaced wages through 2023 but isn't anymore and the Fed has stopped raising interest rates. If we were in a downturn stocks wouldn't be setting records
The golden numbers of the credit card game:
0.6% utilization = 1% for one card
1% utilization for one card
9% utilization for one card
1% utilization for all cards combined
1 account reporting
3 accounts reporting
5 accounts reporting
1 new account in a 12-month period
2 new accounts in a 12-month period
5 new accounts in a 24-month period
Any account being used reporting a $0 balance every other month, unless it's a Chase card, which reports paid accounts off mid-cycle.
Missing context here, or the point, or what the hell you're talking about. I feel like there's another paragraph
And you got this info from?
Sofi closing accounts too.
Maybe the authorized user had an unacceptable credit score. Total exposure is a major factor, but it's probably in combination with other criteria. I usually lower all my credit limits to $5K. $5K in one purchase is a lot for me. Score is in the 800s.
I use them for cash back but don't keep a balance on my cards!🤣🤣, they must hate me!🤣🤣
Same.
Been a DEADBEAT with bank CC's for over 15 years now. I NEVER keep a balance on a CC.
@@gordonallen9095 I guess I am a DEADBEAT also!🤣🤣 Had a Target MasterCard and let it get canceled for no activity!🤣🤣
Why would anyone try to reopen a synchrony bank 😐
Agree. They are awful.
Care Credit & Auto Credit have been lifesavers for me.
This is scary! I have a Care Credit cc and 3 Capital One cc. Will a person credit score be affected when the bank closes the cc account ?
Yes
People it's NOT your money. You're borrowing their money and if they see you as a liability they can do what they want.
@@KittyKat-vb1nd OK you’ve said this one too many times I wasn’t going to say anything, but now I am. Synchrony never owned the money they gave to the borrower to begin with. As soon as that loan or credit card was issued, that money was sold to trustees so synchrony never lent them the money to begin with.
I use my card montly, but pay it off every month.
They're tired of people not making payments on time. They're tiredcof liability of irresponsible people
They're closing responsible people's account too. That was mine.
I think a lot of the issues are the users' fault. If you are honestly operating properly, how can anyone find fault?? I hope im not wrong😢
Synchrony is known for closimg inactive accounts
If there is $ in Capital One & Synchrony Bank savings accounts or CDs, would they still be trigger happy to close accounts?
No that’s what people aren’t aware of you have to use a banks or credit unions products I keep 2 CDs and use a banks high yield account and just keep money in it my TCL at capital one is 13K between 3 cards
Never ever get a credit account from YOUR BANK, if something goes wrong you will lose your bank account ALL OF IT.
Synchrony bank raised my interest without warning also. Since then I have been in payoff mode on that card.
Read your terms and conditions. They give you advance notice. Mine go up every 3 months or so.
Let them close my account..... Because I won't pay !
So, you’d rather have it sent to collections? Where it will wreck your credit even more, and stay on your credit report for an even longer period of time?
Paypal place hold account for 30days. Because paid off in 30 days
if capital 1 shuts your account down, do you lose the points? i have about 1600$ worth of cashback atm
You better redeem those points ASAP. You will lose them if they close your account
Don’t listen to this guy Capital 1 is not closing accounts that are in good standings
Man capital one is BAD news ppi
I've had capital one since the year 2003 🤣🤣 n had no problems with them
@@ToboeKey309 Same 👍🏻
I hate cap. One 🤷
Omg I have both of these cards I wish I had seen this sooner.🙄
I wish CC companies close all my accounts.
I have high balances on them.
They weren't making money from you.
You were a waste of their time and money.
Yep
Yes
Credit card interest rates are meaningless unless you are foolish enough to not pay off your entire balance every billing cycle. Credit cards are really only useful for playing the "% cash back game" to get a discount on your spending/expenses every month & then paying off in-full each & every billing cycle.
Only 9300 dollars 😂😂😂I gave 3 times that on my Navy Fed Black card.
If you made a payment then hey should have to give you back that payment
Bottom line, people be lying in social media just to make them look good. Lying about high credit scores, 20k+ credit limits, “being hacked”. Don’t let me get started about “business accounts” because everyone has aa business. Whatever makes y’all feel better about your lies.