topic Re: Synchrony Bank randomly closed 2 of my cards in Credit Cards

Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 15:46:58 GMT

I was just wondering if this is normal. Synchrony closed my Old Navy and American Eagle card only a few months after I had them I never missed a payment always paid more than the minimum so I was suprised. I have 3 other accounts with them that I use alot and I'm worried they may close those too. My score hasn't changed much give or take a few points since I was approved I have a perfect payment history. I called Rep said I was subjected to a random audit and I would receive a letter in the mail.

I could understand if I had dropped my score more than just a few and I mean like 3 or 4 points give or take depending on which report is used. I could also understand if I had made late payments or missed payments on any of my accounts but I don't. Just thought this was crazy.

Re: Synchrony Bank randomly closed 2 of my cards

ddemari — Thu, 29 Oct 2015 15:53:04 GMT

Sorry op, i am hearing about comenity and synch AA today and its a little weird!

has their ever been problems with your account and fraud issues or verification stuff?

Random synch internal audits, a new one to me although banks do it, u just dont hear a lot of synch.

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 15:58:03 GMT

No fraud issues they just up and closed the accounts. Comenity continously increases my limits so I am good with them. I only used the Old Navy twice paid the balance both times and the American Eagle I used once paid the balance both on time. My other Synchrony cards are Amazon, Lowes, and Walmart I use those cards alot and always pay ontime either the full balance or half the balance. Those cards also had twice the limits than the ones Synchrony closed who knows I was just supprised. I figured as long as I stayed in good standing with them and all my other accounts I was fine guess not.

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 16:02:32 GMT

Odd behavior. I have never read anything on the forum like this. Sorry, OP.

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 16:04:13 GMT

Thank you. I searched the forum to see if I could find something but I didn't so I decided to post and see if it happened to anyone else. I'm not to heart broken over those cards but if they close the other 3 I might get my feelings hurt.

Re: Synchrony Bank randomly closed 2 of my cards

CreditCuriosity — Thu, 29 Oct 2015 16:09:39 GMT

@ddemari wrote:
Sorry op, i am hearing about comenity and synch AA today and its a little weird!

has their ever been problems with your account and fraud issues or verification stuff?

Random synch internal audits, a new one to me although banks do it, u just dont hear a lot of synch.

more reports of this today? Source?

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 16:18:48 GMT

I am wondering if maybe its because my utilization went up. We did some remodling and dirt work so I've used quite a bit of credit but I stopped charging and I always pay more then the minimums on my visa and mastercard but neither one of those cards are through synchrony. I have paid both back down to my normal utilization this month so I am not sure if that would have caused Synchrony to close those accounts or not.

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 16:24:08 GMT

@Anonymous wrote:
I am wondering if maybe its because my utilization went up. We did some remodling and dirt work so I've used quite a bit of credit but I stopped charging and I always pay more then the minimums on my visa and mastercard but neither one of those cards are through synchrony. I have paid both back down to my normal utilization this month so I am not sure if that would have caused Synchrony to close those accounts or not.

Humm, could be...

Re: Synchrony Bank randomly closed 2 of my cards

baller4life — Thu, 29 Oct 2015 16:28:55 GMT

Yikes I've never heard of this from Synchrony!

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 16:34:27 GMT

@baller4life wrote:
Yikes I've never heard of this from Synchrony!

Scary!

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 16:39:26 GMT

@Anonymous wrote:
I was just wondering if this is normal. Synchrony closed my Old Navy and American Eagle card only a few months after I had them I never missed a payment always paid more than the minimum so I was suprised. I have 3 other accounts with them that I use alot and I'm worried they may close those too. My score hasn't changed much give or take a few points since I was approved I have a perfect payment history. I called Rep said I was subjected to a random audit and I would receive a letter in the mail.

I could understand if I had dropped my score more than just a few and I mean like 3 or 4 points give or take depending on which report is used. I could also understand if I had made late payments or missed payments on any of my accounts but I don't. Just thought this was crazy.

Really sorry to hear that this happened. Would you share your score and overall utilization level with us, please?

