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I had four accounts with Synchrony Bank. CareCredit, Ashley Furniture and a Sports Card and a card for an electronics provider. Initially, the card for the electronics was closed. I had actually never used this card, the limit was low ($1000) and I did not think much about it as I figured it was lack of use. HOWEVER, the Care Credit card came next! This credit account had initially been over $20k, was paid in full EARLY, with ZERO missed or late payments, and I have had the credit line for literally YEARS. After several years, the credit limit was dropped to $10k, as it had not been used. This was fine, it stayed that way for a long time and I figured if I needed it I would just apply for whatever amount over I needed. Then out of no where Synchrony closed the card with no notice or any valid reasoning. I eventually got a very disrespectful letter apprising me of the account closure, complained that the information included in the letter was both inaccurate and offensive... with no response at all. Next, The Sports Card was closed. Again, 100% on time payments, paid off early, $5k limit. Next, the Ashley card, again 100% on time payments, paid off early, $8k limit. Though my credit report CLEARLY SHOWS I have a 100% on time payment record on ALL of my accounts for years, with each account closure my credit rating dropped more and more... until now I am in the mid-low 600s! This is NOT due to any action of mine, this is specifically due to the available amount of credit decreasing rapidly. Within a few weeks! We are in the middle of a pandemic, and I have had to assist more than one family member by some financial means, which I have, out of necessity, done through other credit. The balances of open credit provided by Synchrony allowed me to do this without a severe impact on my credit standing, and being 100% forthcoming, my credit rating was still "good" when the initial closure of Care Credit was done. Then begins the spiral downward of my credit rating, 100% due to Synchrony deciding to close accounts I had maintained in good faith and honor. Each closure dropped my credit score, and not only had a severe impact on my credit rating, but in doing so severely diminished my options moving forward. This is how your company treats loyal and valuable paying customers? In the middle of a Pandemic when the impact is greatest? These practices are unfair and unethical, AT BEST. NOW, were I to simply "reapply" for any of these credit lines... I WOULD BE DENIED due to the higher credit score requirements I am aware are held by Synchrony to extend credit in the first place... yet it was the closing of these accounts (SOLELY) that affected my score! This is NOT a typical "risk management" decision, this is a deliberate and premeditated action on the part of Synchrony, which becomes even more clear as I look online and see the sheer VOLUME of other people this has been perpetrated upon.
Well this [censored] is unreal A 1 credit paid on time. No explanation except a risk of not paying. How is that when I had no balance. There should be a law against this foolery.
I contacted BBB and FDIC
Synchrony just did the same things to me on all my credit with them. Amazon, Lowe’s, Sam’s, Belk, jcpenny, PayPal credit. All of which still have several thousand credit available and 100% on time payments and never late on any of my cards. I had even gotten credit limit increases on 2/11/24 then they closed every account 2/29/24 no warning. I’ve always been on auto pay, never missed payment in all the years I owned these cards, no any other creditor I had. Then I get letters saying I’m at high risk for non payment was reason for closing. I mean it’s all on my credit report of perfect history. I cannot get any further answers from them. Needless to say with every account in good standing I had being closed, my score keeps dropping! Is this what you get for always paying on time, paying more than minimum and never late? What’s going on?
I have had the same thing happen! They have messed my credit up when I have done 100 percent the right thing! This should be illigal! There should be a way to an entity to report it to!
I just now filed a report with the BBB. Same thing happened to me.
Just got a email, they closed my carecredit. I got the card for my pets emergency, it's paid off and I use it here and there for botox, so it wouldn't close. Well stupid me, not only did they lower the credit line, now they closed my account. I have been working hard on getting my credit score up to purchase a home and now this is going to really hurt it.
I just wrote almost word for word the exact same complaint on the BBB site for this company. There is NO way Synchrony Bank should be allowed to do this unethical crap AND at that bank with 75% or more of the companies out there! Shame on America for allowing this scam company to continue on wreaking havoc. Corporate greed!
Though I agree synchrony is in the wrong, it has nothing to do with "corporate greed". If they behaved according to corporate greed, they'd leave the accounts open and continue allowing you to use it, as that's what puts coin in their coffers.
That said, I have now also had synchrony close one of my accounts, and it's entirely because of a TYPO. I entered one number wrong on my payment account when I switched banks, and a payment failed. I immediately corrected the error and paid the account, but they closed it anyway, with no warning, and refuse to reopen it.
