topic Re: SYNCB Synchrony Financial GE Credit WARNING in Credit Cards

SYNCB Synchrony Financial GE Credit WARNING

RaiseMyScoreASAP — Mon, 16 Mar 2015 17:12:52 GMT

In November 2013, I opened two charge accounts with GE Capital: one with Belk and one with Brooks Brothers. Since that time, GE Capital sold its charge accounts to Synchrony Bank (SYNCB). I left these two charge accounts in a hot car over the summer and they slightly warped. So I requested a replacement card for each.

SYNCB is now reporting that I have FOUR accounts, two open and two closed. SYNCB reported two of the accounts as "lost or stolen." This has increased my overall account total by two and decreased my AAOA. I have never experienced this from any other bank or creditor. With EVERY OTHER creditor, damaged cards are replaced the same account number. Sometimes, the creditor will assign a new account number, but certainly does not report multiple accounts. The customer service agents at Belk and Brooks Brothers have not been helpful in getting this resolved. I simply want it reported that I have ONE account with Belk and ONE account with Brooks Brothers. If I had known what a huge hassle and detriment this was I would have just kept my mouth shut and kep the damaged cards. They probably were fine to use, but were warped. I rarely use the physical cards anyway. I just show my ID and have the clerk look up the number. Finally I spoke to someone at Brooks Brothers who finally admitted that this practice was not the industry norm. He says that the duplicates should drop off in a few months. Why should I have to suffer because of their incorrect reporting?

The thing that really has me off the rails is the Belk people who tell me that oh no I am WRONG. THEIR personal credit was never impacted when THEY closed an account. It seems that EVERYONE who is an agent at Belk SYNCB is a certified FICO expert and I should be glad that they are so helpful. When you get denied credit solely because of the decrease in the AAOC, then you have suffered damages. And I have suffered damages.

THIS IS A WARNING TO ANYONE WHO HAS A CHARGE ACCOUNT WITH SYNCB. First, don't open an account with this bank in the first place. And if you do never request a replacement card.

Re: SYNCB Synchrony Financial GE Credit WARNING

JSS3 — Mon, 16 Mar 2015 17:35:34 GMT

We have to take a hit when we initially apply. Should be no more after that. They don't even hit you for CLIs so this is really absurd.

Re: SYNCB Synchrony Financial GE Credit WARNING

Strogen — Mon, 16 Mar 2015 17:40:45 GMT

@RaiseMyScoreASAP wrote:
In November 2013, I opened two charge accounts with GE Capital: one with Belk and one with Brooks Brothers. Since that time, GE Capital sold its charge accounts to Synchrony Bank (SYNCB). I left these two charge accounts in a hot car over the summer and they slightly warped. So I requested a replacement card for each.

SYNCB is now reporting that I have FOUR accounts, two open and two closed. SYNCB reported two of the accounts as "lost or stolen." This has increased my overall account total by two and decreased my AAOA. I have never experienced this from any other bank or creditor. With EVERY OTHER creditor, damaged cards are replaced the same account number. Sometimes, the creditor will assign a new account number, but certainly does not report multiple accounts. The customer service agents at Belk and Brooks Brothers have not been helpful in getting this resolved. I simply want it reported that I have ONE account with Belk and ONE account with Brooks Brothers. If I had known what a huge hassle and detriment this was I would have just kept my mouth shut and kep the damaged cards. They probably were fine to use, but were warped. I rarely use the physical cards anyway. I just show my ID and have the clerk look up the number. Finally I spoke to someone at Brooks Brothers who finally admitted that this practice was not the industry norm. He says that the duplicates should drop off in a few months. Why should I have to suffer because of their incorrect reporting?

The thing that really has me off the rails is the Belk people who tell me that oh no I am WRONG. THEIR personal credit was never impacted when THEY closed an account. It seems that EVERYONE who is an agent at Belk SYNCB is a certified FICO expert and I should be glad that they are so helpful. When you get denied credit solely because of the decrease in the AAOC, then you have suffered damages. And I have suffered damages.

THIS IS A WARNING TO ANYONE WHO HAS A CHARGE ACCOUNT WITH SYNCB. First, don't open an account with this bank in the first place. And if you do never request a replacement card.

Yeah I dont know about all that but SyncB is a very GOOD bank.... Gave me a 17K Lowes credit line and 5K at walmart and amazon.

We can "step out back" about this if you want. haha

Re: SYNCB Synchrony Financial GE Credit WARNING

FinStar — Mon, 16 Mar 2015 17:43:58 GMT

I fail to see the overreaction or overdramatiztion in the above instance for all SYNCB cardholders. Sure, it could be an isolated issue to perhaps some of the accountholder base - this does not imply it impacts everyone. Damages - what damages - pain and suffering? When my account #'s changed for a couple SYNCB cards, there were no duplicates reporting whatsoever. Life went on.

