What the heck is going on with Synchrony?

[Imperfectfuture]

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@Anonymous wrote:

this is the thread, that never ends, yes it goes on and on my friend, some people started it not knowing what it was, and theyll continue it forever just because...

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Not necessary.  

[ttleigh]

I have read all the pages and have some thoughts, ideas, questions
1) what is the overall approximate number of people who have reported here that their accounts are frozen? To me I am estimating less than 10?
2) no one with locked accounts fits a profile to be in eminent danger of a charge off. No one has a late payment, no one has mentioned delinquincies or high utilization. I would think if this was about financial risk they would be going after people who look headed in that direction
3) maybe it is all completely random which is why we can't find a definitive link or reason. When I audited for a company(s) in the past there was a risk group but sometimes we went off of a completely random algorithm just to show impartiality and thoroughness. In one case we did randoms to satisfy investors and compliance and other times just for a general checkup.
4) there are so many of us on this board with tons of synchrony credit and I have utilization and a prior bk discharged account with them and so far I am ok. I have been checking my accounts daily
5) it was interesting that the one poster said the fraud people said it wasn't a 4506 so that means it could just be over an address or authorized user which would make sense to shut the card down. It seems like it would have to do with address since everything is being mailed and not talked about. A while back my Walmart card got shut down because something they sent me was sent back so they shut the card down until I updated my address.
6) or is there a group randomly reviewing accounts and looking for stuff? Maybe income for some people, addresses for another, employment, etc. to establish and show investors they aren't as loose as they are.
Just a lot of random thoughts..

[ttleigh]

Oh and another thought... Has anyone tried going to the retailers and seeing if they have information? Meaning I am sure lowes/Walmart/etc would have been warned if they were doing a mass freeze (assuming it is a mass freeze)

[Anonymous]

I agree with you.  Definitely not a mass freeze or we would all be shut down.  I know I get pop ups that ask me to update my info.  I go in there and go through the motions but nothing has changed for me.  Income might have gone up but I just leave it alone.  AU's, not sure?  I think it would depends who is an AU?  My hubby is an AU on some of my cards & I am on some of his but nothing drastic.  I could be random like you say.  A way to protect themselves in a down slope.  I do check mine but stopped doing it everyday.  If it happens, it is what it is.  

[Anonymous]

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@Imperfectfuture wrote:

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@Anonymous wrote:

this is the thread, that never ends, yes it goes on and on my friend, some people started it not knowing what it was, and theyll continue it forever just because...

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Not necessary.  

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Sorry. I will say that I have been prompted on all accounts to update personal info and income. That has never happened before at the same time. Same with friends and family. I dont know anyone that has been frozen. Friend works at Lowes and has had no customers complain. Nor has this person heard anything else about the matter.

[Anonymous]

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@ohreally7654 wrote:

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@Anonymous wrote:

I'd like to test a theory. We all know that multiple factors are involved in freezes and closures, and that we're not abele to isolate just one factor necessarily.

That being said, has anyone had their accounts frozen who has at least one longstanding Synchrony account (3 plus years)? That factor cannot stand alone, since someone with a longstanding Synchrony account could also have just opened up 5 more of them in the last 2 months, which would be a potential flag.

Would be interesting to know if anyone has had an account frozen or closed who has a longstanding relationship with Synchrony of 3 + years. it's just a factor I'd like to get some data on, and am not saying it has any more weight nor importance than other factors. 

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That's a very interesting data point, and yes, that would be me! I've had my care credit account for I believe close to 12 years now. All accounts now frozen. I love that Synchrony called me tonight to inform me all of my accounts are under review and I'll be receiving a letter. Well guess what synchrony?! All of these accounts are now officially on my chopping block unless this notorious letter turns out to be verification. I'm really disgusted over their treatment of paying customers! 

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Thank you very much for sharing the helpful data, ohreally, and I'm sorry this has happened to you.

[Meanmchine]

@ttleigh

"2) no one with locked accounts fits a profile to be in eminent danger of a charge off. No one has a late payment, no one has mentioned delinquincies or high utilization. I would think if this was about financial risk they would be going after people who look headed in that direction"

The fraud loss departments are looking at patterns of behavior which they feel are precursors to charge offs both unintended and intentional.  The pattern of behavior for fraud is mirrored here by ( hopefully ) honest people just seeking to improve their credit standing.  Once the "delinquincies or high utilization" occur it is too late and the fraud/charge off pattern has begun.  You cant close the barn door after the horses get out.