Let's get this class action lawsuit going!
They closed my pandora jewelry account, then my rooms to go (both paid off and never late) recently closed my mattress firm account with a $2000.00 balance (also paid on time) wtf - you are messing with peoples lives - this can effect the ability to get a home, car or buy land.
I have a care credit and a lowes cards left... which are also paid on time, every month. I expect that they will be closed soon too!
* let everyone know what is happening, so that they do not apply for their bs trap cards!
Just today i got a letter saying they closed my Mor Furniture account when that account has always been paid on time and was actually already paid off. I don’t understand why they closed it and my letter even states that the consumer reporting agency is unable to provide a specific reason for the action. Like what?!?!
Lawsuit?!?
Im in on the class action lawsuit against these jerks. their customer service is of NO SERVICE!
So, it's not just me getting hosed over?!? I also had accounts closed out of nowhere.
First was a credit card I got about 3 years ago. I got a $1500 limit, never used it. I think I applied for a credit increase last year, to which they REDUCED my credit line to $200. A few months ago, they closed it, still having never used it.
Now, they're f'king with my Amazon card. I have been strongly responsible with this card, never spending anything close to my limit. I got my limit up to $2000. Recently, I used my card for some purchases, no more than about $150 used. Some of those items were returned for refund. What they didn't tell me is that they refunded me via a gift card and not my Amazon card, so, I didn't know I had a bill/balance because they never sent me one. When I saw this a few days ago while trying to make another purchase, I requested that my late fee be waived, and they did. The next day, my credit line was reduced to $140! One measly dollar over the renewal fee for my Prime membership. Uhhhh, NOPE! Paused that s*it with a quickness!
I still have my PayPal account, which, I'm sure, they're licking their chops to snatch that up, too.
I, too, got the lack of info on a mortgage? (which I don't have) and high balances on other cards as reasons. This would make sense if I was applying for an increase or new credit. But, to just F with my credit even more with some BS like this?!? WTF?!?
It boggles my mind that these "credit bureaus" and their practices are even legal. You basically have these for-profit corporate companies (The "Big 3" bureaus) operating like the Mafia. All the little crime family subsidiaries work together to make up all these bogus "scores" and rules that just set people up for failure. You don't get a choice in paying into their "protection" and all the BS that comes with it. THIS is why people are broke and can never get ahead. Like I was, you're forced to accept the deviously high interest rates as a handout because they're the ones giving you a chance. But, they make it impossible to advance beyond the curve so that you don't get trapped in a situation of never being able to repay your debt. They give you a few crumbs for a good payment history. But, will take the whole dish and 60 points if you're late by a day ! You don't even have to be irresponsible. You just have to need them and that's where they get you. Then, they just maniacally destroy you.
Exactly the same thing ...0 balance perfect payment history closed account after pulling unauthorized hard credit on me saying my balances were too high...they pulled the report 1 time and it hadn't cycled through again to see that all my accounts get paid off every 30 says. What evidences that it's unjustified and follows no real criteria...They originally approved me for credit when my score was much lower and debt ratio was much higher than it was at the time they closed the account
They did the same thing to me a year ago with another retailer as well.
No notice
No warning
Just happened to me. My account was $0.00 because I purchased a few items on Amazon. I tried to redeem my $10 in earnings. They closed my account XD
They are crashing my credit on purpose too closing my longstanding, good standing high credit accounts so they make you file for credit consolidation, but this intentional attack is going to cause bankruptcy! Pieces of GARBAGE! need to be sued the hell out of shame on you giant...!
A little history on Synchrony bank, to give you an idea of just how shady they are. They were originally GE Capital, who, during the financial crisis of 2007 – 2010 exposed GE's dependence on GE Capital to issue low-cost commercial paper whose market dried up. The perception that GE is a global systemically important financial institution became a detriment to its share price. GE Capital Retail Bank changed its name to Synchrony Bank and is part of the GE Capital Retail Finance business. They are still in financial disarray and I would not recommend anyone getting a credit card from a company that is this shady. They currently have multiple class action suits against them: Synchrony hasn't admitted any wrongdoing but agreed to a $2.6 million class action lawsuit to resolve these TCPA allegations. Under the terms of the Synchrony Bank settlement, class members can receive an equal share of the net settlement fund.
People, please research before opening any credit card account.
They did me the same way i think it is bs no reason for it or when paying down they lower your credit limit as well poor busy i think...
