Synchrony account closure

[Anonymous]

Seems synchrony is on a spree lately.

no drastic changes in accounts, usage or anything like that. In fact, I actually just starting paying things off in full (other cards as well as synch with the exception of the Ashley card)

not sure if I spooked them or what.

they closed my Ashley Home Furniture store card about a week ago, with a balance. I said whatever, I'm still in the 0% period. But what had me curious is when I went to pay my other synchrony card (chevron), the payment had been taken from my account and posted on my payment history on my chevron account, however the credit had not been credited back to me. So I called and the lady on the phone said there was a hold but couldn't see the reason why. She just saw that it would be released on the 21st (I paid on the 13th). I go to check my account today just in case it cleared early and I see that it's been closed. When I first called the lady, I asked her if anything strange was going on with the account, had I received a CLD, had they closed they account, etc. She said no everything looked fine and that it was just a temporary hold.

I feel lied to, betrayed, you name it. I know there are better creditors out there but man, this one stings. Had I known they were going to close both my accounts, I would've made minimum payments and put the bulk of my money towards other cards.

any recourse or is this the end?

[babygirl1256]

Greetings heyitsthatguy91 ~ So sorry that this has happened to you. I don't think it takes much to "spook" credit card lenders today. I don't believe you have any recourse because you voluntarily made large payments to reduce the balance and not with an understanding that your accounts would be closed. Yes, it's disappointing, indeed but seems to be within the lender's right to close the accounts.

I try to set a maximum allowable amount to be charged to each of my cards and keep the payments spread across each. I only have 8 credit cards and it's a lot of time spent managing them . . . glad I don't have to do this with 20, 30, 40 and greater number of cards!!!

[FinStar]

Sorry to hear about the closures.  Unfortunately, there is no recourse (if you are referring to the accounts being reinstated).  Once SYNCB closes an account due to Adverse Action, it cannot be reopened. 

If you don't mind sharing for the community, what were the limits on these 2 cards?  You mentioned a balance on the Ashley Furniture card, what is the remaining balance on that?  When you log in to either account, is there a "closed" account banner?

[Anonymous]

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@FinStar wrote:

Sorry to hear about the closures.  Unfortunately, there is no recourse (if you are referring to the accounts being reinstated).  Once SYNCB closes an account due to Adverse Action, it cannot be reopened. 

If you don't mind sharing for the community, what were the limits on these 2 cards?  You mentioned a balance on the Ashley Furniture card, what is the remaining balance on that?  When you log in to either account, is there a "closed" account banner?

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The limit on the Chevron card was $800, it had a $200 balance. The limit on the Ashley card was $7500 with a balance of $3500. Yes there are closed accounts banners on both cards when I log in. Never missed a payment, always paid well above the minimum on the Ashley card and I would only rarely carry a balance on the chevron card.

[AverageJoesCredit]

Sorry for your closures. Your Sync exposure was essentially not an issue. That seems normal for a Furniture store. Im curious  how much debt you carry  on your other cards, how high was the % and how long?  Those other cards could have been the trigger as the key word you stated in your op was " just started" to pay off. Thanks and sorry again

[BearsCubsOtters]

Sorry this happened to you. You are in good company if that is any consolation....many here have had their Synch Bank cards closed over the past year.

As others have said, once Synch closes a card, there is very little you can do.

One thing that may help is the write the retailer whose card is serviced by Synch. The letter should explain how upsetting it has been and that it will affect your relationship with the retailer in the future.  I cannot help but wonder if all of the people that got their cards closed did this, maybe the retailers would work more with Synch to prevent this or at least look for a different lender. Dillard's severed ties with them years ago because they had it with the way their cards were being serviced.