Synchrony Bank closed my account - high balances - myFICO® Forums

Anonymous · ‎10-06-2021

Synchrony just closed my account because of other accounts. I'm so angry. I worked my butt off trying to get approved by them. Never had a late payment and always paid more than the minimum. I didn't/don't have late payments on my other accounts either but the balances were high. They first reduced my limit, which put my balance above the limit and then just closed just as I was paying to get below their new limit. My other accounts are mostly paid off now but it just doesn't seem right for them to be able to do that. Their letter said it was a balance issue with other credit cards. It looks like I did something wrong but I was paying down my debt ON TIME. Just not fast enough, I guess.

CreditPacMan · ‎10-06-2021

I am sorry this happened to you. Synchrony hits again.

A couple of questions if you don't mind, did you only have one account with them? When they closed the account, did you make a massive pay off to that account?

Current Cards:

Anonymous · ‎10-06-2021

So sorry this happened to you. This seems to be Synch's pattern the last 18 months or so. To me they are a bank to stay away from at this time.

CreditMarathoner · ‎10-06-2021

Sorry to hear this, but it seems to be the Sync trend these days.

How many accounts, how many with balances and what are their utilization? How long have you had high utilization on these accounts? Sync seems to be easily spooked by things that can look risky when looking at the snapshot credit reports provide.

What are your scores? If you can see your Vantage 4.0 scores on Sync's website, what are those too?

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collics · ‎10-06-2021

Synch strikes again.

So sorry this happened.

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SFLSpotter9210 · ‎10-06-2021

@Anonymous this is quite normal for Synchrony and it's well documented on here. This ins't new by a long shot they cut me down in mid 2008 just before the housing crash. And to be fair they were right on point cause they got their money from me and then all heck broke loose. I defaulted on many LOC and CC's. So it's business for them and they have certain algorithms in place to secure their CL given. I currently have 2 Synchrony accounts a Lowe's and Chevron and they are both with 0 balances. And my overal usage is 7% as of this moment. Good luck with your future banking choices.

10022016 · ‎10-06-2021

How does "Sync [get] easily spooked?" Don't they just have the computers crunch the risks factors and don't they have some protocol they just follow, meaning humans can't just arbitray do whatever they want?

FinStar · ‎10-06-2021

@10022016 wrote:
How does "Sync [get] easily spooked?" Don't they just have the computers crunch the risks factors and don't they have some protocol they just follow, meaning humans can't just arbitray do whatever they want?

This isn't about "easily spooked" scenarios. It's all based on risk factors exhibited by consumer profiles and any 'flags' that are detected by AI algorithms. So, AI does the majority of the work behind the scenes for a variety of financial institutions. Each financial institution has their own proprietary risk models which adjust to a variety of factors, external and internal.

Duriel · ‎10-06-2021

How high of balances if you don't mind saying? Both raw numbers and percent. I just got the Venmo card from them. It reported immediately which is fine. So I put some utilities on it and it reported again at "high utilization" 7 days after the last report. Call me paranoid but I can see them closing my accounts because of something on my credit report that they caused...