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

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bourgogne
Valued Contributor

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


@GApeachy wrote:

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


can you imagine 7 accounts all reporting as COs - man I would be all over this to contain it.  that is the best reason to stick to professional lenders that can be talked and reasoned with.  imo

Message 11 of 32
GApeachy
Super Contributor

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

@bourgogne no....not a good look.  I'd screenshot all the "settled" notations and get some qualified help asap. 

We've seen slip ups, even recently, with FI's reporting closed or deceased across the board for 10's of 1000's that was resolved within a 24 hr period.  But this is harsh if settlement doesn't exist. 

My Take Home Pay Don't Take Me Home
Message 12 of 32
TheRedHat
Established Contributor

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

That sounds terrible! Please keep all of us updated on your progress with getting this resolved.

Last update: 2/12/2024
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Goal Cards
Message 13 of 32
longtimelurker
Epic Contributor

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


@GApeachy wrote:

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!


Right, my question here is on which credit reports are the accounts reported as settled?   If Annualcreditreport shows that, then yes, there is a problem, but if it is Chase, that could be just an issue there (and we have seen temporary mistakes on these reporting services).

 

And just to be clearer with OP, to distinguish between some of the responses:

1) Sync closing several accounts at once, including just approved ones, is relatively common around here.   Lots of posts.    Several theories as to what triggers it, but certainly have many high credit limit accounts with low usage seems to be a danger (as would very high usage on multiple high limit accounts).    

2) But reporting as settled is perhaps unique.   I would expect it can get fixed, but might take some time and effort which you shouldn't have to spend, but life isn't always fair.

Message 14 of 32
GatoradeZeroGuy
Valued Contributor

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


@bourgogne wrote:

@GApeachy wrote:

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


can you imagine 7 accounts all reporting as COs - man I would be all over this to contain it.  that is the best reason to stick to professional lenders that can be talked and reasoned with.  imo


I imagine they aren't reporting as settled, they're reporting as closed with the comment just being 'settled' I would seriously hope Synch didn't just place 7 COs on OP's file all at once, that's lawyer territory immediately 

Starting FICO 8:

Current FICO 8:

1/6, 5/12, 12/24




Message 15 of 32
onr
New Member
New Member

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

I did all the disputes and complants. Took a lot of time.

I'm going to provide all new information and update everyone.

 

And yes, Synchrony has extremly poor risk management. That was a great lesson for me. I would never never ever open any account from non-major creditors again. They are super "risky creditor" for the consumer.

Message 16 of 32
GApeachy
Super Contributor

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

@onr were these closed synchrony accts listed on your cr's from Annualcreditreport.com?  If so, were they also notated as "settled"?

My Take Home Pay Don't Take Me Home
Message 17 of 32
markhs777
Regular Contributor

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

Obviously the bank has every right to close any account it wants. The term "settled "doesn't necessarily denotes negatively. 

Going forward you may actually incur a more difficult path for additional credit however only a legal professional can determine if indeed Synchrony has any liability.

Message 18 of 32
SUPERSQUID
Valued Contributor

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

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Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos in the 680 - 690 range, the 9's slightly higher than the 8's
My vantage scores 708 - 711
TCL - about 110k
Retired since 2017
Message 19 of 32
GApeachy
Super Contributor

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


@markhs777 wrote:

The term "settled "doesn't necessarily denotes negatively. 

 


I'm pretty sure it does.  Taken from Experian, search "settled":

 

"Settled Accounts Remain on Your Credit Report for Seven Years

When you settle, the account will not be removed immediately from your credit report. If you were late on payments, the account will remain on your credit report for seven years from the original delinquency date.

If the account was positive, meaning there are no late payments in the account history, the account will remain on your report for seven years from the date it was settled."

 

"It is always better to pay off your debt in full if possible. While settling an account won't damage your credit as much as not paying at all, a status of "settled" on your credit report is still considered negative."

My Take Home Pay Don't Take Me Home
Message 20 of 32
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