Master Synchrony Account Closure Thread

[Anonymous]

On April 15, 2020 during the height of the covid 19 global pandemic Synchrony Financial decided without warning or notice or good reason closed all 9 credit card accounts, total available credit about $73,000.00. I had about $150.00 total balance across all 9 card accounts total owed. I have never been late, no missed payments, I have a 7 year streak of 100 percent of all credit payments made on time. I have a 740 fico score. I have total credit usage of 1 percent utilization. This permanently ends my business relationship with synchrony financial forever! I've got better cards with much better and more productive banks than synchrony financial. You decide for yourself. Be safe!

[Anonymous]

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@Anonymous wrote:

On April 15, 2020 during the height of the covid 19 global pandemic Synchrony Financial decided without warning or notice or good reason closed all 9 credit card accounts, total available credit about $73,000.00. I had about $150.00 total balance across all 9 card accounts total owed. I have never been late, no missed payments, I have a 7 year streak of 100 percent of all credit payments made on time. I have a 740 fico score. I have total credit usage of 1 percent utilization. This permanently ends my business relationship with synchrony financial forever! I've got better cards with much better and more productive banks than synchrony financial. You decide for yourself. Be safe!

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Thanx me too

[Anonymous]

A couple of months ago, Synchrony closed my Rakuten Visa due to inactivity. Today they closed all 7 of my other accounts. I had no missed payments, no late payments, and low utilization on almost all of them. What a blow.

[dryanaz80]

Has anyone else simply had limits lowered? Pretty sure balance chasing on my Amazon store card as I had SL of $2,500 w, balance of about $1,800 and got my statement and limit lowered to $1,960. I have both PP Credit and PPMC and no changes thus far. I don't know if this is a precursor since I have an outstanding balance or if this is just the option they've taken for now?

[sammydavidjr]

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@Anonymous wrote:

I actually put around $25,000 on my Synchrony cards. I just paid them off prior to the statement closing dates. So they made plenty of money off the swipe fees. In total I do put around 1 million a year on my cards. I just dont let them report with a balance to the credit bureaus.

The only ones that I let report are the ones with 0% interest lines. And at that I keep it at 1% to report.

My BP visa I used to put $5,000 a month on with my insurance policies and then pay it off a week before the statement closing dates.

I was always the thought of using cards but not abusing cards. My scores are only in the 750's due to lots of inquries and having so many revolving cards and I do not have a mortgage. Sure I can get a higher score but I am not going to re mortgage my house to please the scoring models. I am fine with where I am at. Synchrony's loss.

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Then it really makes little sense.

I wonder whether they are just trying to actively avoid relationships with customers who don't need credit. Maybe they are not set up to be a charge card business? 

[FinStar]

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@dryanaz80 wrote:

Has anyone else simply had limits lowered? Pretty sure balance chasing on my Amazon store card as I had SL of $2,500 w, balance of about $1,800 and got my statement and limit lowered to $1,960. I have both PP Credit and PPMC and no changes thus far. I don't know if this is a precursor since I have an outstanding balance or if this is just the option they've taken for now?

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Based on a variety of different reported outcomes, some accounts were CLD (with or without a balance), others had roughly 1/3 or 1/2 of their SYNCB accounts closed while the rest were left intact, and then of course were the outright closures (some folks had balances on their CCs).

So, in your situation, there's that possibility of balance chasing.  If such is the case, you'll notice further CL reductions as you pay down your balance.  Fingers crossed that it remains intact and you can salvage the account.

[dryanaz80]

Appreciate the feedback! Fingers crossed as I actively use all 3 of my Synch accounts. 

[Anonymous]

I didn't see it in the thread anywhere but looks like not only did they close our accounts they may have blacklisted us.

I apped for a Sleep Number bed yesterday instant decline but no hard pull on any bureau.

OK rather have that then a decline but seriously what's going on there.

Weird thought could they have called and my spam blocker blocked it?  

Curiosity got to me so I called and was ultimately given this # 800-924-2927 .  

They could not give me any information.

[Anonymous]

They dont care 

[Anonymous]

EDIT November 13, 2020 at 9:15 PM EST - on the 3rd try of back-and-forth between PayPal and Synchrony, Synchrony was able to submit a de-link request to remove it from my PayPal. I should have this resolved by November 16.

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Long time lurker - I had a PayPal CashBack Mastercard from Synchrony Bank, and Synchrony closed it and my other Synchrony accounts during the great purge of Summer 2020.*

However the credit card still shows up on my PayPal home screen (it was automatically linked and baked into my PayPal wallet when the card was activated), but it is still in my wallet and there is no way for me to remove the card. I of course can remove all of my other credit cards that I had manually added to my PayPal wallet, but I can't do the same for the CashBack Mastercard. And this is preventing me from applying for another CashBack Mastercard because when I login to PayPal to apply, it blocks me due to me having an existing (but closed) CashBack Mastercard in my wallet. And therefore it's a never ending loop. Credit Card account closed -> go to reapply -> can't reapply because closed card is stuck in wallet -> repeat.

When I call PayPal CashBack Mastercard customer service (Synchrony), they say that my account is closed and cannot go into my PayPal account to remove or de-link the account, and I understand why. So they forward my call over to PayPal's customer service where they can see my wallet, but claim that my card (remember it is closed) is not in my wallet, despite me telling them it is in my wallet and on my homepage with no button for me to remove it. They then rush me off and forward me back to, you guessed it, Synchrony's customer service because they see the card as "on hold" instead of "closed."

So I am stuck here. Has anyone else experienced this problem?

*I also want to add that my PayPal Credit account (the online credit account by Synchrony - formerly Bill Me Later) was also closed at the same time, and eventually removed from my PayPal homepage and wallet. So it worked there, but not for the PayPal CashBack MasterCard.

Two Screnshots: https://imgur.com/gallery/qzfUqfK