Re: SYNCB Synchrony Financial GE Credit WARNING

MyDataMyChoice — Mon, 16 Mar 2015 17:47:17 GMT

First of all,

SYNC did not sell to another company GE Capital Retail Bank changed its name and went public

Yes, they do add additonal tradelines when they are reported lost/stolen or replacement card with new number

I beleive you can dispute this with the CRA though

It is not as the new account shows a new year... if anything this could actually help down the road... say you had the card for 10 years... order a new replacment card... bam you have two 10 year old tradelines now.

Re: SYNCB Synchrony Financial GE Credit WARNING

Anonymous — Mon, 16 Mar 2015 17:47:42 GMT

It was just a name change on the bank - no portfolio change.

Re: SYNCB Synchrony Financial GE Credit WARNING

JSS3 — Mon, 16 Mar 2015 17:49:55 GMT

Tough room.

Re: SYNCB Synchrony Financial GE Credit WARNING

pipeguy — Mon, 16 Mar 2015 17:58:33 GMT

Last year when I replaced a "lost Visa with BB&T" Bank (still can't find the card) they instantly canceled the card and sent a replacement - yes this is listed as "card lost or stolen" on my report with the new card showing as an active account - there was zero change in my Fico scores or anything else that I can see. Yes I suppose they could have reported it as a replacemt without listing the card as lost or stolen, but since account numbers are assigned to the report I understand why there are two listings AND I suspect it helps red flag ID issues or fraud.

No Big Deal in my opinion ...

Re: SYNCB Synchrony Financial GE Credit WARNING

MJ-san — Mon, 16 Mar 2015 18:26:36 GMT

You may want to double check ... I've had a number of cards that have been compromised over the years and while the old tradelines show as "lost/stolen" the new tradelines will show with the previous account history and date open - there should be zero effect on you AAOA or FICO score.

Re: SYNCB Synchrony Financial GE Credit WARNING

RaiseMyScoreASAP — Mon, 16 Mar 2015 19:55:10 GMT

Well if you get pre approved for a loan based on the correct info and then the next day you get denied with the two reasons being your increased number of accounts and the lowering of your AAOA then you are damaged. I was denied credit based on info that the bank supplied to the three credit bureaus. No big deal if it isn't you being denied. When it is it IS a big deal.

Re: SYNCB Synchrony Financial GE Credit WARNING

RaiseMyScoreASAP — Mon, 16 Mar 2015 19:56:58 GMT

Glad that your experience didn't cause a problem. With me it did. I lowered my score by 20 points and meant that I was denied credit for a loan that was already pre approved.

Re: SYNCB Synchrony Financial GE Credit WARNING

Anonymous — Mon, 16 Mar 2015 20:01:37 GMT

@RaiseMyScoreASAP wrote:
Well if you get pre approved for a loan based on the correct info and then the next day you get denied with the two reasons being your increased number of accounts and the lowering of your AAOA then you are damaged. I was denied credit based on info that the bank supplied to the three credit bureaus. No big deal if it isn't you being denied. When it is it IS a big deal.

So for all intents and purposes your saying absolutely nothing in your reports changed at all in the previous months and suddenly this happened and suddenly you get denied based on AAoA and increased number of accounts? The thing is a preapproval is not guranteed because an HP is not done at that time so it could be you have other nrew accounts that you have acquired recently and that is the truth of your report. ijs. Whenever a new account number is issued that is added to your cr but that does not usually bar you from getting a loan unless you had other new accounts in addition to two and your AAoA should not be that affected.

Re: SYNCB Synchrony Financial GE Credit WARNING

RaiseMyScoreASAP — Mon, 16 Mar 2015 20:04:34 GMT

The two accounts with SYNCB are my newest trade lines. So it did have a negative impact. Denial of a loan is the reason you are denied hinged on the info that SYNCB reported. it may be no big deal to you but if you had this experience you would not be happy. Also on my case the two cards I'm question were never reported as lost or stolen. Every other account I have was handled correctly except for the two SYNC accounts.

Re: SYNCB Synchrony Financial GE Credit WARNING

RaiseMyScoreASAP — Mon, 16 Mar 2015 20:07:41 GMT

Again soft pull done one day and hp the next right after the SYNCB info update. It's only a problem if it happens to YOU.

Re: SYNCB Synchrony Financial GE Credit WARNING

Anonymous — Mon, 16 Mar 2015 20:11:27 GMT

@RaiseMyScoreASAP wrote:
Again soft pull done one day and hp the next right after the SYNCB info update. It's only a problem if it happens to YOU.

Im not saying and have not ever said its not a problem or a big deal. Im just stunned really because I have never seen this happen and I work in the financial industry so its a bit alarming to me.

I also did not know that a SP is done for preapprovals because its not done that way at the financial institution im in.