What is wrong with Synchrony Bank? They closed my TJMaxx account, my Lowe's account, my HSN and QVC accounts abruptly. All 4 accounts I paid on time, monthly, and owed a 0 balance on each of them. I wrote a letter to the bank - no response. I complained with the government agency CFPB with no help as they closed my complaint because the bank said so. I have no clue why they did this, and no one at Synchrony can tell me either. They loan large businesses all kinds of money - even risky ones, and I am sure my tax dollars have helped bail them out during the recession and financial crash a few years ago and during COVID. I have an excellent credit record. Once again, this bank has gotten too big.
This just happened to me today . Anyone knows what can be done about this?
They Just closed 2 of my account with perfect payment history.
WE need a class action lawsuit. This is insane they can get away with doing this to peoples credit they worked on loyally for years.
I agree. This just happened to me and my credit was good and I was making my monthly payments. They tanked my score 48 points they reduced my credit limit to what I owed. If i didn't notice it, their may of been late fees and overlimit fees. SMH. is there anything we as a customer can do at this point?
We can stop giving our money to companies that have Synchrony cards. If we can get companies to drop them, then their profits will suffer. Take away their money that is how we do something about this.
It happened to me a few months back. Same scenario...I had 8 accounts in great standings with less than 6 percent usage of about $50000 in total credit.It messed my credit score and usage up. It's obvious they are in some type of financial mess because they are closing accounts in good standings. They don't care who it affects or how.
Yep they just did this to me on 2 perfect accounts. Closed randomly no warning perfect payment history.
Synchrony Bank has done the same to me. I paid my Care Credit on time, and suddenly they slashed my available credit in half so I'm now over extended. As soon as I paid off the balance, they close my account. Because I was over my limit (which was their doing) and because I don't have real estate? So my credit takes a double hit. Then I get a credit line with Google, didn't know it was through Synchrony until after my transaction, otherwise I wouldn't have bothered. They are pulling the same [censored]. I pay on time, and they just like they did with Care Credit, they make the minimum payment higher every month. Then once I'm close to half paid off, they cut my credit line in half so again, so I'm over utilized again. I've been trying to rebuild my credit and Synchrony has done nothing but damage it.
Synchrony bank just did that to me out of nowhere and I’m 100% in good standing with all of my creditors. This needs to be a class action lawsuit.
Synchrony Bank is shyt! You should be subject to huge fines for being an [censored]! Where are these companies that are supposed to monitor banks like Synchrony? They're the absolute lowest!
Literally just happened to me out of NOWHERE paid of my Care Cred balance EARLY and I've been in good standing. All of a sudden I couldn't get my medication because my card was canceled because of my TU report according to CS. This is complete BS!
Yes! That just happened to me. I had 10 accounts with them. This week they closed 5 accounts because:
1. Lack of real estate loan- mortgage is in my wife’s name.
2. Too many inquiries.
3. Balances in proportion to credit limits too high.
This is some real [censored]! I’ve worked so hard to rebuild my credit and have not missed 1 payment on anything! Closing my accounts because I used a credit card from another bank? Totally ridiculous! Now my credit score is tumbling because of using them! The hell with credit.
I wish you good luck my friend
This is exactly what just happened to me so I started googling. Seems like their failing or something else big going on. It is now affecting my credit score by closing most of my Synchrony Bank accounts with this BS explanation.
Just happened to me with my Care Credit Card. Always paid on time then paid off entirely a year ago. If they wanted to close my account for non-use that would be one thing but they have totally bogus reasons: real estate holding for loan not validated (it was never a real estate secured card), delinquent payments (my payment record is perfect), too many credit inquiries (actually my credit bureau accounts are locked so there can’t be inquiries), credit score (they said it’s 80 points lower than what it is). I have 3 other credit cards in good standing. So they closed my account fraudulently and without warning. Now I’ll pay for their ridiculousness with a lower credit score.
How are they still allowed to be open?!
I got those same reasons when they reduced my $2k limit to $140 after refunding a late fee on a balance of about $120. I didn't know I had to own a house to use my Amazon card now. *face palm*
Synchrony closed all three of my accounts abruptly. All three paid on time no reported large payments. Made one payment a few days late recently not in the past due reportable. My father died abruptly no insurance so money has been tight. Lots of out of pocket. Now these [censored] have ruined my score by closing three accounts. Never again.
