topic Re: Master Synchrony Account Closure Thread in Credit Cards

Master Synchrony Account Closure Thread

K-in-Boston — Thu, 27 Aug 2020 21:35:00 GMT

Has your Synchrony account (or accounts) been closed? Discuss it here.

Synchrony closed all of my accounts today

chiefone4u — Fri, 17 Apr 2020 19:50:53 GMT

What a way to start a Friday... was looking at accounts trying to figure out a plan of attack with my reduction in wages.

Every Synchrony account I have is closed! With balance ($3,700 across 2 cards) or without doesn't matter they are all closed.

This will be a loss of $86,900 of available credit, which is going to drive my utilization through the roof!

So far they've left DW's account open.

Only changes I can think of at the moment that may have played a role in this is the refinance of the wife's car; the new loan is reporting and the old loan is too. Ally said they won't be sending updates to credit bureaus until they are back to work.

I see I have a letter coming today from Synchrony, maybe it will tell me why.

So far they haven't touched my business lines either, who knows how long that will last.

Re: Synchrony closed all of my accounts today

blindambition — Fri, 17 Apr 2020 19:55:23 GMT

I'm so sorry to hear this. Sync has become brutal. I hope you get answers. I'll never touch this lender. Hang in there!!

Re: Synchrony closed all of my accounts today

Anonymous — Fri, 17 Apr 2020 19:55:43 GMT

So sorry. I just hope everyone can make it through these uncertain times.

Re: Synchrony closed all of my accounts today

Anonymous — Fri, 17 Apr 2020 20:00:01 GMT

How were you alerted of this?

Re: Synchrony closed all of my accounts today

Brian_Earl_Spilner — Fri, 17 Apr 2020 20:03:19 GMT

Wow, sorry to hear that. Will be checking back for an update.

Re: Synchrony closed all of my accounts today

chiefone4u — Fri, 17 Apr 2020 20:09:54 GMT

@Anonymous wrote:
How were you alerted of this?

I have not received any alerts yet.

I discovered it when I was checking accounts to update my spreadsheets.

Re: Synchrony closed all of my accounts today

chiefone4u — Fri, 17 Apr 2020 20:21:28 GMT

@Brian_Earl_Spilner wrote:
Wow, sorry to hear that. Will be checking back for an update.

I forgot I had applied for the Marvel card a few weeks ago. The letter in the mailbox was it's denial letter dated April 12, 2020:

Not enough balance paid down over time on real estate secured loans (mortgage is 14 months old have been paying extra $100 a month-- not surprising not much has been paid down on a 30 year loan in 14 months)

Too many bank cards with a high balance (one card is nearly maxed from balance transfer)

Not enough balance paid down over time on revolving accounts

Too many Inquiries

Score provided was from April 8, 2020 : 645

I always pay more than minimum, no lates in the last 8 years.

Hopefully I get a letter explaining why. Old Navy Visa says I requested the closure (I did not) when I asked the chat bot online; all other accounts chat but says "sorry, it appears your account is closed".

Re: Synchrony closed all of my accounts today

Anonymous — Fri, 17 Apr 2020 20:22:35 GMT

Ugh I'm sorry to hear this.

Re: Synchrony closed all of my accounts today

Rudy1 — Fri, 17 Apr 2020 20:32:36 GMT

So sorry to hear that this happened! How many card with them? Only see 2 in siggy. Have you called could it be fraud though the people reporting thing similar to this probably another account closure. That really sucks.

Re: Synchrony closed all of my accounts today

Anonymous — Fri, 17 Apr 2020 20:35:37 GMT

So sorry this happen to you so unexpectedly!

Re: Synchrony closed all of my accounts today

blindambition — Fri, 17 Apr 2020 20:35:56 GMT

@chiefone4u wrote:
@Brian_Earl_Spilner wrote:
Wow, sorry to hear that. Will be checking back for an update.
I forgot I had applied for the Marvel card a few weeks ago. The letter in the mailbox was it's denial letter dated April 12, 2020:

Not enough balance paid down over time on real estate secured loans (mortgage is 14 months old have been paying extra $100 a month-- not surprising not much has been paid down on a 30 year loan in 14 months)

Too many bank cards with a high balance (one card is nearly maxed from balance transfer)

Not enough balance paid down over time on revolving accounts

Too many Inquiries

Score provided was from April 8, 2020 : 645

I always pay more than minimum, no lates in the last 8 years.

