Synchrony account closure

[markhs777]

A creditor doesn't care or have any responsibilities regarding your credit score as long it acts within the law..  

Closing accounts is certainly permitted even if it tanks a credit score and ANY legal action taken would be spinning your wheels. Once the balances are paid the score will rebound.

[Anonymous]

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@Remedios wrote:

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@Jnbmom wrote:

You do realize creditors can close your accounts for any reason they deem fit ( true or not it seems) Just give you that blanket reason .

I mean synchrony shut down a few accounts of our accounts , but you move on .

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Or suing lender because you got approved and your score went down when card reported. 

No difference really

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😁😁😂😂

[sammydavidjr]

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I just had 71000 dollars in accounts closed.  They were all paid in full every month and at the time of closure, I had 6000 on a reeds card and 6000 on PayPal for expenses related to my wedding. Other than that, they were all zero balance, always paid in full every month and never late.  I've called ten times and emailed and no one will respond. Of course it and we have no recourse but you can take them to small claims court and for each infraction they can pay anywhere from 2,500 to 10,000.  I had about 9 cards so maybe 90000 might ease the pain of my credit score dropping 140 points as a result. It's profiling at the worst because they are scared the economy will drop and they will be left holding the buck.

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What would Synchrony be accused of in small claims court?

[Anonymous]

^^^ this.

Does it suck? Yup. But it's their money to lend or retract as they see fit, for any or no reason. We don't get a say in it, and we agree to that when we accept the ToS upon opening a line of credit.

[Anonymous]

Sadly,

Paid off Reeds Sychrony Acct a year ago.  No negative activity, never late...then boom, they close the acct stating my credit activity was high risk...smh.  I'm almost at a 700 Credit Score and nothing has ever changed!  I get it, they can't make money off me anymore so they have to close me out and make me reapply, smh!!!

[CreditInspired]

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@Anonymous wrote:

Sadly,

Paid off Reeds Sychrony Acct a year ago.  No negative activity, never late...then boom, they close the acct stating my credit activity was high risk...smh.  I'm almost at a 700 Credit Score and nothing has ever changed!  I get it, they can't make money off me anymore so they have to close me out and make me reapply, smh!!!

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What has been happening with your overall credit profile since you paid off the account? An almost 700 score says there are some negative things going on somewhere in your profile. 

[Anonymous]

My credit was actually worse when I got the card.  I pay all my bills on time and only have 1 joint acct with my wife in the form of a credit card.  Everything has been either paid off or paid down to 5%

[Anonymous]

The acct they closed was paid off for almost 2 years with a zero balance.  Had no reason to ever use the card honestly.  They just abruptly closed it.

[AverageJoesCredit]

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@Anonymous wrote:

The acct they closed was paid off for almost 2 years with a zero balance.  Had no reason to ever use the card honestly.  They just abruptly closed it.

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so they closed an account you basically havent used for 2 years and you weren't  going to use? Sounds like it was time for closure anyway. Sync has been closing accounts unused for 2 years before  the pandemic as has other lenders.  

[Anonymous]

Cool,

I understand it a little better since you explained it that way.  Thanks s million.  It was a Reeds acct anyway that I used to buy my wife's ring.  Paid off since.