SYNCB Synchrony Financial GE Credit WARNING

[MJ-san]

I know that the intent of the scoring model is that this kind of event should have no - zero - effect. Since it did in your case, it might be an error in the modeling that you've uncovered here.

I did have an issue with SYNCB and my JCP account - when they upgraded me from a store card to the co-brand MC, my store card was closed and a new card reported - with a new open date. I raised holy hell with SYNCB and tried a few times because this was not a new card- they upgraded me and it wasn't a choice on my part - to get it fixed, but in the end lost patience and let it slide (only a few points anyway). 

Last - "pre-approvals" may not be full soft pulls. If you have a PRM entry from a creditor you don't already do business with, my understanding is that you were matched and included on a list based on a certain set of criteria -- i.e. ">2yr AAOA, no lates, FICO>730, util <20%" or something along those lines -- but your full CR isn't provided to the potential creditor until you apply and a hard inquiry is made. 

In any case - with the data you have on hand, I'd make a case to the underwriter at the credit union.

[StartingOver10]

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@MJ-san wrote:

I know that the intent of the scoring model is that this kind of event should have no - zero - effect. Since it did in your case, it might be an error in the modeling that you've uncovered here.

I did have an issue with SYNCB and my JCP account - when they upgraded me from a store card to the co-brand MC, my store card was closed and a new card reported - with a new open date. I raised holy hell with SYNCB and tried a few times because this was not a new card- they upgraded me and it wasn't a choice on my part - to get it fixed, but in the end lost patience and let it slide (only a few points anyway). 

Last - "pre-approvals" may not be full soft pulls. If you have a PRM entry from a creditor you don't already do business with, my understanding is that you were matched and included on a list based on a certain set of criteria -- i.e. ">2yr AAOA, no lates, FICO>730, util <20%" or something along those lines -- but your full CR isn't provided to the potential creditor until you apply and a hard inquiry is made. 

In any case - with the data you have on hand, I'd make a case to the underwriter at the credit union.

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^^^this.  Recon with the CU. Sounds like the LO doesn't know what s/he is talking about.

If after the recon it is still a 'no', check with other CU's.

[RaiseMyScoreASAP]

I am going to ask the CU to reconsider and explore other options. Or I just may wait.

I have asked the SYNCB corporate office to address the issue, but I am not holding out much hope that they will change it. I know that many people like SYNCB. I don't hate them. They have consistently increased my credit line without my asking and I do like the Brooks Brothers sales discounts and so on. However, I don't want them to "upgrade" me to a Brooks Brothers MC without my permission and cause more damage.

This whole experience has left a bad taste in my mouth.

[ksantangelo23]

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@RaiseMyScoreASAP wrote:

In November 2013, I opened two charge accounts with GE Capital: one with Belk and one with Brooks Brothers. Since that time, GE Capital sold its charge accounts to Synchrony Bank (SYNCB). I left these two charge accounts in a hot car over the summer and they slightly warped. So I requested a replacement card for each.

SYNCB is now reporting that I have FOUR accounts, two open and two closed. SYNCB reported two of the accounts as "lost or stolen." This has increased my overall account total by two and decreased my AAOA. I have never experienced this from any other bank or creditor. With EVERY OTHER creditor, damaged cards are replaced the same account number. Sometimes, the creditor will assign a new account number, but certainly does not report multiple accounts. The customer service agents at Belk and Brooks Brothers have not been helpful in getting this resolved. I simply want it reported that I have ONE account with Belk and ONE account with Brooks Brothers. If I had known what a huge hassle and detriment this was I would have just kept my mouth shut and kep the damaged cards. They probably were fine to use, but were warped. I rarely use the physical cards anyway. I just show my ID and have the clerk look up the number. Finally I spoke to someone at Brooks Brothers who finally admitted that this practice was not the industry norm. He says that the duplicates should drop off in a few months. Why should I have to suffer because of their incorrect reporting?

The thing that really has me off the rails is the Belk people who tell me that oh no I am WRONG. THEIR personal credit was never impacted when THEY closed an account. It seems that EVERYONE who is an agent at Belk SYNCB is a certified FICO expert and I should be glad that they are so helpful. When you get denied credit solely because of the decrease in the AAOC, then you have suffered damages. And I have suffered damages.

