cancel
Showing results for 
Search instead for 
Did you mean: 

Master Synchrony Account Closure Thread

tag
GApeachy
Super Contributor

Re: I talked to synchrony

The Mandalorian's Baby Yoda sipping soup is meme of the year ...

My Take Home Pay Don't Take Me Home
Message 120 of 1,099
RSX
Valued Contributor

Re: Synchrony closed all of my accounts today

Sorry to hear about this OP - this happened to me in Feb of this year - 4 accounts closed in the space of 2 days - lost $75k of CL

 

I paid off the one account that had a balance right away - and like others have mentioned, will never utilize their CC's or any products again

 

there are many other lenders out there - and i will look to have minimal exposure with each of them

i have no more than 2 products with any other lender - and Sync was an outlier, but helped me plan for the future by not doing this with another lender

 

all the best to you

 

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 25/2024 EX. 774 EQ. 751 TU 758
Inq. EX 2 EQ 3 TU 6 - - CC 2x24, 0x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Bountiful $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $31.5k - PayBoo - $15.6k - Penfed Gold - $19.3k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $15k
Message 121 of 1,099
chiefone4u
Established Contributor

Re: Synchrony closed all of my accounts today

JC Penney sent a letter explaining the reason for closure:

 

Activity on account(s) with SYNCHRONY BANK indicative of high risk of failure to pay

 

I guess buying things you need and paying off said debt before promotional financing ends is frowned upon? 

 

I wonder if it's related to using my PenFed checking account to pull a pay off payment to a few Synchrony cards (probably wasn't smart of me to pay off balances the first time using a new checking account?)

 

Was going to add picture of letter but file is to big. <future home of letter>

 

Goodwill Saturation Technique
Starting Score: EQ:608, EX:617, TU:625
Current Score 3/11/2020: EQ:695, EX:703, TU:720
Goal Score: 740+
Take the myFICO Fitness Challenge
Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000
Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.
Newest Account July 8, 2020 -- Last HP October 24, 2020 -- Gardening Goal: August 2022 and reach 0/24
Message 122 of 1,099
Anonymous
Not applicable

Re: Synchrony closed all of my accounts today

Everyone who has been closed has gotten that reason. 

I wonder if they're pulling risk scores and using that as predictive indicators along with trending data from your accounts with them. 

Message 123 of 1,099
Anonymous
Not applicable

Re: Synchrony closed all of my accounts today

Or they don't care enough to offer real reasoning and are throwing BS in the hopes of shutting people up. Wouldn't be the first time a lender gave vague/half-true reasoning.

Message 124 of 1,099
chiefone4u
Established Contributor

Re: Synchrony closed all of my accounts today


@Anonymous wrote:

Everyone who has been closed has gotten that reason. 

I wonder if they're pulling risk scores and using that as predictive indicators along with trending data from your accounts with them. 


That's very possible Saeren. I thought I would share the reason given for added DP.

Goodwill Saturation Technique
Starting Score: EQ:608, EX:617, TU:625
Current Score 3/11/2020: EQ:695, EX:703, TU:720
Goal Score: 740+
Take the myFICO Fitness Challenge
Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000
Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.
Newest Account July 8, 2020 -- Last HP October 24, 2020 -- Gardening Goal: August 2022 and reach 0/24
Message 125 of 1,099
GApeachy
Super Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

@Anonymous wrote:

Everyone who has been closed has gotten that reason. 

I wonder if they're pulling risk scores and using that as predictive indicators along with trending data from your accounts with them. 


That's very possible Saeren. I thought I would share the reason given for added DP.


Did you happen to have Card Security on any of your accounts?

My Take Home Pay Don't Take Me Home
Message 126 of 1,099
Anonymous
Not applicable

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

@Anonymous wrote:

Everyone who has been closed has gotten that reason. 

I wonder if they're pulling risk scores and using that as predictive indicators along with trending data from your accounts with them. 


That's very possible Saeren. I thought I would share the reason given for added DP.


I'll take it as a DP. I'm not totally convinced that the reasons are made up. They may not always make sense and make some think that they are bogus, but they may be doing something behind the scenes that make it fall into a category like this one, and maybe because of looking at trending data, etc.

Message 127 of 1,099
GApeachy
Super Contributor

Re: Synchrony closed all of my accounts today


@Anonymous wrote:

@chiefone4u wrote:

@Anonymous wrote:

Everyone who has been closed has gotten that reason. 

I wonder if they're pulling risk scores and using that as predictive indicators along with trending data from your accounts with them. 


That's very possible Saeren. I thought I would share the reason given for added DP.


I'll take it as a DP. I'm not totally convinced that the reasons are made up. They may not always make sense and make some think that they are bogus, but they may be doing something behind the scenes that make it fall into a category like this one, and maybe because of looking at trending data, etc.


Trending data, economic trends and "IF" you are one that has Card Security.........what kind of High Risk could you be?  That's why I ask about the Card Security as well.  Would be another dp to add to the mix.

My Take Home Pay Don't Take Me Home
Message 128 of 1,099
chiefone4u
Established Contributor

Re: Synchrony closed all of my accounts today


@GApeachy wrote:

@chiefone4u wrote:

@Anonymous wrote:

Everyone who has been closed has gotten that reason. 

I wonder if they're pulling risk scores and using that as predictive indicators along with trending data from your accounts with them. 


That's very possible Saeren. I thought I would share the reason given for added DP.


Did you happen to have Card Security on any of your accounts?


I did not. When I had financial issues in 2009 (from the fall out of 2008 housing market crash) all of my accounts had that insurance, and I'd been paying that extra premium every month for 2 years before losing my job...

 

because I  was reduced from 40 hours to 30 hours a week I was working to many hours to collect. Then my last paycheck showed 20 hours one week and 15 hours the last week. 

All claims were denied because I worked fewer that 20 hours a week. I spent 2 years fighting for what I paid for. Out of all that fighting, I was included as a creditor in a bankruptcy of the company that issued the policies for GE Money Bank; and a refund of the last 6 months of premium payments paid for a similar product to Discover. 

 

I vowed I would never pay into such a scam again. I don't work in a 9-5 world, I don't get paid by the hour and therefore even though I'm a W2 employee there are to many clauses in the contracts for my premium to ever help with anything more than death.

Goodwill Saturation Technique
Starting Score: EQ:608, EX:617, TU:625
Current Score 3/11/2020: EQ:695, EX:703, TU:720
Goal Score: 740+
Take the myFICO Fitness Challenge
Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000
Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.
Newest Account July 8, 2020 -- Last HP October 24, 2020 -- Gardening Goal: August 2022 and reach 0/24
Message 129 of 1,099
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.