Master Synchrony Account Closure Thread

[coldfusion]

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@Anonymous wrote:

Thank you for your reply. Basically, I have zero chance of having my account reopened, do I?

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Unfortunately, you're correct. 

For what it's worth don't take it personally or as a reflection on how lenders in general view you.  People with profiles across the entire spectrum of possibilties had the same thing happen to them.

[MacCreed]

Sync gonna Sync, that's what's happening.   

[FinStar]

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@MacCreed wrote:

Sync gonna Sync, that's what's happening.   

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Parroting the same comments over and over seems to be counterproductive to the discussion.  It is certainly unfortunate that a lot of closures have been reported over the past few months.  That said, and based on this recent article listed below, not "sinking" at all.  

https://ficoforums.myfico.com/t5/Credit-in-the-News/Synchrony-reports-Q3-earnings-added-almost-1-4M-...

[Anonymous]

Synchrony name has already been sunk but that doesn't matter for the company as they only make co-branded cards, abusing the reputation of other brands and physicians.  There has never been enough of an issue, imo until now, to actively look out for and avoid Synchrony.   They are really playing with fire, but if this thread is the only good source of information on how crap they are on the internet, they will likely continue to thrive.    

My friend just had his account closed on the same day he would have received his rewards points.  Fortunately I was able to warn him to stop using the card, avoiding a larger opportunity loss.

[Anonymous]

Same happened to me today. Two accounts cancelled. I had accidentally made two large overpayments earlier this month resulting in a large debit ($5000+) that I've just been making purchases to counter it.

I keep $0 balances across all accounts, excellent credit history, and use less than 1% of all credit. When I called to demand an explanation they told me it had nothing to do with them and instead was due to a concern on my credit report. I spent an hour reviewing my report with transunion and everything is perfect. Absolutely no reason why this happened.

Oh, and Synchrony is also withholding issuing me a refund as a result from my large overpayment because it needs to be investigated further. In other words, they are holding onto thousands of my own money !

Credit score went down 11 points as a result of this closure too.

What can I do?

[FinStar]

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@Anonymous wrote:

Same happened to me today. Two accounts cancelled. I had accidentally made two large overpayments earlier this month resulting in a large debit ($5000+) that I've just been making purchases to counter it.

I keep $0 balances across all accounts, excellent credit history, and use less than 1% of all credit. When I called to demand an explanation they told me it had nothing to do with them and instead was due to a concern on my credit report. I spent an hour reviewing my report with transunion and everything is perfect. Absolutely no reason why this happened.

Oh, and Synchrony is also withholding issuing me a refund as a result from my large overpayment because it needs to be investigated further. In other words, they are holding onto thousands of my own money !

Credit score went down 11 points as a result of this closure too.

What can I do?

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Unfortunately, not much that can be done as far as SYNCB reconsidering the reopening of the accounts.

Since the overpayment created an out-of-pattern condition with your account, they're simply going by internal policy before they can release the funds back to you.  You can try escalating the situation politely to a supervisor to see whether those funds can be released sooner.

[Adkins]

CK notified me earlier this evening that synchrony closed my container store account. $5K limit, last used in October 2019?, 0% balance promo paid off at the beginning of May. I actually have the card in my wallet because I was planning to stop and make a purchase after work in the morning. I'm not really surprised, as I just had a new SUV report that really skews my DTI right now (I'm a cosigner). Out of all of my synchrony accounts, I care about this one the least. 🤷 I'm not upset, just annoyed, but business is business. 🙄

[91173]

Has anyone tracked any data points on those who have had accounts closed? Just curious since I really don't want to read this entire thread. I have one Synchrony account, which I don't want closed solely because it dates backs to 1994. Once the pandemic started, I decided it was probably risky to use cards only every few months so I've been putting multiple charges on it each month since March, but nothing big. Monthly spend on it is ~$25-40. I'm hoping that and good scores are enough.

[AverageJoesCredit]

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@91173 wrote:

Has anyone tracked any data points on those who have had accounts closed? Just curious since I really don't want to read this entire thread. I have one Synchrony account, which I don't want closed solely because it dates backs to 1994. Once the pandemic started, I decided it was probably risky to use cards only every few months so I've been putting multiple charges on it each month since March, but nothing big. Monthly spend on it is ~$25-40. I'm hoping that and good scores are enough.

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if you only have one card, you shouldnt have to worry. Kudos on a cc from 1994

[Anonymous]

closed

Closed as of today, I guess?

Probably for 6 months inactivity.. or spamming CLI requests, dunno

My PPMC and PPC lines still fully open, though my MC hasn't worked online or at registers in months lol.