Hopefully I get a letter explaining why. Old Navy Visa says I requested the closure (I did not) when I asked the chat bot online; all other accounts chat but says "sorry, it appears your account is closed".

This is why you diversify. Lender can cause an avalanche. Also why it's good to have CUs. I hope they don't cause domino effect. 🤞

Re: Synchrony closed all of my accounts today

AllZero — Fri, 17 Apr 2020 20:39:06 GMT

That is unfortunate. Hope you will find suitable replacement cards with a more tolerant lender.

Re: Synchrony closed all of my accounts today

Anonymous — Fri, 17 Apr 2020 20:41:45 GMT

Wow. That's wild.

Re: Synchrony closed all of my accounts today

Jnbmom — Fri, 17 Apr 2020 20:43:33 GMT

So sorry this happen to you 😞Synch has slashed 2 of my dh's accounts , but didn't close them outright .

I feel you that's a lot of utilization , I too have about 95K with them and that will certainly come into my play with utilization.

Re: Synchrony closed all of my accounts today

chiefone4u — Fri, 17 Apr 2020 21:13:05 GMT

@Rudy1 wrote:
So sorry to hear that this happened! How many card with them? Only see 2 in siggy. Have you called could it be fraud though the people reporting thing similar to this probably another account closure. That really sucks.

Synchrony cards now closed

CareCredit $20,000 / $0 / December 17

Lowe's $25,000 / $0 / March 19

Mattress Firm $20,000 / $0 / December 17

JC Penney $10,000 / $0 / April 18

PayPal $3,900 / $2476 / November 19

Amazon $3,500 / $1,280 / July 19

Chevron Visa $2,000 / $0 / February 20

Old Navy Visa $2,500 / $0 / October 19

First amount was limit before closure, second is balance, date is when it was opened.

Just got notified by Experian of "account change" alert shows Amazon and PayPal as "Account Closed by Grantor"

Re: Synchrony closed all of my accounts today

SouthJamaica — Fri, 17 Apr 2020 21:17:39 GMT

@chiefone4u wrote:
What a way to start a Friday... was looking at accounts trying to figure out a plan of attack with my reduction in wages.

Every Synchrony account I have is closed! With balance ($3,700 across 2 cards) or without doesn't matter they are all closed.

This will be a loss of $86,900 of available credit, which is going to drive my utilization through the roof!

So far they've left DW's account open.

Only changes I can think of at the moment that may have played a role in this is the refinance of the wife's car; the new loan is reporting and the old loan is too. Ally said they won't be sending updates to credit bureaus until they are back to work.

I see I have a letter coming today from Synchrony, maybe it will tell me why.

So far they haven't touched my business lines either, who knows how long that will last.

Sorry you had to experience that. I can't stand when banks do that to people who are paying their bills on time. It''s happened to me 3 times now, with Capital One, Barclays, and Bank of America, and it's a very unpleasant experience.

Re: Synchrony closed all of my accounts today

chiefone4u — Fri, 17 Apr 2020 21:27:25 GMT

GE Money Bank balance chased me in 2008 before eventually closing a JC Penney card and Chevron card... perhaps they are anticipating the same?

Out of foolishness, when they closed Chevron with a $32 balance I refused to pay them until 2016. I learned that's not the way to do it, so my balances will be paid... not sure yet if I want to zero them now to avoid the score hit, or keep the cash to protect future uncertainty.

I have the funds to zero them out, but would leave me with less than a month of living expenses if my income were to reduce further.

On a bright note, my employer received the Payment Protection (PPP) grant, so I'll receive paychecks for at least 8 weeks (supposedly my normal wages. Would be nice since I've lost about $1,800 a month in take home pay since February).

Synchrony closed my accounts

Anonymous — Fri, 17 Apr 2020 21:51:56 GMT

I liked the PayPal card but won't miss the other one. No lates and no balances. They cld recently so I guess they decided to go all the way.

I have a few thousand on credit cards (not on synchrony) but my total credit limits on all cards is 250k so I'm very low utilization

Just over 10k in lines cut so I still have plenty

Only other isuers to cancel were citi and chase. Us bank/elan, amex, and bank of America have given me increases. The amex was after recon but still a good outcome

Oh and all scores almost on the mid 700s with my lowest score at 740

Re: Synchrony closed my accounts

AllZero — Fri, 17 Apr 2020 21:53:17 GMT

That is unfortunate. Hope you will find suitable replacement cards with a more tolerant lender.