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Master Synchrony Account Closure Thread

Remedios
Moderator

Re: Master Synchrony Account Closure Thread

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 

Message 1091 of 1,099
Brenke
New Member

Re: Master Synchrony Account Closure Thread


@Slabenstein wrote:

@Brenke wrote:

@Remedios wrote:

@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???


"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.

 


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.


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.


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

Message 1092 of 1,099
Tonylisabates
New Visitor

Re: Synchrony closed all of my accounts today

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.

Message 1093 of 1,099
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Synchrony closed all of my accounts today


@Tonylisabates 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.


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




Message 1094 of 1,099
privateone
New Member

Re: Synchrony closed all of my accounts today

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.

Message 1095 of 1,099
RSX
Established Contributor

Re: Synchrony closed all of my accounts today

^ 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

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
July 28/2021 EX. 747 EQ. 743 TU 746
Inq. EX 5 EQ 2 TU 5 - - CC 5x24, 3x12
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Message 1096 of 1,099
CORP500
Member

Re: Synchrony closed all of my accounts today

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  !

 

 

Message 1097 of 1,099
Jnbmom
Community Leader
Senior Contributor

Re: Synchrony closed all of my accounts today

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.

EXP 758 TU 783 EQ 729
Message 1098 of 1,099
FinStar
Moderator

Re: Master Synchrony Account Closure Thread

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.

Message 1099 of 1,099
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