THIS IS A WARNING TO ANYONE WHO HAS A CHARGE ACCOUNT WITH SYNCB. First, don't open an account with this bank in the first place. And if you do never request a replacement card. 

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PNC did the same for me actually, I have two accounts when I should have one due to a replacement. I haven't disputed it since it's listed as a 2007 account, my earliest year. If its not helping me, its definitely not hurting me.

You can dispute this account with each bureau, and Experian especially has specific language on this topic:

https://www.experian.com/consumer/cac/ImportantInfo.do?topic=5

"Some accounts on your report may appear to be duplicates. Some indicators that they are not duplicates are different account numbers, different account types and different opening dates.

If the accounts share the same account number (or similar number with a one or two digit variation) and have the same account type and opening date, then it is important that you call us at 1 800 493 1058 for assistance."

It wont.

[RaiseMyScoreASAP]

Thank you for your reply. I'm going to give SYNCB time to address the matter. I may dispute the duplicates with the three credit bureaus. Doing so requires a lot of time and patience. I have spent the last 15 months correcting errors on my reports. Since I pull all three reports each day, I can see what changes from day to day. Errors that were corrected get reinstated. Correct information gets changed to be incorrect for no reason at all. 

[RaiseMyScoreASAP]

I just received a response from SYNCB, which was clearly automated informing me that my accounts (now all FOUR of them) were reporting correctly. So if your SYNCB accounts are relatively new NEVER report them as lost or stolen or request a replacement card with the exact same info and card number. It will wreck your AAOA. What I should have done is requested a name change to include my First Middle and Last name on the card. In that case they will issue the exact same account number and will not double report you. 

I am just waiting for both of these cards to report for 24 months and then I will be closing both of them and telling SYNCB to FOAD. I'm just afraid that since I have paid off the Brooks Brothers account that they don't "upgrade" me to the Mastercard and thus cause triple reporting of this account.

In sum, thankful to have the accounts. Not thankful that their reporting policy stinks.

[ksantangelo23]

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@RaiseMyScoreASAP wrote:

I just received a response from SYNCB, which was clearly automated informing me that my accounts (now all FOUR of them) were reporting correctly. So if your SYNCB accounts are relatively new NEVER report them as lost or stolen or request a replacement card with the exact same info and card number. It will wreck your AAOA. What I should have done is requested a name change to include my First Middle and Last name on the card. In that case they will issue the exact same account number and will not double report you. 

I am just waiting for both of these cards to report for 24 months and then I will be closing both of them and telling SYNCB to FOAD. I'm just afraid that since I have paid off the Brooks Brothers account that they don't "upgrade" me to the Mastercard and thus cause triple reporting of this account.

In sum, thankful to have the accounts. Not thankful that their reporting policy stinks.

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Did you try disputing directly with the credit bureaus? 

[RaiseMyScoreASAP]

All of the CRA told me that they would not dispute the reporting of the closed account. A dispute of the new accounts yielded the same verified answer. Even though the dispute has been resolved, TU continues to report the account as disputed despite three requests to remove it. The dispute itself was costing me points. I've given up and will keep the accounts open for now, but past the 24 month period, I now intend to close them. They were my newest accounts and a 24 months of perfect payments showing for the next 10 years is fine with me. The main lesson I learned is not to do business with SYNCB. This issue would have been easily resolved if it were handled like every other one of my accounts. It is only with SYNCB that is was an issue and it is only with SYNCB that the matter was not resolved. SYNCB doesn't need my business or patronage to remain in business. Nor do I wish to continue to patronize a bank that has harmed me and not corrected the damage. In fact, they refuse to see the damage and basically told me to FO in a big way.

So SYNCB thanks for the memories.  

[RaiseMyScoreASAP]

I just received my second stupid automated letter about their "careful" review of their incorrect reporting, which they continue to validiate. The double reporting of two recently opened accounts has had and will continue to have a negative impact on my credit report and score. I really pity the people who have say an incorrectly noted late payment from SYNCB on their credit reports.

However, it's not worth my time to file a complaint with the federal agency.  So I am just going to keep these accounts open until I have 24 full months of reporting and then close the Belk account. I'm still on the fence about whether to keep the Brooks Brothers account or not. I do shop there and do take advantage of the priority sales and so on.

[gdale6]

I dont see any issues here at all. Accounts that are reported as lost/stolen have 0 impact on Fico scoring as they are excluded, they do not count in AAoA or anything else.