Synchrony Bank randomly closed 2 of my cards

[Anonymous]

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@Anonymous wrote:

I was just wondering if this is normal. Synchrony closed my Old Navy and American Eagle card only a few months after I had them I never missed a payment always paid more than the minimum so I was suprised. I have 3 other accounts with them that I use alot and I'm worried they may close those too. My score hasn't changed much give or take a few points since I was approved I have a perfect payment history. I called Rep said I was subjected to a random audit and I would receive a letter in the mail. 

I could understand if I had dropped my score more than just a few and I mean like 3 or 4 points give or take depending on which report is used. I could also understand if I had made late payments or missed payments on any of my accounts but I don't. Just thought this was crazy. 

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Really sorry to hear that this happened. Would you share your score and overall utilization level with us, please?

[UncleB]

OP, if you haven't already, double-check your credit reports to make sure there's nothing 'new' on them that shouldn't be there.

In the past, Synchrony has been very sensitive to seeing problems with other creditors on your reports even if you've always paid them on time, at least for me and some of my family members.  In all our cases, though, the AA was limited to CLD and balance-chasing, not closing the account.

Also, if you haven't already, I would give them a call.  There's a chance a CSR could elaborate on what's going on.

[Anonymous]

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@UncleB wrote:

OP, if you haven't already, double-check your credit reports to make sure there's nothing 'new' on them that shouldn't be there.

In the past, Synchrony has been very sensitive to seeing problems with other creditors on your reports even if you've always paid them on time, at least for me and some of my family members.  In all our cases, though, the AA was limited to CLD and balance-chasing, not closing the account.

Also, if you haven't already, I would give them a call.  There's a chance a CSR could elaborate on what's going on.

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+1

[CreditMagic7]

Just a stab in the dark but if anymore of these come reporting in with any frequency then it might just begin to indicate possibly some MyFico affect?

Dunno. We'll all have to see what unfolds next and if a trend is showing or something else but it's not like it hasn't occured before.

[Anonymous]

My utilization was at around 57% I think it may have been higher  (its lower now.) My scores are not high they range from 600 eq, 639 transunion and 660 experian. I only started building credit 3 years ago. I have two negagtive accounts on my exp. and eq. reports one is paid for 195 the other has not been paid for 139 I have been trying to get that off my credit for a year now I have no idea what it is. My transunion report has no negative accounts and perfect payment history for the last 3 years. I have alot of inquiries from the past year of two just trying to establish credit. I have not applied for any new credit in the last 3 months. 

[Anonymous]

I checked my report and I don't have any new accounts. 

I'm not sure what you mean by "the AA was limited to CLD and balance-chasing, not closing the account."

When they closed the accounts both had a zero balance.

I did call and the rep. just said it was a random audit and that all he could see was I hadn't used the cards very much but I only had them since April I think. I asked him why they would just close the account that was in good standing and he said he didn't know just that it was subjected to an audit and that I would get a letter. 

[UncleB]

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@Anonymous wrote:

I checked my report and I don't have any new accounts. 

I'm not sure what you mean by "the AA was limited to CLD and balance-chasing, not closing the account."

When they closed the accounts both had a zero balance.

I did call and the rep. just said it was a random audit and that all he could see was I hadn't used the cards very much but I only had them since April I think. I asked him why they would just close the account that was in good standing and he said he didn't know just that it was subjected to an audit and that I would get a letter. 

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"AA" is 'Adverse Action'. 

I was just saying that in my personal experience when Synchrony took adverse action, it was limited to CLD (credit line decrease) and balance-chasing.  'Balance-chasing' is when they lower your credit limit each month to what your new account balance is. 

I've never heard of them outright closing an account, though.

Also, here's a sticky-link for common abbreviations used on this site:  Common Abbreviations

[Anonymous]

I am very new to this credit stuff so I don't know all the lingo. I have been going it alone the last few years and I stumbled on this website recently its been very informative. I have several cards most in the sock draw I used once or twice and put away. I have 7 cards I use regularly my barclays upromise MC, my credit union visa. then the 3 synchrony bank cards (amazon, lowes and walmart) and two comenity cards Venus and VS I never max out synchrony and comenity. I did however max my visa and mc doing some work around the house but I have paid both of those down under 50%. I don't make a ton of money but decent ($40,000) the only other bill I have is my car payment which has never been late either. 

[Anonymous]

Oh. Thank you for the link I will definitely read that it will help understanding some of the other threads as well. 

[Anonymous]

hmmmm weird. I heard they closed someones Walmart account yesterday.