Master Synchrony Account Closure Thread

[GApeachy]

@chiefone4u  Ouch! ...and that could be why they closed on you this go 'round.  idk but that could be part of the reason.....their long memory.

[chiefone4u]

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@GApeachy wrote:

@chiefone4u  Ouch! ...and that could be why they closed on you this go 'round.  idk but that could be part of the reason.....their long memory.

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It could be their memory. After the financial meltdown I went from service work (restaurant - dinner cook) to what is now considered "An Essential Worker", truck Driver in the timber industry (haul logs, haul lumber and when slow I haul wood waste to Clearwater Paper so they can make toilet paper and other paper products).

I guess I'll wait and see if all the other accounts give the same reason. 

[GApeachy]

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@chiefone4u wrote: I haul wood waste to Clearwater Paper so they can make toilet paper and other paper products).

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Thank you for sharing everything.....drive safely; stay safe and healthy!

[Aim_High]

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@GApeachy wrote:

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@chiefone4u wrote: I haul wood waste to Clearwater Paper so they can make toilet paper and other paper products).

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Thank you for sharing everything.....drive safely; stay safe and healthy!

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Boy that's an old image!

@GApeachy, I think you're showing your age

... but I guess I am too!

[GApeachy]

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@Aim_High wrote:

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... but I guess I am too!

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Uh-oh!......guess so.  (hang-ten)

[Anonymous]

Synch closed my 6 cards with them a couple of weeks ago as well.   No notice, no nothing, just an alert that my cards were closed.  all 6 cards had 10K limits with 0 balance.   Ultimately, they were making no money off me so I'm sure I'm not their most desired customer.  But they cut a customer with 780 FICO score with no negatives and no late payments with a 150K income.  Seems like a poor business decision to me, but at the end of the day the have the right to close accounts and I have the right to say the next time I will app for one of their cards is when Hell freezes over.  The notice in the mail said something about my profile being a risk.   LOL

[Aim_High]

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@Anonymous wrote:

Synch closed my 6 cards with them a couple of weeks ago as well.   No notice, no nothing, just an alert that my cards were closed.  all 6 cards had 10K limits with 0 balance.   Ultimately, they were making no money off me so I'm sure I'm not their most desired customer.  But they cut a customer with 780 FICO score with no negatives and no late payments with a 150K income.  Seems like a poor business decision to me, but at the end of the day the have the right to close accounts and I have the right to say the next time I will app for one of their cards is when Hell freezes over.  The notice in the mail said something about my profile being a risk.   LOL

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Sorry for (their) loss!  Lol   Looks like Synchrony is on quite a roll.  Regardless of whatever credit factors are going into these decisions or the profiles of the cardholders being slashed, I think this wholesale slaughter of credit files is simply inexcusable.  Someone's head at the bank needs to roll for allowing it to apparently overextend their ability to lend to this level.  Why not instead cut most of those  credit limits by 50% or just selectively close a line or two per customer?   I'd love to see a class action lawsuit or a congressional investigation demanding more detailed proof of what made those customers a higher risk.  It sounds like a total excuse.

[RSX]

^^ totally agree

whatever Algo let them give those increases to us in the first place, should have been implemented to ramp them down due to lack of use

drop them by 50-80% is different than mass closures

or close the ones with no usage like other creditors do

but everything in one fell swoop is utter BS

of course when i login to Paypal, it gives me the option to apply for PayPal credit - and it is stuck on there - not a one time offer

i am waiting until June to close out my PayPal account entirely - had to be 6 months past the last transaction or i would have done it already

[MacCreed]

No big loss. Sync is barely half a step above sub prime.  Stay away!  

[Anonymous]

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@Aim_High wrote:

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@Anonymous wrote:

Synch closed my 6 cards with them a couple of weeks ago as well.   No notice, no nothing, just an alert that my cards were closed.  all 6 cards had 10K limits with 0 balance.   Ultimately, they were making no money off me so I'm sure I'm not their most desired customer.  But they cut a customer with 780 FICO score with no negatives and no late payments with a 150K income.  Seems like a poor business decision to me, but at the end of the day the have the right to close accounts and I have the right to say the next time I will app for one of their cards is when Hell freezes over.  The notice in the mail said something about my profile being a risk.   LOL

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Sorry for (their) loss!  Lol   Looks like Synchrony is on quite a roll.  Regardless of whatever credit factors are going into these decisions or the profiles of the cardholders being slashed, I think this wholesale slaughter of credit files is simply inexcusable.  Someone's head at the bank needs to roll for allowing it to apparently overextend their ability to lend to this level.  Why not instead cut most of those  credit limits by 50% or just selectively close a line or two per customer?   I'd love to see a class action lawsuit or a congressional investigation demanding more detailed proof of what made those customers a higher risk.  It sounds like a total excuse.

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They might have found that those resources can be allocated elsewhere in a much more  profitable way, so closing and losing accounts that might provide them pennies could be used to get dollars, and many of them. 

If that's the case, they can't close accounts fast enough.