Re: SYNCB Synchrony Financial GE Credit WARNING

RaiseMyScoreASAP — Mon, 16 Mar 2015 20:23:57 GMT

I monitor all three reports on a daily basis directly from the three bureaus. So I am able to track the exact information that is charged from day to day and see the impact. (I can pull an Equifax updates at midnight. Experian in the morning. With TransUnion I can only get a new report 24 hours after the last one I pulled.) That's why I am surprised about how the situation was handled and the negative impact I experienced. In the future I would not ask for card replacements for any account with SYNCB. This has been a learning experience for me.

Re: SYNCB Synchrony Financial GE Credit WARNING

mrlh1980 — Tue, 17 Mar 2015 07:19:59 GMT

@Strogen wrote:
@RaiseMyScoreASAP wrote:
In November 2013, I opened two charge accounts with GE Capital: one with Belk and one with Brooks Brothers. Since that time, GE Capital sold its charge accounts to Synchrony Bank (SYNCB). I left these two charge accounts in a hot car over the summer and they slightly warped. So I requested a replacement card for each.

SYNCB is now reporting that I have FOUR accounts, two open and two closed. SYNCB reported two of the accounts as "lost or stolen." This has increased my overall account total by two and decreased my AAOA. I have never experienced this from any other bank or creditor. With EVERY OTHER creditor, damaged cards are replaced the same account number. Sometimes, the creditor will assign a new account number, but certainly does not report multiple accounts. The customer service agents at Belk and Brooks Brothers have not been helpful in getting this resolved. I simply want it reported that I have ONE account with Belk and ONE account with Brooks Brothers. If I had known what a huge hassle and detriment this was I would have just kept my mouth shut and kep the damaged cards. They probably were fine to use, but were warped. I rarely use the physical cards anyway. I just show my ID and have the clerk look up the number. Finally I spoke to someone at Brooks Brothers who finally admitted that this practice was not the industry norm. He says that the duplicates should drop off in a few months. Why should I have to suffer because of their incorrect reporting?

The thing that really has me off the rails is the Belk people who tell me that oh no I am WRONG. THEIR personal credit was never impacted when THEY closed an account. It seems that EVERYONE who is an agent at Belk SYNCB is a certified FICO expert and I should be glad that they are so helpful. When you get denied credit solely because of the decrease in the AAOC, then you have suffered damages. And I have suffered damages.

THIS IS A WARNING TO ANYONE WHO HAS A CHARGE ACCOUNT WITH SYNCB. First, don't open an account with this bank in the first place. And if you do never request a replacement card.

Yeah I dont know about all that but SyncB is a very GOOD bank.... Gave me a 17K Lowes credit line and 5K at walmart and amazon.

We can "step out back" about this if you want. haha

Not bad. I open my Lowe's account on January 4, 2014 with a 500.00$ limit. Used it for 3.18$. Asked for a credit increase of 10,000.00$ on April 1, 2014. Approved. Used the card again for 22.00$ Asked for a credit increase of 17,000.00$ on September 10, 2014. Approved. Used it for 2,700.00$ I couldn't do monthly payments (what a joke). Paid in full (Like I do my American Express Gold Premier card). Asked for 25,000.00$ on February 18, 2015. Approved. I won't be happy until I get 45,000.00$. Fast forward to March 16, 2015, I went ahead and asked for 10,000.00$ on my Amazon (lasted used in December 2013). Approved. Asked for 10,000.00$ PayPal coonect (lasted used in August 2014) Approved. Asked for 20,000,00$ on Sam's Club (after being stuck on 10,000.00$ for 2 months) Approved.

Re: SYNCB Synchrony Financial GE Credit WARNING

Creditaddict — Tue, 17 Mar 2015 13:43:08 GMT

what bank did you get a sp pre-approval and then decline upon HP?

and what was the pre-approval for?

Re: SYNCB Synchrony Financial GE Credit WARNING

RaiseMyScoreASAP — Tue, 17 Mar 2015 15:10:21 GMT

Car loan special promotion through my credit union.

Re: SYNCB Synchrony Financial GE Credit WARNING

Creditaddict — Tue, 17 Mar 2015 15:19:13 GMT

A pre approval is very different then approval and denial reasons are retired by law so not always that helpful.
Have you pulled your credit report yourself and looked at what the open dates are of the 2 replacement cards.
Lost/stolen accounts should have no impact to you and like someone else said you can probably dispute the old account off if it bothers you that much but we have millions of accounts lost and stolen each year... I think I have 40+ on my credit report... FICO scoring doesn't even consider them... I think the person at the credit Union might be confused because really think about it, if 2 accounts was really the only issue, they could simply take the time to verify its the same 2 accounts... Either they are filling you with be or they have no business being an underwriter but either way upon further investigation I don't think you will find they are reporting as 2 "new" accounts but 2 accounts with same opening info as previous.
What's your score? Are you borderline?
Can you screen shot the reporting of the 2 replacement accounts?