Master Synchrony Account Closure Thread

[AverageJoesCredit]

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@Anonymous wrote:

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. 

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If your MC hasnt worked online or at a register wouldnt that mean it was closed?. What else is there if you cant use a card online or in person? I would definetly inquire about that because a cc that doesnt work is basically dead weight.

[Anonymous]

They closed all 7 of my accounts yesterday. Available credit loss of $77,350. My scores dropped from an average of 756 to 754. Only a two point drop.

The odd thing is that they just gave me a new Chevron Visa card last week. That is now closed too along with all my other accounts.

I really dont miss them as I now have 48 remaining open accounts with other banks. My utilization stayed the same at 1%. 

I will never go back to that bank for anything in the future. I was expecting this for months now after reading how they where closing accounts. I really am not going to loose any sleep over this as those accounts where over kill for me anyway.

[FinStar]

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@Anonymous wrote:

They closed all 7 of my accounts yesterday. Available credit loss of $77,350. My scores dropped from an average of 756 to 754. Only a two point drop.

The odd thing is that they just gave me a new Chevron Visa card last week. That is now closed too along with all my other accounts.

I really dont miss them as I now have 48 remaining open accounts with other banks. My utilization stayed the same at 1%. 

I will never go back to that bank for anything in the future. I was expecting this for months now after reading how they where closing accounts. I really am not going to loose any sleep over this as those accounts where over kill for me anyway.

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It's possible that you 'poked' the SYNCB  bear based on your recently mentioned activities.

They have been monitoring people's activities for quite sometime and it would appear (from a plausible forensic perspective) that the last double-CLI request on your Lowe's card (Sep), the recent Chevron approval plus several new accounts you may have opened since May likely was the culprit for the closures.  It's unfortunate, but just goes to show you that even if you have lines in excess of $50K+, a long history and decent income (such as in your case), SYNCB giveth and SYNCB taketh in the blink of an eye.

[AverageJoesCredit]

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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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Im curious as to how someone accidently over pays a credit card by $5k? Thats not normal behavior. I could see $20 bucks or something but that amount would throw up red flags. I know when i make a credit card payment i look to see how much i owe, what minimum payment is  and make the payment based off those two factors. I wouldnt think autopay allows such accidents. Just curious i guess. 

[Anonymous]

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@K-in-Boston wrote:

Has your Synchrony account (or accounts) been closed?  Discuss it here.

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Yes 55000 dollars on accounts all closed nothing we can do reapply in 1 month then thell close again

[Anonymous]

I had to make a $4000 purchase and immediately paid it off but accidentally posted the payment twice. I didn't notice until $8000 had left my bank account. I called synchrony to report the error and overpayment and they couldn't do anything and just suggested I make purchases against it. Before I could bring it to $0 - they closed the account on me. All happened within a 3 week span.

The letter they wrote suggested they closed my account because I was flagged as high risk of being unable to pay. THIS WAS AFTER I HAD NO OWED BALANCE.

[Anonymous]

Yes my letter said that its because of covid file a bbb complaint tberes a ton of them is all you can do im irateeeeeeee

[Anonymous]

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@Anonymous wrote:

I had to make a $4000 purchase and immediately paid it off but accidentally posted the payment twice. I didn't notice until $8000 had left my bank account. I called synchrony to report the error and overpayment and they couldn't do anything and just suggested I make purchases against it. Before I could bring it to $0 - they closed the account on me. All happened within a 3 week span.

The letter they wrote suggested they closed my account because I was flagged as high risk of being unable to pay. THIS WAS AFTER I HAD NO OWED BALANCE.

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I had all mine closed as of this morning 10 accounts worth 57,000 im irate

[sammydavidjr]

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@Anonymous wrote:

They closed all 7 of my accounts yesterday. Available credit loss of $77,350. My scores dropped from an average of 756 to 754. Only a two point drop.

The odd thing is that they just gave me a new Chevron Visa card last week. That is now closed too along with all my other accounts.

I really dont miss them as I now have 48 remaining open accounts with other banks. My utilization stayed the same at 1%. 

I will never go back to that bank for anything in the future. I was expecting this for months now after reading how they where closing accounts. I really am not going to loose any sleep over this as those accounts where over kill for me anyway.

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Glad you could shrug the whole thing off and get right back on the horse of applications.
In another thread you wrote that Synchrony closed your 7 accounts for no reason. I don't mean to be a party-pooper (I am one, I just don't mean to), but I would say that having 55 credit cards could be a pretty solid reason for a lender to sever a relationship.
What money could Synchrony expect to make off of you? If you have 48 other cards -- most of them probably with lower APR's than what Synchrony offerred -- and low overall debt (since your utilization is so low), you're pretty much dead weight for the lender: you hold up capital and create account management expenses without any likelihood of ever generating significant revenue.
The problem with credit accounts is that they are all risk on the lender's books (even when you don't use the cards and never plan to), and risk costs real money. You sound almost like too prime of a customer for Synchrony.

[Anonymous]

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.