I can totally relate I had a JCPenney card for 12-15 years I've never been late didn't have an outstanding balance out of left field It was closed, CC, also reduced significantly. No notice, no reason, just crappy people. When this company does that though the longevity of your accounts, which of course also changes other rates. Basically they are running you through the cornfield backwards and they know it. Maybe we should Class Action
JCP is through Synchrony now?!? Ohhh boy. I got a card from them again about 5 years ago. Rarely ever use it because JCP just sucks now. My credit line has never increased and I have not applied for any new credit with them or anyone recently. I guess they're gonna swipe that one, too!
My synchrony home account was just closed, I make double payments and my credit score and income recently went up significantly but was good to begin with. I haven’t had a chance to call them yet but this is very confusing. Now I can’t log in either, it’s saying account not found.
Same happened to me. I paid off my Home and Rooms to Go accounts, and the R2G was dropped to $250 and the Home was simply closed. Over $15,000 in available credit dropped in 24 hours to $250. Surprise, surprise my credit score dropped because of less available credit. The whole industry is setup to profit and has little to no care for the consumers. Once there was no interest to be earned from me they shut me down.
Hello, I just got the same treatment from Synchrony Bank for a fully paid account. I guess I can look forward to them closing ALL of my other store cards as well.
Synchrony is UNFREAKINGBELIEVABLE! I had accounts with them on several platforms. I paid on time. I was not late. All of a sudden today I noticed they KILLED each and every card! I am traveling right now, so I am sure I will come home to a crap-ton of letters. If I or anyone else for that matter are such a "risk" first they offered the credit. Second, if a risk then LOWER the limit, throttle the customer. Don't kill in one swoop and harm someone's total profile. It is vindictive and evil. Furthermore, I truly think I was a target. I filed a complaint that I took advantage of a 0% offer a year ago that they tried to deny me. I had to fight and fight. Finally got to executive escalation who advised there was a programming error and that no one in the promotional period received the promotion rate. It took ONE YEAR of charging interest to me and to finally refund it. Coincidentally the month after that correction, ALL ACCOUNT CLOSED. I am personally going to write to each of the retailers who use Synchrony as their financial partner and URGE them to use another vendor. This bank is bad news and harmful to the merchant's customer base.
This bank was good until today Jan 3 I have a summit racing card had it for 5 years not one late payment no payment ever missed the card is not expired I still have a balance on it I went to make a payment today these jerks said my account was closed for no damn reason at all but they want me to keep paying it but I can't use the card no more I used the card alot to and payed it off everytime this is total [censored] no paper sent no email about it either I'm not very happy about this
Synchrony closed my PayPal credit , I only had it open for 3 weeks and only had $66 balance and they closed it without notice when I contacted support they said it was based on changes on myTU credit report but it hadn’t changed much between the past 3 weeks.
I guess I'm another one on the list. Got surprised today when I got a note from Amazon that my payment for an order was declined. Technically impossible because I have a 10K limit and less than a 500 balance on my account.
Well, logged in to find out not only amazon, but all 8 of my Synchrony cards have been closed with no notice, no late payments ever, out of the blue.
Spoke to a rep in India (Of course), and she said the letter said I'm a high risk for repayment customer because I have too much credit available.
High Risk? Se for yourself below. I guess they need customers who can't pay so they can make fortunes in High Interest Rates. Sad Bank
Yes I have experienced the exact same treatment from this terrible company called Synchrony. The past year has been awful trying to deal with simple issues that cause a person to spend literally hours upon hours on the phone with Synchrony, whatever they are. In fairness to this awful company, the phone servicing emoyees have all been very nice to deal with. It is the lousy so called management of this FINANCIAL PREDATOR CALLED SYNCHRONY. Please think twice about getting any type of financial services with synchrony.
I just sent online to pay one of my accounts and noticed they closed my account too! We should all get together for a class action lawsuit!
I have been dealing with their crap for a couple years now. I had them close 3 accounts with 0 balance for no reason. Then slowly one here and there and the credit line crap. They give you a decent amount to start, but when you use any of that credit line, they drop your credit line down to within dollars of your balance and that makes it look like you've maxed out your card! This in turn looks bad on your credit report. Now, after about a year of leaving me alone, they strike again! For no reason, they close an account that I've had for 9 years with not one missed or late payment! What can we do? This bank needs to pay for all the damage that they are doing to honest, hardworking people.
So they just got me also, On 10/31 they closed my $10,000 RTG account. I had a zero balance and never late. I called and they gave me the BS about I haven’t used it in a year. Who buys furniture every year?