Re: Synchrony Bank randomly closed 2 of my cards

UncleB — Thu, 29 Oct 2015 16:44:46 GMT

OP, if you haven't already, double-check your credit reports to make sure there's nothing 'new' on them that shouldn't be there.

In the past, Synchrony has been very sensitive to seeing problems with other creditors on your reports even if you've always paid them on time, at least for me and some of my family members. In all our cases, though, the AA was limited to CLD and balance-chasing, not closing the account.

Also, if you haven't already, I would give them a call. There's a chance a CSR could elaborate on what's going on.

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 16:46:56 GMT

@UncleB wrote:
OP, if you haven't already, double-check your credit reports to make sure there's nothing 'new' on them that shouldn't be there.

In the past, Synchrony has been very sensitive to seeing problems with other creditors on your reports even if you've always paid them on time, at least for me and some of my family members. In all our cases, though, the AA was limited to CLD and balance-chasing, not closing the account.

Also, if you haven't already, I would give them a call. There's a chance a CSR could elaborate on what's going on.

Re: Synchrony Bank randomly closed 2 of my cards

CreditMagic7 — Thu, 29 Oct 2015 16:51:33 GMT

Just a stab in the dark but if anymore of these come reporting in with any frequency then it might just begin to indicate possibly some MyFico affect?

Dunno. We'll all have to see what unfolds next and if a trend is showing or something else but it's not like it hasn't occured before.

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 16:53:38 GMT

My utilization was at around 57% I think it may have been higher (its lower now.) My scores are not high they range from 600 eq, 639 transunion and 660 experian. I only started building credit 3 years ago. I have two negagtive accounts on my exp. and eq. reports one is paid for 195 the other has not been paid for 139 I have been trying to get that off my credit for a year now I have no idea what it is. My transunion report has no negative accounts and perfect payment history for the last 3 years. I have alot of inquiries from the past year of two just trying to establish credit. I have not applied for any new credit in the last 3 months.

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 16:58:21 GMT

I checked my report and I don't have any new accounts.

I'm not sure what you mean by "the AA was limited to CLD and balance-chasing, not closing the account."

When they closed the accounts both had a zero balance.

I did call and the rep. just said it was a random audit and that all he could see was I hadn't used the cards very much but I only had them since April I think. I asked him why they would just close the account that was in good standing and he said he didn't know just that it was subjected to an audit and that I would get a letter.

Re: Synchrony Bank randomly closed 2 of my cards

UncleB — Thu, 29 Oct 2015 17:08:35 GMT

@Anonymous wrote:
I checked my report and I don't have any new accounts.

I'm not sure what you mean by "the AA was limited to CLD and balance-chasing, not closing the account."

When they closed the accounts both had a zero balance.

I did call and the rep. just said it was a random audit and that all he could see was I hadn't used the cards very much but I only had them since April I think. I asked him why they would just close the account that was in good standing and he said he didn't know just that it was subjected to an audit and that I would get a letter.

"AA" is 'Adverse Action'.

I was just saying that in my personal experience when Synchrony took adverse action, it was limited to CLD (credit line decrease) and balance-chasing. 'Balance-chasing' is when they lower your credit limit each month to what your new account balance is.

I've never heard of them outright closing an account, though.

Also, here's a sticky-link for common abbreviations used on this site: Common Abbreviations

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 17:14:49 GMT

I am very new to this credit stuff so I don't know all the lingo. I have been going it alone the last few years and I stumbled on this website recently its been very informative. I have several cards most in the sock draw I used once or twice and put away. I have 7 cards I use regularly my barclays upromise MC, my credit union visa. then the 3 synchrony bank cards (amazon, lowes and walmart) and two comenity cards Venus and VS I never max out synchrony and comenity. I did however max my visa and mc doing some work around the house but I have paid both of those down under 50%. I don't make a ton of money but decent ($40,000) the only other bill I have is my car payment which has never been late either.

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 17:16:45 GMT

Oh. Thank you for the link I will definitely read that it will help understanding some of the other threads as well.

Re: Synchrony Bank randomly closed 2 of my cards

Anonymous — Thu, 29 Oct 2015 17:25:06 GMT

hmmmm weird. I heard they closed someones Walmart account yesterday.