cancel
Showing results for 
Search instead for 
Did you mean: 

Master Synchrony Account Closure Thread

Highlighted
Super Contributor

Re: Synchrony closed all of my accounts today


@droop131 wrote:

@Saeren wrote:

@sarge12 wrote:

@droop13 wrote:

They closed my paypal mastercard 8 hours before I was due to receive $200 in rewards points.   Nasty scam bank.


Now that is pretty dirty, I must admit.


Or maybe they just thought it was risky. $200 = $10K worth of charges. 


Then why let me continue to make purchases until the final hours before my rewards tick.  <mod cut - All posts on myFICO must be Friendly, Supportive, and Respectful. - KiB>


<mod cut - Collateral damage. - KiB>

 

Synchrony has been twitchy about risk. It's totally reasonable to think that $10K in charges in a single month might sketch them out. I don't know how the rest of your profile is but Sync doesn't really seem to care about that anyway. 




Message 641 of 657
Highlighted
Member

Re: Synchrony closed all of my accounts today


@Saeren wrote:

@droop131 wrote:

@Saeren wrote:

@sarge12 wrote:

@droop13 wrote:

They closed my paypal mastercard 8 hours before I was due to receive $200 in rewards points.   Nasty scam bank.


Now that is pretty dirty, I must admit.


Or maybe they just thought it was risky. $200 = $10K worth of charges. 


Then why let me continue to make purchases until the final hours before my rewards tick.  <mod cut - All posts on myFICO must be Friendly, Supportive, and Respectful. - KiB>


<mod cut - Collateral damage. - KiB>

 

Synchrony has been twitchy about risk. It's totally reasonable to think that $10K in charges in a single month might sketch them out. I don't know how the rest of your profile is but Sync doesn't really seem to care about that anyway. 


The timing of the closure is the issue at hand that makes Synchrony a scam bank, not the closure itself - that just makes Synchrony a bad bank.

Message 642 of 657
Highlighted
Regular Contributor

Re: Synchrony closed all of my accounts today


@droop131 wrote:

@Saeren wrote:

@droop131 wrote:

@Saeren wrote:

@sarge12 wrote:

@droop13 wrote:

They closed my paypal mastercard 8 hours before I was due to receive $200 in rewards points.   Nasty scam bank.


Now that is pretty dirty, I must admit.


Or maybe they just thought it was risky. $200 = $10K worth of charges. 


Then why let me continue to make purchases until the final hours before my rewards tick.  <mod cut - All posts on myFICO must be Friendly, Supportive, and Respectful. - KiB>


<mod cut - Collateral damage. - KiB>

 

Synchrony has been twitchy about risk. It's totally reasonable to think that $10K in charges in a single month might sketch them out. I don't know how the rest of your profile is but Sync doesn't really seem to care about that anyway. 


The timing of the closure is the issue at hand that makes Synchrony a scam bank, not the closure itself - that just makes Synchrony a bad bank.


not to their shareholders Smiley Happy

Message 643 of 657
Highlighted
New Visitor

Re: Master Synchrony Account Closure Thread

Every one of our 3 SYNCHRONY accounts have been closed, without reason. What is happening?

Message 644 of 657
Highlighted
Super Contributor

Re: Master Synchrony Account Closure Thread

Welcome @kteschendorf9

I'm very sorry for what happened to you. They are an unpredictable company that cannot be relied upon and this is maybe the only predictable thing about them. This is what they do in economic downturns; it’s not the first time and won’t be the last, so when you deal with synchrony, you have to expect this is a possibility.

Our FICO scoring wisdom, regularly updated: Link to Scoring Primer.

Negative Reason Codes/Scoring Factors by CassieCard: Link to Reason Code Chart.

ccquest’s awesome workbook to calculate metrics for you: Link to Workbook.


Oct 2020. Oldest/average varies. (Estimates above.)
Real world maximums for the mortgage scores are:
EQ5-818, TU4-839, EX2-844.



RIP: (Forgive typos, mobile. Everything said is JMHO.)
In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR? AoYA? Etc...
Message 645 of 657
Highlighted
New Visitor

Re: Master Synchrony Account Closure Thread

Thank you for your reply. Basically, I have zero chance of having my account reopened, do I?

Message 646 of 657
Highlighted
Community Leader
Super Contributor

Re: Master Synchrony Account Closure Thread


@kteschendorf9 wrote:

Thank you for your reply. Basically, I have zero chance of having my account reopened, do I?


Unfortunately, you're correct. 

 

For what it's worth don't take it personally or as a reflection on how lenders in general view you.  People with profiles across the entire spectrum of possibilties had the same thing happen to them.



(10/2020)
FICO 8 (EX) 810 (TU) 805 (EQ) 794
FICO 9 (EX) 835 (TU) 822 (EQ) 828

$1M+ club

Artist formerly known as ColdFusion
Message 647 of 657
Highlighted
Established Member

Re: Master Synchrony Account Closure Thread

Sync gonna Sync, that's what's happening.   

Message 648 of 657
Highlighted
Moderator Emeritus

Re: Master Synchrony Account Closure Thread


@MacCreed wrote:

Sync gonna Sync, that's what's happening.   


Parroting the same comments over and over seems to be counterproductive to the discussion.  It is certainly unfortunate that a lot of closures have been reported over the past few months.  That said, and based on this recent article listed below, not "sinking" at all.  

https://ficoforums.myfico.com/t5/Credit-in-the-News/Synchrony-reports-Q3-earnings-added-almost-1-4M-...

Message 649 of 657
Highlighted
Member

Re: Master Synchrony Account Closure Thread

Synchrony name has already been sunk but that doesn't matter for the company as they only make co-branded cards, abusing the reputation of other brands and physicians.  There has never been enough of an issue, imo until now, to actively look out for and avoid Synchrony.   They are really playing with fire, but if this thread is the only good source of information on how crap they are on the internet, they will likely continue to thrive.    

 

My friend just had his account closed on the same day he would have received his rewards points.  Fortunately I was able to warn him to stop using the card, avoiding a larger opportunity loss.

Message 650 of 657
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.