@Anonymous wrote: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?
Sorry to hear this. I agree with you 100%.
I truly wonder if a class action could fly. While they have the right to close accounts at their whim, the scope and timing is questionable, at least from a moral standpoint.
@Brian_Earl_Spilner wrote:I truly wonder if a class action could fly. While they have the right to close accounts at their whim, the scope and timing is questionable, at least from a moral standpoint.
I know we do not always get the full story, but I would also wonder if the reason provided to the customer for closing the accounts was factually inaccurate if that would have any bearing. Like telling someone they've been deemed high risk would be harder to argue than telling someone they've been late when they haven't.
@Anonymous wrote: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.
Welcome to My Fico Forums and congrats on your first postings @Anonymous 
Sorry to hear about your closures and frustrations with Synchrony Bank right off the bat. Hopefully, you'll have some good news to post for us soon! I totally agree that the account closures or credit line decreases with them was too much of a knee-jerk reaction and indicated they over-extended credit, but I've posted several times about that earlier in this thread.
How many Sync cards did you have and what were the limits? And how many other accounts and limits did you have? If this was the bulk of your total credit line, this is a good example of why we always suggest a good mix of lender diversity in case a single bank takes sudden action like this. I know you're angry now, but the impacts may not be as bad as you think and remember that "this too shall pass."
@Anonymous wrote:Thank you, good to know! Still ridiculous however as I renovate and stage Vacation Rentals and the biggest account I lost was Rooms to Go ...
Forum tip @Anonymous ... For better reader continuity on these threads, if you're replying to a particular comment, you can "quote" it (like I did your posting above) which helps to put your remarks in context. If you hit the "Reply" button below the comment you're answering, then hit the "Quote" button (on my browser, located in upper right of reply screen), and the quoted text will appear. You can then edit it (shorten it) to the relevant section if you like (such as I did your remarks above.)
Once again, welcome to My Fico and hope the forums are helpful to you.
@Anonymous, Welcome to the forums! Truly sorry for your closures