Synchrony Bank CLOSED all of my accounts without warning!

[NoMoreE46]

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@Shooting-For-800 wrote:

Please give us more data.

Credit scores?

New cards?

New higher balances?

New inquiries?

Income?

etc.

Welcome to the forum; you will learn a ton here!

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Also it would be helpful if you listed the balances and CL of all your other cards

[MisterDDA305]

A BIG WARNING TO EVERYONE, STAY AWAY FROM SYNCHRONY! I was approved last week for the Lowes Card and a coupole of more of their cards. Today I went to activate Lowes card and recieved the message that my account was closed, not event using it, not even activating it. They just told me that I would recieve a letter with the reazon. I don't agree with people talking about being a risk because the amount of accounts you might have. I know people that they accounts have been closed and they have perfect credit, accounts in great standing for years. I believe Syncrhony is abusing their monopoly and it is time this stops. PLEASE, STAY AWAY FROM SYNCHRONY. You will be a victim sooner or later.

[Yasselife]

@MisterDDA305 How many cards were you approved from Synchrony alone?

[MisterDDA305]

Just 3 cards. 

[Yasselife]

@MisterDDA305  What do you think could be the reason for them to do that, high revolving util. high credit limits, too many new accounts? 

[MisterDDA305]

Called Care Credit for activation and got the same message. Account closed for hight risk of lack of payment. WHAT? I really got mad with this on the phone, I told the agent I have 100% perfect payment on my credit file, have never missed a payment in more than 3 years in a row, I manage my accounts great. My problem is that they see everything on the application, you get approved for a good amount because of what they see, and without notice and without activating the account, it gets closed. Why approve people if they will get the accounts closed without   not even using it. Synchrony is a big joke! What a disgrace to be honest. I know my 3rd account will be closed, I wont even find out. Now my problem, how many points my credit will go down because of this?

[TRC_WA]

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@privacyadvocate69 wrote:

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@SchnauzerMan wrote:

I really thought Synchrony Bank viewed me as a valued cardholder, but obviously I was completely delusional.  

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Nope and Yep.  

Companies see you as nothing more than a source of profit.  They have no interest in you beyond that simple fact.  If they see you as more risk than profit, they will be happy to drop you like a hot rock.

I avoid "store cards" like the plauge. I see them as (a word that some people would probably cry and moan about) cards.  IMHO, the only reason to have them is inability to get anything else, or to take advantage of some 0% offer out of convenience.  We don't have anything issued by a company like Synchrony.

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Agreed with this.  I don't have a single store card... unless you count Care Credit.  No use for a card from Bob's Tire World or Aunt Bea's House of Cookie Creation.

No thanks.

[Jnbmom]

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@MisterDDA305 wrote:

Called Care Credit for activation and got the same message. Account closed for hight risk of lack of payment. WHAT? I really got mad with this on the phone, I told the agent I have 100% perfect payment on my credit file, have never missed a payment in more than 3 years in a row, I manage my accounts great. My problem is that they see everything on the application, you get approved for a good amount because of what they see, and without notice and without activating the account, it gets closed. Why approve people if they will get the accounts closed without   not even using it. Synchrony is a big joke! What a disgrace to be honest. I know my 3rd account will be closed, I wont even find out. Now my problem, how many points my credit will go down because of this?

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@MisterDDA305 

You opened all 3 accounts around the same time frame? That usually spooks Synch as others have had this happen .

[MisterDDA305]

Hi, they are the only ones that do that. There needs to be a window of opportinity for us from these companies before closing accounts, specially when I didn't even had the accounts open for not even a day. It seems to be that all the rules are for us not for them. I really think what they are doing to a lot of people is completely wrong. 

[Credit12Fico]

You're amongst good company OP. A lot of people with lots of Synchrony cards and credit got thrown out with the bath water during the Pandemic unfortunately. Synchrony is limiting their risk.  There's a few older threads on the topic.