For the record i too include myself in the "at risk" population. Portions of my credit behavior may fit a few of the at rist traits. My credit limits are very modest but the way I raised them was through calling CS.

[score_building]

When AA stems from market based and internal ccc conditions, identifying card holder profile triggers can become even more elusive.

[Imperfectfuture]

It is still a risk model sold by lexis nexus. And, this information is not made public to stock holders. So, they are using the cheapest model (because lexis IS a seller of info, no matter what some are defending in this thread, like, do you work for them) to mitigate this risk. Those of us with scores above 780 PROBABLY have nothing to worry about, unless you are overexposed (see previous posts in thread).

I was asked to verify info with synch when I switched to desktop version on iPad. Otherwise, the mobile app did not ask (but we did have hiccups with Amazon and my new address).

I have updated income for cli's on citi, discover, amex, and cap one (cap one is REALLY tight). Barclay did not ask for income with moving credit to sallie Mae, and BECU did not ask for income on the PLOC (which is weird, they and Alliant have not asked income for anything).

When the fears of new defaults go away by 2020, we can ease up with the banks. Recommend gardening, pruning, and asking only for levels at 10k or above for cels that average 1.5x to 2x of income, depending on score (former doctoral work regarding economics, human behavior, repetitive patterns, and cycle that stops the repetition).

[Anonymous]

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@UncleB wrote:

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@Loquat wrote:

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@Anonymous wrote:

That is an interesting thought.  Can you imagine some poor customers who went to Disney World using their new Marvel or Stash card only to have their accounts locked and absolutely refused any service on the phone.  I would be furious.  The whole way they are handling all of this makes just want to leave them for good and never look back.  That is some really shady behavior.

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This is exactly why I make sure to carry at least 2 cards from different lenders.  Not just for vacation but daily.  I've had it happen before and this was before you had to pay for fuel before pumping.  Not worth the hassle or embarrassment.  In my case it wasn't from account closure but from fraud on my card.  

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This has happened to me in the past as well... the most significant (i.e. embarassing) time was for a $15 lunch for me and an old friend.  I had a spare card (thank goodness) but the strangest part was my bank at the time said there was no record of the decline on their end at all; according to them there never was even a request for an auth code.  I know the clerk ran the card because the first time it declined I was handed a slip with the last four digits of my account# that stated "declined" and when I asked them to try it again I watched - and again it was turned down.

My bank's CSR explained that sometimes there's simply a 'glitch' somewhere between the merchant's system and the bank's system and that just happens - she said it wasn't common, but it was something they were used to seeing occasionally...  <sigh>

Glitch, fraud, 4506-T, closed by issuer or whatever, I now always have a 'Plan B' (usually a 'Plan C' and 'Plan D' as well).  In my case if "it" ever hits the fan, my Capital One is my 'rock'... I know folks have had different experiences with them, but in my case they are extremely reliable, even with overseas internet orders (I don't even have to call... not sure if that's 'good', but it is what it is...)

To those who have never had a card turned away I'm genuinely happy for you, but as for me burn me once shame on you, burn me twice, shame on me - and I don't plan on being shamed. 

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A glitch.  An important reason why a store clerk/waiter/etc should NEVER judge someone whose card is declined.

A few years back, I was working for a company.  We all had company issued credit cards, but they were coded to work only at certain retailers (commonly referred to as "P-cards", I believe the P stands for purchase)

We had a rental van.  Someone from out of town went with me to return the van and we stopped for fuel.  Our P-cards were SUPPOSED to be coded for gas stations.

The out-of-towner tried his company card, and it was declined.  Thinking that it was coded geographically (and he was out of where his card was coded for), I handed over my company card.  Company police was that we were supposed to put anything we possibly could on these limited cards, before using our own funds and submitting a reimbursement form.  My card was also declined.  I think my co-worker then handed over his personal card (because he was already submitting an expense report, it made sense for him to just do this).  The pump jockey got an attitude with us, and said "I don't have time for you to keep giving me bad cards".  Uh, first of all, the cards aren't bad, they're just not coded for your store.  Secondly, you were sitting around picking your nose when we pulled up to buy gas, so I'm sorry we interrupted your nap.

And as for carrying multiple cards, from different banks, I have told the story here before about going home for Christmas, and having TWO of my cards compromised when I was out-of-state.  Made me really glad that I had multiple forms of payment.