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Master Synchrony Account Closure Thread

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Frequent Contributor

Re: Synchrony closed all of my accounts today


@Caddypower wrote:

They closed my cards today also. 2 cards paid off never late. Oh well there's more fish in the sea, better fish 


Sorry to hear your accounts have suffered the same fate. Hopefully your other creditors don't follow suit. 
 

Starting Score: EQ:608, EX:617, TU:625
Score 10/2018: EQ:669, EX:686, TU:668
Score 11/17/2018: EQ:682, EX:681, TU:683
Current Score 3/11/2020: EQ:695, EX:703, TU:720
12/24/2018 -- EQ Beacon 5.0: 678, EX Fico II: 690, TU Fico Classic 04: 716

Goal Score: 740+


Take the myFICO Fitness Challenge

Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000

Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.

Newest Account July 8, 2020 -- Last HP August 11, 2020 -- Gardening Goal:
August 2022 and reach 0/24
Message 20 of 657
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Frequent Contributor

Re: Synchrony closed all of my accounts today


@AverageJoesCredit wrote:

Im sorry to read this. One reason i always keep Sync at zero no matter what. Im sure we will see alot of this to come. For those of us with no income coming in its going to get brutal.  I have slot of debt but they reside with my credit Unions and ill hang on as long as i can. 

 

I agree with @SouthJamaica though, i hate when banks do it to a person who has not paid late and paying their responsibilities on time. I understand risk but wish we could take away money from banks when we know they are going to profit off our misery ahead of time!


I don't think I will be inviting Synchrony back into my wallet when the smoke clears, which is unfortunate as I spend a significant amount of money on their cards for the extra savings offered with Old Navy, JC Penney, Chevron and Amazon. 

 

I guess I'll need to wait two years and see if Chase will let me back for savings at Amazon (last denial was number of new accounts as the only reason listed).

Starting Score: EQ:608, EX:617, TU:625
Score 10/2018: EQ:669, EX:686, TU:668
Score 11/17/2018: EQ:682, EX:681, TU:683
Current Score 3/11/2020: EQ:695, EX:703, TU:720
12/24/2018 -- EQ Beacon 5.0: 678, EX Fico II: 690, TU Fico Classic 04: 716

Goal Score: 740+


Take the myFICO Fitness Challenge

Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000

Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.

Newest Account July 8, 2020 -- Last HP August 11, 2020 -- Gardening Goal:
August 2022 and reach 0/24
Message 21 of 657
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Valued Member

Re: Synchrony closed all of my accounts today

They got me too.  I called and was told that I had to much exposure and they were updated their systems.

Message 22 of 657
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Frequent Contributor

Re: Synchrony closed all of my accounts today


@combatmedic2107 wrote:

They got me too.  I called and was told that I had to much exposure and they were updated their systems.


Sorry to hear @combatmedic2107 

 

Did they close all accounts?

 

Maybe I should call to see if they will tell me why the accounts were closed. 

 

 

Starting Score: EQ:608, EX:617, TU:625
Score 10/2018: EQ:669, EX:686, TU:668
Score 11/17/2018: EQ:682, EX:681, TU:683
Current Score 3/11/2020: EQ:695, EX:703, TU:720
12/24/2018 -- EQ Beacon 5.0: 678, EX Fico II: 690, TU Fico Classic 04: 716

Goal Score: 740+


Take the myFICO Fitness Challenge

Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000

Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.

Newest Account July 8, 2020 -- Last HP August 11, 2020 -- Gardening Goal:
August 2022 and reach 0/24
Message 23 of 657
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Super Contributor

Re: Synchrony closed all of my accounts today

I'm sorry to hear this. Totally not unexpected but still awful to hear about. Smiley Sad




Message 24 of 657
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Contributor

Re: Synchrony closed all of my accounts today

I'm in the same situation.

 

Just logged in to check my transactions on my PayPal Cash Back MC. Credit limit to $0. Checked all my other Synchrony accounts, all closed.

 

Lost the following:

 

PayPal Cash Back MasterCard $10,000

Rakuten Cash Back Visa $10,000

Chevron/Texaco Card $10,000

Ashley Homestore $25,000

Amazon Prime Store Card $10,000

 

Their reason was that something on my credit report indicated I was high risk, but yet the representative wouldn't tell me what that reason was. Nothing has changed on any of my reports except for opening a mortgage recently.

