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Synchrony closed 7 accounts same day, reported card balances as ''settled amount'' Possible Lawsuit?

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onr
New Member
New Member

Synchrony closed 7 accounts same day, reported card balances as ''settled amount'' Possible Lawsuit?

Hello guys, 

 

So there is a serious problem with Synchrony bank.

-I have 750 credit score. Using Synchrony cards everyday since 2016 and pay full balance every month.

-I never had any late payment with Synchrony or any other bank card, loans etc. Everything is on time.

-I have a very clear credit report with only %8 utilization that are always paid in full every month.

 

2 days ago I woke up with bunch of emails. Synchrony closed all of my accounts for nothing. Called customer service and they were even confused why it is happened.

 

Amazon store card $590 balance of $20000 limit.

Paypal Mastercard $350 balance of $20000 limit.

Ebay Mastercard $1.87 balance of $10.000 limit

Synchrony car care $1400 balance of $10.000 limit

Adorama Edge card $0 balance of $3500 limit

Paypal credit $950balance of $5000 limit

Sweetwater card $1200 balance of $6000 limit (They approved this card 2 days before closing all the accounts)

 

Now dilemma starts here; 

 

Cards with balances reported to my credit reports as ''settled amount'' I've got an email from Chase Credit Journey says;

 

"It looks like you settled an account with a lender. When you settle an account, you negotiate a lump-sum payment with your lender to pay back part of what you owe so that the rest is forgiven."

 

For those balances statement not even closed yet. I did not even get the statements to pay the balances.

 

-I never wanted to close the accounts.

-I never attempted not to pay the balances or never attempted to negotiate for settlement.

 

Did anybody have and experience like this before? Would it be a possible lawsuit? I don't know where to start. I've never ever experienced anything like this before. 

 

Any thoughts?

 

31 REPLIES 31
Guyatthebeach
Valued Contributor

Re: Synchrony closed 7 accounts same day, reported card balances as ''settled amount'' Possible Laws

Onr,

 

Welcome to the forum!

 

If you didn't settle those cards, then there is a huge issue. You need to contact Synchrony to get this resolved, because there are long term impacts on your ability to obtain credit in the future. 


This is definitely a CFPB complaint and potential lawsuit.

 

Guyatthebeach

Message 2 of 32
onr
New Member
New Member

Re: Synchrony closed 7 accounts same day, reported card balances as ''settled amount'' Possible Laws

Thank you for your answer.

 

Yes, I never attempted to close or settle the amount. I always pay on time right after they send the statement. My credit score already dropped by 20 points. I just need some advice from the users if anyone had any issue something like that before. 

Message 3 of 32
GatoradeZeroGuy
Valued Contributor

Re: Synchrony closed 7 accounts same day, reported card balances as ''settled amount'' Possible Laws

are you, a SO, somebody in your family, in your household filing for BK, being sued? anything of the sort? 

 

I imagine they just want to close your accounts are inaccurately reporting as such, and you definitely should get that reporting fixed, but hopefully the closures themselves are the error and you get your accounts back and the reporting fixed

Starting FICO 8:

Current FICO 8:

1/6, 5/12, 12/24




Message 4 of 32
GApeachy
Super Contributor

Re: Synchrony closed 7 accounts same day, reported card balances as ''settled amount'' Possible Laws

First, you need to take screen shots of everything you're viewing and where you're viewing this info.

Next, you need to go to Annualcreditreport.com and obtain and download all 3 cr's.

Compare

Gather all payment info for each acct. going back a year at least.

It's all about Document, document, document

Then, comfirm any and all inaccuracies....document individually.

If there are indeed same inaccuracies being reported on your 3cb's you should consult with a local consumer attorney.

Not for monetary gain but from the fall out that could come.....you will need help.

 

Let us know what you can confirm through Annualcreditreport.com

GL!

