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Master Synchrony Account Closure Thread

FinStar
Moderator

Re: Master Synchrony Account Closure Thread


@Perry067 wrote:

There were no changes in my credit over the last 3 years beyond my Credit score going up. I have had no new loans, of any type in the last 4 years. I have never requested a credit limit increase on anything except on the Amazon Card and that was well over a year ago. As for my VS4 score, it is 792 as of this morning. As for the reason code you are asking about, I have yet to receive the closing account letters. But like I mentioned previously, the customer service people that I spoke with on the phone said they did not even understand why this was happening. There seems to be no logical reason for it.


Was there any typical frequency with requesting CLIs in the past 6-12 months on any of your SYNCB cards?  I would venture a guess, conservative at best, given your income and overall exposure + SYNCB attempting to mitigate risk, if your income is in the neighborhood of ~$300K (illustration purposes), and your overall exposure was $75K on all cards, that's 25% unsecured just with SYNCB alone (not knowing what your overall unscured credit lines with other lenders).  Again, just a speculative guess.  SYNCB had a cap of $100K across all accounts at one point until they started massive AAs.

Message 1061 of 1,099
RSX
Established Contributor

Re: Master Synchrony Account Closure Thread

@Perry067 sorry to hear of your closures

 

i know firsthand that this is a confusing and frustrating situation - mine happened last Feb

 

if you try to understand it, you will only stay confused and frustrated - there is a reason this thread is over 107 pages

 

move on from them - dont sweat it

 

 

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
June 16/2021 EX. 747 EQ. 743 TU 746
Inq. EX 4 EQ 2 TU 5 - - CC 5x24, 3x12
Amex BCP $32k - Apple GS $17k - BMW/Elan $5k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $23k - HSBC Gold - $10.5k - Penfed Gold - $12.5k - USBank Cash+ -$20k
Message 1062 of 1,099
longtimelurker
Mega Contributor

Re: Master Synchrony Account Closure Thread


@RSX wrote:

@Perry067 sorry to hear of your closures

 

i know firsthand that this is a confusing and frustrating situation - mine happened last Feb

 

if you try to understand it, you will only stay confused and frustrated - there is a reason this thread is over 107 pages

 

move on from them - dont sweat it

 

 

 


Unsatisfactory as it is, this is probably the best advice.    Sync will close accounts according to its unknown algorithms, and almost certainly, the closures are never reversed.   MyFico has postulated some risk factors (e.g. multiple cards with Sync) but not all closures have these factors, so somewhat of a black box.    

 

We see reports from almost all isseurs of cards being closed for no apparent reason, but Sync is among the most common.  (And this may be partly because a lot of people get a lot of Sync cards early on)

Message 1063 of 1,099
NotYou007
Regular Contributor

Re: Master Synchrony Account Closure Thread

Yesterday 2 of my letters showed up. The reason stated was "high risk of non-payment" which gave me a good laugh. I had a perfect payment history and always paid on time. I recently had paid off my Lowes balance as the 12 months promo was ending. I had paid my PayPal MC in full and I always paid about $100 over the minimum on my Amazon card as I had a few promo purchases on it too but according to them I'm a risk. 

I have since paid off my Amazon in full and paid off my Dicks $1200 balance too, even though the full balance wasn't due till next year but again, I was to high risk of non-payment. I also paid off my PayPal credit line which again, wasn't due in full for several months. They acted as if every single card I had with them was maxed and I was only maxing the minimum payment on each.

Message 1064 of 1,099
Dalmus
Valued Contributor

Re: Master Synchrony Account Closure Thread


@NotYou007 wrote:

Yesterday 2 of my letters showed up. The reason stated was "high risk of non-payment" which gave me a good laugh. I had a perfect payment history and always paid on time. I recently had paid off my Lowes balance as the 12 months promo was ending. I had paid my PayPal MC in full and I always paid about $100 over the minimum on my Amazon card as I had a few promo purchases on it too but according to them I'm a risk. 

I have since paid off my Amazon in full and paid off my Dicks $1200 balance too, even though the full balance wasn't due till next year but again, I was to high risk of non-payment. I also paid off my PayPal credit line which again, wasn't due in full for several months. They acted as if every single card I had with them was maxed and I was only maxing the minimum payment on each.


Out of curiosity, if you subscribe to Myfico, what is your FICO Resilience Index score? 

NFCU MR: $25K | Venture: $21K | Amex ED: $18K | NFCU CR: $18K | Amex BCE: $15K | IT #1: $17.5K | PNC Core: $15K | PPMC:  $12K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $7.3K | MLife: $6.5K | Sportsman's Guide: $8.7K | PenFed PR: $5.5K | Elan Plat: $2.3K | TRV: $2.8K | BotW: $3K


Current FICO 8 Scores: EQ: 822| TU: 792 | EX: 802


Message 1065 of 1,099
MsB31-tech
New Visitor

Re: Synchrony closed all of my accounts today

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.

Message 1066 of 1,099
ImTheDevil
Community Leader
Super Contributor

Re: Synchrony closed all of my accounts today


@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.


Doesn't work that way unfortunately. Look at the ToC you accepted when you took the cards. It'll state explicitly that they have the right close accounts for any/all/no reason at their sole discretion, just as you have the right to do so. Not defending their actions, but that's what we all agree to when we get in bed with lenders.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 1067 of 1,099
Birdman7
Super Contributor

Re: Synchrony closed all of my accounts today

Yeah, unfortunately @ImTheDevil  is correct, they pretty much have the right to unilaterally do whatever they want to do, as long as it’s not in bad faith. But the market will punish them if consumers don’t like their practices.

Best thing you can do is diversify your portfolio and don’t give them any more business if you’re unhappy with them, imo. Personally I limit myself to one card with them.

-Scoring wisdom: Credit Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
Anonymous’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 1068 of 1,099
Jnbmom
Community Leader
Senior Contributor

Re: Synchrony closed all of my accounts today


@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.


@MsB31-tech 

 

Sue them seriously for what? They can and do shut down accounts for whatever reasons they deem fit .

 

It doesn't always make sense but it is what it is. 

EXP 758 TU 783 EQ 729
Message 1069 of 1,099
coldfusion
Community Leader
Super Contributor

Re: Synchrony closed all of my accounts today


@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.



(4/2021)
FICO 8 (EX) 815 (TU) 822 (EQ) 808
FICO 9 (EX) 827 (TU) 826 (EQ) 832

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 1070 of 1,099
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