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Synchrony bank just killing people s credit

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Regular Contributor

Synchrony bank just killing people s credit

they are just cutting credit lines closing accounts what is going on here they are worse they any bank out there all my others are fine just these accounts they messing thye just closed my car care account and dropped my limit on tj maxx this is getting ridiculous any one else having problems with there  snychnoary accounts

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Community Leader
Super Contributor

Re: Synchnoary bank just killing people s credit

Yes, others have experienced Synchrony AA. A search will give you an idea of others who have been affected. 



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Message 2 of 92
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Moderator Emeritus

Re: Synchnoary bank just killing people s credit

AFAIK they have been shutting down or cutting tradelines that have not had much activity.

 

Mixed opinions to be sure about this, but it presumably reduces their reserve requirements without requiring an influx of capital.  That is a valid way of meeting the new reserve mandates in part.

 

If you had been actively and substantially using the tradelines then maybe something else was up, but I don't think I have seen them indiscriminately cutting.  That said out of the major lenders Sync is one people really pushed on for tradelines that weren't really needed historically so I am not surprised it is showing up on these forums.




        
Message 3 of 92
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Regular Contributor

Re: Synchnoary bank just killing people s credit

i have read a lot of peoples car care accounts are getting closed just out of the blue they shut mine down i still had over 1000 availabe and made large payments on it i just dont get it and i have been using every month 

Message 4 of 92
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Regular Contributor

Re: Synchnoary bank just killing people s credit

what is there deal anyways no other bank is doing this i never misssed payment in my credit in years and years and years 

Message 5 of 92
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Regular Contributor

Re: Synchnoary bank just killing people s credit

i hope those stores they are backing find another credit company to back them the fed govt should look into synchnoary back practices its really awful 

Message 6 of 92
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Regular Contributor

Re: Synchnoary bank just killing people s credit

Afaik they are doing to everyone it dosent matter if you been using your card or not

Message 7 of 92
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Moderator Emeritus

Re: Synchnoary bank just killing people s credit


@lakerfan2011 wrote:

what is there deal anyways no other bank is doing this i never misssed payment in my credit in years and years and years 


Almost every other credit card issuing bank doesn't have the same subprime portfolio that Sync does.

 

Out of the population of the recently unemployed, Sync probably has a higher percentage of them as consumers.  No lender wants to get stuck holding the bag if this all falls apart and I don't think Sync's cashflow and deposits was enough to build reserves the traditional way.

 

It sucks, sure, but just move on with your credit life.  




        
Message 8 of 92
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Regular Contributor

Re: Synchnoary bank just killing people s credit

they are killing the people that acutally pay them well and never have a problem with them i still think what they are doing is wrong and they should be looked it 

Message 9 of 92
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Regular Contributor

Re: Synchnoary bank just killing people s credit

plus they  are killing the credit score for having a closed account and they are hurting they available credit for just out of the blue cutting the line because they cant get there stuff together

Message 10 of 92
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