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Synchrony closed all of my accounts today

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Frequent Contributor

Re: Synchrony closed all of my accounts today

JC Penney sent a letter explaining the reason for closure:

 

Activity on account(s) with SYNCHRONY BANK indicative of high risk of failure to pay

 

I guess buying things you need and paying off said debt before promotional financing ends is frowned upon? 

 

I wonder if it's related to using my PenFed checking account to pull a pay off payment to a few Synchrony cards (probably wasn't smart of me to pay off balances the first time using a new checking account?)

 

Was going to add picture of letter but file is to big. <future home of letter>

 

Starting Score: EQ:608, EX:617, TU:625
Score 10/2018: EQ:669, EX:686, TU:668
Score 11/17/2018: EQ:682, EX:681, TU:683
Current Score 3/11/2020: EQ:695, EX:703, TU:720
12/24/2018 -- EQ Beacon 5.0: 678, EX Fico II: 690, TU Fico Classic 04: 716

Goal Score: 740+


Take the myFICO Fitness Challenge

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Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.

Newest Account April 8, 2020 -- Last HP April 15, 2020 -- Gardening Goal:
April 2022 and reach 0/24
Message 81 of 249
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Super Contributor

Re: Synchrony closed all of my accounts today

Everyone who has been closed has gotten that reason. 

I wonder if they're pulling risk scores and using that as predictive indicators along with trending data from your accounts with them. 


Message 82 of 249
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Community Leader
Senior Contributor

Re: Synchrony closed all of my accounts today

Or they don't care enough to offer real reasoning and are throwing BS in the hopes of shutting people up. Wouldn't be the first time a lender gave vague/half-true reasoning.



Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | GHS Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





TCL $63,850 | Agg. Util under 5%
Message 83 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today


@Saeren wrote:

Everyone who has been closed has gotten that reason. 

I wonder if they're pulling risk scores and using that as predictive indicators along with trending data from your accounts with them. 


That's very possible Saeren. I thought I would share the reason given for added DP.

Starting Score: EQ:608, EX:617, TU:625
Score 10/2018: EQ:669, EX:686, TU:668
Score 11/17/2018: EQ:682, EX:681, TU:683
Current Score 3/11/2020: EQ:695, EX:703, TU:720
12/24/2018 -- EQ Beacon 5.0: 678, EX Fico II: 690, TU Fico Classic 04: 716

Goal Score: 740+


Take the myFICO Fitness Challenge

Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $8300ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000

Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.

Newest Account April 8, 2020 -- Last HP April 15, 2020 -- Gardening Goal:
April 2022 and reach 0/24
Message 84 of 249
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Senior Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

@Saeren wrote:

Everyone who has been closed has gotten that reason. 

I wonder if they're pulling risk scores and using that as predictive indicators along with trending data from your accounts with them. 


That's very possible Saeren. I thought I would share the reason given for added DP.


Did you happen to have Card Security on any of your accounts?


"MY TAKE HOME PAY WON'T TAKE ME HOME"
Current Scores: Exp 736/Eq 744/ Tu 756




Message 85 of 249
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Valued Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

@Saeren wrote:

Everyone who has been closed has gotten that reason. 

I wonder if they're pulling risk scores and using that as predictive indicators along with trending data from your accounts with them. 


That's very possible Saeren. I thought I would share the reason given for added DP.


I'll take it as a DP. I'm not totally convinced that the reasons are made up. They may not always make sense and make some think that they are bogus, but they may be doing something behind the scenes that make it fall into a category like this one, and maybe because of looking at trending data, etc.

Scores, HPs/24 mos. (updated 4/08/20):
    Experian FICO Score 8 = 827, 2/24
    Experian FICO Score 9 = 834, 2/24
   TransUnion = 832, 1/24
    Equifax = 834, 0/24

Total 2019 rewards, incl. offers/deals = $1,709.07
Avg. rewards rate, incl. offers/deals = 3.92%

Total CL: $264,500

Cards (hover over for CL | interest rate | Date Opened):
Message 86 of 249
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Senior Contributor

Re: Synchrony closed all of my accounts today


@CardNut wrote:

@chiefone4u wrote:

@Saeren wrote:

Everyone who has been closed has gotten that reason. 

I wonder if they're pulling risk scores and using that as predictive indicators along with trending data from your accounts with them. 


That's very possible Saeren. I thought I would share the reason given for added DP.


I'll take it as a DP. I'm not totally convinced that the reasons are made up. They may not always make sense and make some think that they are bogus, but they may be doing something behind the scenes that make it fall into a category like this one, and maybe because of looking at trending data, etc.


Trending data, economic trends and "IF" you are one that has Card Security.........what kind of High Risk could you be?  That's why I ask about the Card Security as well.  Would be another dp to add to the mix.


"MY TAKE HOME PAY WON'T TAKE ME HOME"
Current Scores: Exp 736/Eq 744/ Tu 756




Message 87 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today


@GApeachy wrote:

@chiefone4u wrote:

@Saeren wrote:

Everyone who has been closed has gotten that reason. 

I wonder if they're pulling risk scores and using that as predictive indicators along with trending data from your accounts with them. 


That's very possible Saeren. I thought I would share the reason given for added DP.


Did you happen to have Card Security on any of your accounts?


I did not. When I had financial issues in 2009 (from the fall out of 2008 housing market crash) all of my accounts had that insurance, and I'd been paying that extra premium every month for 2 years before losing my job...

 

because I  was reduced from 40 hours to 30 hours a week I was working to many hours to collect. Then my last paycheck showed 20 hours one week and 15 hours the last week. 

All claims were denied because I worked fewer that 20 hours a week. I spent 2 years fighting for what I paid for. Out of all that fighting, I was included as a creditor in a bankruptcy of the company that issued the policies for GE Money Bank; and a refund of the last 6 months of premium payments paid for a similar product to Discover. 

 

I vowed I would never pay into such a scam again. I don't work in a 9-5 world, I don't get paid by the hour and therefore even though I'm a W2 employee there are to many clauses in the contracts for my premium to ever help with anything more than death.

Starting Score: EQ:608, EX:617, TU:625
Score 10/2018: EQ:669, EX:686, TU:668
Score 11/17/2018: EQ:682, EX:681, TU:683
Current Score 3/11/2020: EQ:695, EX:703, TU:720
12/24/2018 -- EQ Beacon 5.0: 678, EX Fico II: 690, TU Fico Classic 04: 716

Goal Score: 740+


Take the myFICO Fitness Challenge

Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $8300ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000

Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.

Newest Account April 8, 2020 -- Last HP April 15, 2020 -- Gardening Goal:
April 2022 and reach 0/24
Message 88 of 249
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Senior Contributor

Re: Synchrony closed all of my accounts today

@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.


"MY TAKE HOME PAY WON'T TAKE ME HOME"
Current Scores: Exp 736/Eq 744/ Tu 756




Message 89 of 249
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Frequent Contributor

Re: Synchrony closed all of my accounts today


@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.


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. 

Starting Score: EQ:608, EX:617, TU:625
Score 10/2018: EQ:669, EX:686, TU:668
Score 11/17/2018: EQ:682, EX:681, TU:683
Current Score 3/11/2020: EQ:695, EX:703, TU:720
12/24/2018 -- EQ Beacon 5.0: 678, EX Fico II: 690, TU Fico Classic 04: 716

Goal Score: 740+


Take the myFICO Fitness Challenge

Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $8300ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000

Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.

Newest Account April 8, 2020 -- Last HP April 15, 2020 -- Gardening Goal:
April 2022 and reach 0/24
Message 90 of 249
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