Master Synchrony Account Closure Thread

[xXIDaShizIXx]

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@FinStar wrote:

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@Anonymous wrote:

Today I learned that Synchrony Bank closed all of my accounts over $60,000 in credit and the answer I got was that I am a potential risk for not paying my bills. I've never been late on a payment, all but 2 cards held a balance, my overall utilization is 6%. I am livid! My credit score is 730+ and they did this to me. Now I don't know how hard my score is going to fall because of this! Please someone tell me that there's something I can do legally against this company?

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Based on a majority of recent reports, this has been a recurring theme with a variety of closures.  Sorry to hear they closed your accounts.  Unfortunately, there's really no legal recourse surrounding their adverse actions or decision.  A variety of individuals have filed BBB/CFPB complaints, and/or pursued through respective AG, however it's yielded nothing favorable.

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I got a letter today. It stated that my credit usage on my Synchrony accounts was too high. The only thing I had on the card was a coke mentioned in my original post, with no other balances. It seems like this is a random system issue that is trigger happy. Lord, I figured the pandemic would hurt my credit profile to some extent, but for buying a coke? Geez. 

[Anonymous]

Just paid off our Care Credit card with a $2100 balance, $3000 limit - account was closed immediately after. Consistent use for the last 3 years....

[Anonymous]

I HAD BETTER EXPERIENCES WITH CREDIT ONE BANK  AND FIRST PREMIER BANK WITH THEIR FEE HARVESTING B.S.  8 YEARS AGO WHEN I GOT BACK INTO THE GAME. 

SYNCHRONY ACTUALLY BEAT THEM BOTH COMBINED FOR THE HONOR OF WORST BANK EXPERIENCE EVER  !  UNBELIEVABLE  !

YOU LIVE AND YOU LEARN  !

[sghosh5]

Synchrony closed my 8 or 9 cards too back in July this year. It did hurt my scores a bit but they came back up. I kept their cards always paid off. Not sure what triggered them

[xXIDaShizIXx]

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@sghosh5 wrote:

Synchrony closed my 8 or 9 cards too back in July this year. It did hurt my scores a bit but they came back up. I kept their cards always paid off. Not sure what triggered them

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Personally, it seems like the "bank" overextended themselves and now they are quickly trying to reduce their risk. 

[adelphi_sky]

Looks like people should pick their favorite Synchrony card and close the rest to lower their exposure. I keep checking my Paypal account and it is still open. It converted from when I had Carecredit. My CL is modest at $3600. Util <10%. Fico scores in the upper 700s. Synchrony still hasn't touched it. 

I'd suggest people be proactive and lower their exposure first before getting a surprise. Perhaps if you have more than 5 Synchrony cards, figure out which ones you don't need and keep 2 or 3. Beter to keep a few than to have all closed at once. 

[Anonymous]

They closed three of my accounts without notice.  Lowered my available credit by $75,000 and made my utilization ratio to go up from 12% to 42%.  THey tanked my score.  Thanks Synchrony

[Anonymous]

My CareCredit account - easily the most important of my two Syncrony accounts was closed, and all they told me on the phone was that it was due to inactivity. So I asked how often I was supposed to be using a card only for medical/dental/veterinary expenses, and they deflected by saying that they had the right close my account at any time. I had paid off my balance back in April on a charge for vet care for my cat within the promotional period, never paying interest. God forbid I had to finance medical care in the middle of a global pandemic... Bet they closed it because I never paid them any interest. I filed a complaint with the BBB, who knows what'll come of that.

[Anonymous]

I know your ticked so many people on here take it in lost my care credit 15,000 and 40,000 always usedncards all. Time there told to make an exuse its because of covid there not aloud to say that so they make up general reasons thatnare not true theres nothing we can do at all just let. The angergo anddown the road reapply only to very few cards and it wont hurt your credit scores because its 1 bank 

[FinStar]

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@Anonymous wrote:

My CareCredit account - easily the most important of my two Syncrony accounts was closed, and all they told me on the phone was that it was due to inactivity. So I asked how often I was supposed to be using a card only for medical/dental/veterinary expenses, and they deflected by saying that they had the right close my account at any time. I had paid off my balance back in April on a charge for vet care for my cat within the promotional period, never paying interest. God forbid I had to finance medical care in the middle of a global pandemic... Bet they closed it because I never paid them any interest. I filed a complaint with the BBB, who knows what'll come of that.

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I believe the period of inactivity is within a 6-month timeframe for a variety of SYNCB accounts including CareCredit.  

Needless to say, sorry to hear about the closure @Anonymous.  A surprise like this is never pleasant.  One of the features that is convenient about CareCredit, aside from the typical use for medical/dental/veterinary providers is the flexibility to use it in places like RiteAid, Walgreens, etc., to keep the account active.  So, it had nothing to do with not paying finance charges, but rather the prolonged inactivity period.  Hope your kitty is doing better🐱