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Master Synchrony Account Closure Thread

randian
Valued Member

Re: Synchrony closed all of my accounts today


@Birdman7 wrote:

But the market will punish them if consumers don’t like their practices.


Do most consumers even know who Synchrony is? The genius of using other people's branding on your cards is they get punished by the market, not you.

Message 1071 of 1,099
Anonymous
Not applicable

Re: Synchrony closed all of my accounts today


@randian wrote:

@Birdman7 wrote:

But the market will punish them if consumers don’t like their practices.


Do most consumers even know who Synchrony is? The genius of using other people's branding on your cards is they get punished by the market, not you.


Whenever the company gets called by the angry customer, they'll refer them to Synchrony by name usually. If you take a look at their Twitter, plenty of people are very aware of who they are. 

Message 1072 of 1,099
Horseshoez
Valued Contributor

Re: Synchrony closed all of my accounts today


@coldfusion wrote:

@MsB31-tech wrote:

I'm really tired of synchrony bank doing this, they close my care credit, they close my pier one, they close my Amazon, they close my America's tire's credit cards. No notice, they just did it. Apparently they can randomly check your credit score and if it falls below their guidelines, they can close it. No warning or notice. I say we sue them! I won't be getting a credit card from them ever.


Consider filing a CFPB complaint.


Are you suggesting Synchrony is violating the rules somehow by closing accounts with no notice?

I categorically refuse to do AZEO!

Message 1073 of 1,099
babygirl1256
Valued Contributor

Re: Synchrony closed all of my accounts today

@Anonymous Interesting . . . I never heard that before . . . I try to always be polite as getting angry will get nothing accomplished in the caller's favor! 

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 1074 of 1,099
Remedios
Moderator

Re: Synchrony closed all of my accounts today

They are not, and everyone has received a notice. 

Filing a complain that someone did exactly what the T&C state they can do is just a collosal waste if consumer and agency's time. 

 

Those random checks are SPs, all lenders do them at various frequency. 

There was no HP, so I'm not sure what's so surprising about something that's both norm and normal. 

Message 1075 of 1,099
NotYou007
Regular Contributor

Re: Master Synchrony Account Closure Thread

I don't subscribe to MyFICO so no clue but others with much higher FICO scores and Vantage 4.0 scores than myself have been **bleep** on.

 

I personally am glad that Synchrony showed their true colors so I can avoid them at all cost in the future. I still have a solid line of credit and low utilization with my othe cards.

Message 1076 of 1,099
babygirl1256
Valued Contributor

Re: Master Synchrony Account Closure Thread

@Perry067 So sorry this happened to you and I'm hoping for you to obtain your desired solution. With your high credit score perhaps you should also consider other trade lines and not have so many accounts with Synchrony. I will certainly stay away from them!!!

 

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 1077 of 1,099
natejgardner
New Visitor

Re: Master Synchrony Account Closure Thread

Synchrony closed my Google account without notice. A payment was returned, but I still paid from another account on time. Apparently, this triggered the account closure. My credit score dropped 30 points due to the closure. 

Message 1078 of 1,099
FinStar
Moderator

Re: Master Synchrony Account Closure Thread


@natejgardner wrote:

Synchrony closed my Google account without notice. A payment was returned, but I still paid from another account on time. Apparently, this triggered the account closure. My credit score dropped 30 points due to the closure. 


Hi @natejgardner - welcome to the forums.

 

Sorry to hear about the Google account closure.  Is this your only SYNCB account or do you have any others?  What was the balance when the account was closed?  Was that the only returned payment in the past 12 months?

Message 1079 of 1,099
LaHossBoss
Senior Contributor

Re: Master Synchrony Account Closure Thread

My SO only has CareCredit, so is the only experience we have with Sync, which has not been terrible, but from what I am reading here, it sounds like maybe taking advantage of multiple (maybe?) 0% promos has them twitchy.

 

One may have an excellent credit score, but perhaps they feel like if people are taking more than 1 x 0% promo out (who knows what number of them their tringger is), they may *think* one is economically impacted. Like, "I can buy now and pay later when I make more money or get a job again". One may have great income, but maybe they think hours have been reduced or job lost since these promos are being taken (which they advertise greatly to take advantage of, of course!), even though this may absolutely not be the case at all.

 

Total speculation on my part, but just seems to be a small trend reading through this forum. It is almost like Barclays when one takes advantage of their BT offers (that they more than advertise) and the gets AA taken.

 

Again, it really could be anything or nothing that sparks these closures. I certaibly do not have the answers and I am certainly sorry for any of those that have been shut down by Sync. 




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
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Message 1080 of 1,099
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