Master Synchrony Account Closure Thread

[Remedios]

Please, topic here is card closures. Explaining what's great about them in the thread where people lost theirs isn't quite fair. 

That's a whole separate thread 

[Brenke]

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@Slabenstein wrote:

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@Brenke wrote:

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@Remedios wrote:

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@Brenke wrote:

I checked my Transunion at CreditKarma today and my score dropped 23 points from 793 to 770 just because Marvel reported closed today.

I think that's really unfair for the consumer, cause this closing is not our fault.

My total credit limit was $28,000 and went down to $26,000 (Marvel limit was only $2,000), and I only had the account opened for 7 months, so I don't really get this BIG drop???

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"Big drop" is because you're looking at vantage scores, they aren't typically used for lending, so you have very little to worry about. 

Unless your utilization went  significantly up, Fico doesn't blink at closed accounts.

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Thanks a lot @Remedios, that's a good point. Thanks for the info...

I have another question, this Marvel account closure put me back in 4/24 for CHASE 5/24 rule?

Thanks in advance guys.

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5/24 includes all revolvers opened in the last 24 mo's, regardless of whether they're now open or closed.  If you were 5/24 or greater before your Marvel card was closed and no other revolvers have aged past 24 mo's, then you are 5/24 or greater now.

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Thanks a lot @Slabenstein, really appreciate your input...

[Anonymous]

Some of our accounts were also closed for no reason. I think there needs to be a class action filed on them for screwing peoples credit  and lives up for now reason.

[Brian_Earl_Spilner]

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@Anonymous wrote:

Some of our accounts were also closed for no reason. I think there needs to be a class action filed on them for screwing peoples credit  and lives up for now reason.

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Unfortunately, you have no grounds. The terms you agreed to allow them to close the accounts at their discretion. 

[privateone]

I agree.  Maybe we don't have official grounds, but that never stopped somebody from suing. You get enough people and cost them enough money in legal fees, they're willing to work with you.

[RSX]

^ you can sue them, but to what end?

they will not be reopening those accounts for you - so you may hurt them in the legal sense cost wise, but there will be no other benefit

my suggestion is to boycott them - that has the most impact you can count on and costs you nothing

i had 5 closed by them last year, and after the original anger and frustration, realized they mostly did me a favor - i had too many cards in total and too many cards with 1 company - so while i lost some padding and some 0% deals, i still feel like i am better off

i am not trying to diminish your shock or anger, but suggesting you try to let it go as quickly as you can - decide you won't use their cards ever again and you may find that alleviates the frustration

all the best to you

[Anonymous]

I completely agree.  I had  9 accounts with them closed last April . I also had too many cards open and with them.

In reality,  I dont miss their trigger happy way of doing business and they were a stepping stone along the way to my improved credit journey  ! 

In the end their cards aren't really that special and once they are gone you really appreciate the value of your better major credit cards and you dont even think about Synchrony's lackluster cards . Their memory fades with time.

BOYCOTT  SYNCHRONY credit cards  !

That's the answer  !

Peace Out  !

[Jnbmom]

While I agree with the anger, Synch closed all of dh's account 85K worth and my Lowe's card, there are no grounds to sue . You agreed to their terms and they can and will close accounts for any reason they deem fit. They can pull that "risk" factor all day long 🥺

The best thing to do is not do business with them in the future . Plenty of other banks out there.

[FinStar]

Just like a variety of other mega threads that have reached the end of their life span and in an effort to reduce clutter in these long-running topics, this thread has been closed to additional messages.

If anyone is interested in starting (and maintaining) a new one, please feel free to PM any active Moderator.

Thanks to all of you who have contributed to this thread over the past year.