My Take Home Pay Don't Take Me Home
Message 5 of 32
onr
New Member
New Member

Re: Synchrony closed 7 accounts same day, reported card balances as ''settled amount'' Possible Laws

 

No one around me filed a BK. Nothing happened. Their reason is "I'm a high risk customer to pay the balances. I'm paying the balances of their credit card since 2017 every month. No single missed or late payment. No single payment return. I have a very very good monthly income.

Message 6 of 32
GApeachy
Super Contributor

Re: Synchrony closed 7 accounts same day, reported card balances as ''settled amount'' Possible Laws


@onr wrote:

 

No one around me filed a BK. Nothing happened. Their reason is "I'm a high risk customer to pay the balances. I'm paying the balances of their credit card since 2017 every month. No single missed or late payment. No single payment return. I have a very very good monthly income.


Hey, how about logging back on to your acct(s) if you can and pull your VS4 (credit score) and see if it's dropped dramatically over the past few months.

My Take Home Pay Don't Take Me Home
Message 7 of 32
SouthJamaica
Mega Contributor

Re: Synchrony closed 7 accounts same day, reported card balances as ''settled amount'' Possible Laws


@onr wrote:

Hello guys, 

 

So there is a serious problem with Synchrony bank.

-I have 750 credit score. Using Synchrony cards everyday since 2016 and pay full balance every month.

-I never had any late payment with Synchrony or any other bank card, loans etc. Everything is on time.

-I have a very clear credit report with only %8 utilization that are always paid in full every month.

 

2 days ago I woke up with bunch of emails. Synchrony closed all of my accounts for nothing. Called customer service and they were even confused why it is happened.

 

Amazon store card $590 balance of $20000 limit.

Paypal Mastercard $350 balance of $20000 limit.

Ebay Mastercard $1.87 balance of $10.000 limit

Synchrony car care $1400 balance of $10.000 limit

Adorama Edge card $0 balance of $3500 limit

Paypal credit $950balance of $5000 limit

Sweetwater card $1200 balance of $6000 limit (They approved this card 2 days before closing all the accounts)

 

Now dilemma starts here; 

 

Cards with balances reported to my credit reports as ''settled amount'' I've got an email from Chase Credit Journey says;

 

"It looks like you settled an account with a lender. When you settle an account, you negotiate a lump-sum payment with your lender to pay back part of what you owe so that the rest is forgiven."

 

For those balances statement not even closed yet. I did not even get the statements to pay the balances.

 

-I never wanted to close the accounts.

-I never attempted to not pay the balances or never attempted to negotiate for settlement.

 

Did anybody have and experience like this before? Would it be a possible lawsuit? I don't know where to start. I've never ever experienced anything like this before. 

 

Any thoughts?

 


Welcome to the forum.

 

There have been dozens of reports just like yours about Synchrony.

 

It's been a recurring problem for over 2 years. Customers who had multiple accounts with large combined limits, and little or moderate usage, have been seeing all their accounts closed at once.

 

My theory is that Synchrony is doing it to pretty up its financial statements by quickly reducing its loan loss reserves.

 

Needless to say you should dispute any incorrect entries in your credit reports.

 

As to whether you can reason with Synchrony, that I don't know.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 8 of 32
bourgogne
Valued Contributor

Re: Synchrony closed 7 accounts same day, reported card balances as ''settled amount'' Possible Laws

gosh that is a lot of limit to vanish at once.  sorry for this.  honestly I don't know why anybody uses these types of lenders.  anyhow,  you say you have a 750 score - is that fico 8 - what are all 3 of your scores before this happened, how long is your total history, your oldest account, why is your score only 750 and do you have any AUs on any of the sync accounts?

Message 9 of 32
GApeachy
Super Contributor

Re: Synchrony closed 7 accounts same day, reported card balances as ''settled amount'' Possible Laws

But does anyone remember any mf peeps reporting on their syncrony closures as having "settled"?

My Take Home Pay Don't Take Me Home
Message 10 of 32
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