 

I've had these accounts for years, no late payments, always pay in full (usually before the statement cuts). Only 1% overall utilization. No baddies. 800+ FICO scores. No change in income. Not financially affected by COVID-19.

 

I'll never use another one of their products again if this is how they treat someone who was zero risk to them.

Message 25 of 657
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Established Member

Re: Synchrony closed all of my accounts today


@policebox wrote:

I'm in the same situation.

 

Just logged in to check my transactions on my PayPal Cash Back MC. Credit limit to $0. Checked all my other Synchrony accounts, all closed.

 

Lost the following:

 

PayPal Cash Back MasterCard $10,000

Rakuten Cash Back Visa $10,000

Chevron/Texaco Card $10,000

Ashley Homestore $25,000

Amazon Prime Store Card $10,000

 

Their reason was that something on my credit report indicated I was high risk, but yet the representative wouldn't tell me what that reason was. Nothing has changed on any of my reports except for opening a mortgage recently.

 

I've had these accounts for years, no late payments, always pay in full (usually before the statement cuts). Only 1% overall utilization. No baddies. 800+ FICO scores. No change in income. Not financially affected by COVID-19.

 

I'll never use another one of their products again if this is how they treat someone who was zero risk to them.


Wow. Super wild that they decide to treat customers like this during these difficult times.

Message 26 of 657
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Epic Contributor

Re: Synchrony closed all of my accounts today

@chiefone4u   Very sorry to hear this, especially during these hard times.

Message 27 of 657
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Frequent Contributor

Re: Synchrony closed all of my accounts today


@M_Smart007 wrote:

@chiefone4u   Very sorry to hear this, especially during these hard times.


Hopefully the credit unions don't follow suit @M_Smart007 I'll be screwed if PenFed ($15k limit) or BECU ($17k limit) reduce or close accounts. I think I'm safe with BECU as they have a collateral interest in one of my vehicles. 

 

It was upsetting at first, but I'll weather this like all minor setbacks... went from 12% reporting utilization to about 40% utilization. Definitely time to dial it all back in. 

Starting Score: EQ:608, EX:617, TU:625
Score 10/2018: EQ:669, EX:686, TU:668
Score 11/17/2018: EQ:682, EX:681, TU:683
Current Score 3/11/2020: EQ:695, EX:703, TU:720
12/24/2018 -- EQ Beacon 5.0: 678, EX Fico II: 690, TU Fico Classic 04: 716

Goal Score: 740+


Take the myFICO Fitness Challenge

Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000

Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.

Newest Account July 8, 2020 -- Last HP August 11, 2020 -- Gardening Goal:
August 2022 and reach 0/24
Message 28 of 657
Highlighted
Established Contributor

Re: Synchrony closed all of my accounts today


@policebox wrote:

I'm in the same situation.

 

Just logged in to check my transactions on my PayPal Cash Back MC. Credit limit to $0. Checked all my other Synchrony accounts, all closed.

 

Lost the following:

 

PayPal Cash Back MasterCard $10,000

Rakuten Cash Back Visa $10,000

Chevron/Texaco Card $10,000

Ashley Homestore $25,000

Amazon Prime Store Card $10,000

 

Their reason was that something on my credit report indicated I was high risk, but yet the representative wouldn't tell me what that reason was. Nothing has changed on any of my reports except for opening a mortgage recently.

 

I've had these accounts for years, no late payments, always pay in full (usually before the statement cuts). Only 1% overall utilization. No baddies. 800+ FICO scores. No change in income. Not financially affected by COVID-19.

 

I'll never use another one of their products again if this is how they treat someone who was zero risk to them.


Due respect to Synchrony, but that's a load of nonsense.They're not doing this due to changes in your credit profile and risk.

 

They're reducing their exposure so that they can swoop back in once the trillions the Fed is going to feed the financial sector starts finding its way to lenders to accompany the 0% interest rates. In 6 months, it will be so easy to get a Synchrony-backed store card they'll be giving them away.

 

As for me, I'll NEVER do business with Synchrony...and my dearest wish for them is that retailers who use them will drop them like a bad habit and use Comenity or Capital One instead. This is the second time in two years that Synchrony has done something like this. It's high time they pay a price.

 

 

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 747 , EX FICO 760, TU 758 FICO scores>
Goal Score: ?
Take the FICO Fitness Challenge
Message 29 of 657
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