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@SgtT77 wrote:Unfortunately they have done the same to me. It first started with my Lowes account a few months ago. Then just two days ago, I noticed that they closed my Paypal credit account. They left the credit card open but closed the credit line. Then they are saying that my payment is late when it's set on auto pay and when I look at the payment it shows that the payment was made. So I don't know what's going with them. It was good while it lasted I guess but I'm going to call them about that late fee.
@SgtT77, Sorry to hear of your closures. It's never a good feeling.
@SgtT77 wrote:Unfortunately they have done the same to me. It first started with my Lowes account a few months ago. Then just two days ago, I noticed that they closed my Paypal credit account. They left the credit card open but closed the credit line. Then they are saying that my payment is late when it's set on auto pay and when I look at the payment it shows that the payment was made. So I don't know what's going with them. It was good while it lasted I guess but I'm going to call them about that late fee.
Sorry to hear. Hope you can clear up the late.
I wonder if these closures are happening across both Synchrony Bank and Synchrony Financial, which I learned recently are two different entities.
I have two Synchrony Bank cards (PayPal Cash Back Mastercard and Marvel Mastercard) and Ihave two Synchrony Financial Cards (B&H Payboo and Synchrony Home). The bank ones have their own individual login websites, but the Synchrony Financial ones show up in one login. I wonder if someone who has had closures has had closures occur across both entities at the same time? I.E. maybe the bank side is tightening up and the financial side is not doing so just yet.
@RehabbingANDBlabbing wrote:I wonder if these closures are happening across both Synchrony Bank and Synchrony Financial, which I learned recently are two different entities.
I have two Synchrony Bank cards (PayPal Cash Back Mastercard and Marvel Mastercard) and Ihave two Synchrony Financial Cards (B&H Payboo and Synchrony Home). The bank ones have their own individual login websites, but the Synchrony Financial ones show up in one login. I wonder if someone who has had closures has had closures occur across both entities at the same time? I.E. maybe the bank side is tightening up and the financial side is not doing so just yet.
Good point. So I have two cards that are under Synchrony Financial that show up under one account when you login (The Container Store and Synchrony Car Care). Those cards are still open. But as you mentioned, cards own by Synchrony Bank were closed (Lowes and Paypal LOC). So I'm keeping my fingers cross that they don't mess with the Financial side of the house.
@RehabbingANDBlabbing wrote:I wonder if these closures are happening across both Synchrony Bank and Synchrony Financial, which I learned recently are two different entities.
I have two Synchrony Bank cards (PayPal Cash Back Mastercard and Marvel Mastercard) and Ihave two Synchrony Financial Cards (B&H Payboo and Synchrony Home). The bank ones have their own individual login websites, but the Synchrony Financial ones show up in one login. I wonder if someone who has had closures has had closures occur across both entities at the same time? I.E. maybe the bank side is tightening up and the financial side is not doing so just yet.
I had both, and all cards from both were closed.
I think the "high risk" they noticed from me was 6 accounts had not reported since December (including a car loan). Debt to income looked really taxed when the refinance loan showed up and the original loan never updated. Finally got Ally to update the account as paid a few day's ago with the correct payoff date in March.
My sync amazon account was closed as well a while ago.
reason was that I was on auto pay but I switched bank account and didn't inform sync...so for 2 months the auto pay didn't went through, I got notification for each of them and I just manually submitted payment each time without updating the auto pay acount number so they closed it.
when I called them they said that the decision is final and I will need to apply for new account...I chose not to and just paid it off
They closed my account today too. I've had their card for 8 years. Never missed a payment since I used autopay. I paid off all my other cards (3 cards) 2 months ago and saved to pay this one off. My credit was greatly improved since December and is 660+ right now. AS SOON as I paid my mysynchrony card off in full (60% utilization on it) they immediately close my account stating "Lack of Real Estate Secured Loan Information" and "Not Enough Balance Paid Down Over Time on Installment Accounts".... this is absolutely BS because the account was at ZERO when they closed it. So pissed off at them for giving me made up reasons. These people are amateurs.
@Anonymous wrote:My sync amazon account was closed as well a while ago.
reason was that I was on auto pay but I switched bank account and didn't inform sync...so for 2 months the auto pay didn't went through, I got notification for each of them and I just manually submitted payment each time without updating the auto pay acount number so they closed it.
when I called them they said that the decision is final and I will need to apply for new account...I chose not to and just paid it off
This would be a more-than-sufficient reason for most/all lenders to close. They don't like payments that don't work, even if the bill is paid anyway.
I feel the same way @policebox. I will never use them again! They definitely don't have you in mind when they make such decisions and how it will effect your credit standing overall. I'm still upset about them closing my account, especially knowing I never missed a payment and always paid more than my payment!
I was just informed all my Synchrony Accts have been closed as well. I have used Synchrony for years through different businesses and have ALWAYS paid my accounts off on time or early and never been late. The letter they sent me says "Too Few Accounts Paid as Agreed" This is 100% untrue. I have perfect payment history with all my accounts. I called Synchrony and asked them why they would do this and they told me to call the Credit Bureaus. I told them I did and the letter they sent me is completely untrue and they said nothing they can do.
Now the most infuriating part of this is that now my credit that I've worked so hard to keep good is now going to show less available credit through no fault of my own. I just lost years of credit history making it harder to get new credit to replace what they took. All because of what? I did absolutely nothing wrong. All my accounts are in good standing and they have fabricated a reason to dump me.
As a company they can go to hell. I will never do business with a company that uses them. However, I feel without cause they have damaged my credit and they should be held accountable. They did this during a global pandemic, when even with people going through hardships still kept they payments on time and in good standing and have kicked us when we're down. I do not believe it is fair when a consumer is paying as agreed to punish them and hurt their credit. Is there any legal action we can take?