My daughter graduates college next year and I was going to use it to help furnish her first apartment
They also lowered the limit on Amazon Prime account a couple of months ago, which made it seem like I was at my max. This is just incredible that one bank can kill your credit in one stroke.
Same thing done to me. Had 6k for Rooms to Go after paying off dining room table. Was going to purchase bedroom set next month but got letter saying they re-evaluate my credit and are canceling me. I still have a care credit and Ashley card and wondering if they would cancel those too.
They canceled my RTG I also still have care credit and JCP. Hopefully they don't cancel those because just them canceling RTG has dropped my credit score tremendously.
Well, similar to me I guess. Mine is self-inflicted is what they'd say. I've had 3 returned payments (that were early and corrected payments were made before the due date, so they weren't late), from an Amazon Card account. $1.4k in rewards gone with it unfortunately. But they closed that account as well as other accounts this morning, all in good standing. Nothing late, although, I can see why they'd want to close my accounts-- making too much off their rewards and not letting them earn any fees. Kind of a piss poor move by them.
2 accounts slowly lowered my limit. Then closed my accounts. No missed payments never charged over 30% of the limit always payed promos off way before they were supposed to be. Absolutely killed my credit. Took me 8 years to get my credit right and good. Only to be toppled in less that 6 months.
I think it’s become clear that Synchrony is in financial trouble… Before the Great Recession a couple of other companies did the same thing to try to reduce losses, and they nearly put themselves out of business. This bank is behaving like a bank in distress… Everyone needs to spread this information all over social media, warn people and companies like RTG that their partner in credit is in trouble..
closed my account cant reopen even though they claim error
I’ve contacted Ben Crump’s office and linked this thread. If anyone else has any leads on what to do to start a class action lawsuit please let me know. It’s not enough for these companies to get a slap on the wrist/small fines that don’t even come close to paying back the amounts they’ve screwed out of us everyday people. They need to be deterred from being this corrupt ever again.
They did the same to me. I had almost $50,000 in credit with all my cards with only $400 charged to one card. Without notice they closed every account and calling them you get no answers at all. Imagine the hot my credit score took. My family has said all alone I should sue them. They had just sent a Texaco Master Card barely 2 weeks prior to spamming all my accounts. I never used it the first time before they closed it and ask others. I would love to see a class action against them!
You must arbitrate claims with Synchrony Bank the cardholder agreement has an arbitration clause that says no class action
Yes please add me to the list. They just recently closed and lowered my credit accounts. My credit score has suffered. As long as I’m making payments on time they should not forcibly close my accounts. I am angry! I worked to build my credit now this! They should not have a monopoly over store credit cards. It’s unfair and I believe unlawful! Thank you! Cindy
You can change the terms of agreement. If they don’t respond then they agree to the new terms and conditions. They do it to us all the time.
Any class action lawsuit update? This happened to me today and I am fuming. Closed it when my cat is the sickest he’s ever been, and when we are house hunting. They completely [censored]ed us. I went ahead and closed my amazon card because I will never give another cent to these corrupt [censored].
This happened to me, found out today. Barely had a chance to make 2-3 months worth of payments and they closed it. I haven't used my card in several months and was just paying the amount due.
OMG . This happened to me today as well. Same thing no late payments just closed my account out of the blue. Which will have an effect on my utilization and credit history length. What can we do about this ?
Same thing just happened to me.
There was a very lengthy thread about this on one of the credit card forums. A lot of people got hit with this, including me.
One of my many accounts that they closed for no reason is Midas. Midas just recently went over to Comenity Bank. I reapplied and got approved.
They reduced my limit on my Belk card to $250 solely because I made a $75 purchase. Just because I made a small purchase, they decided to meddle and do a credit check.
I just found out today they closed my Synchrony Home account on [protected] because my credit score isn't where they want it! My account was in good standing and up to date on payments. I received no notification or chance to dispute and now its going to affect my credit score negatively. How can we start a class action lawsuit?
I have been trying for months to figure out what is happening with them and WHY they are doing this. They seem to be strategically lowering my limits first, then a month or two later completely closing the account. They have done that over the last year with 4 different accounts. Mine too began with my Care Credit account. My limit was only $500, as I only used it once a year for my glasses and payed it off almost immediately. So at the time it was closed, there was ZERO balance and hadn't been since the year prior. When I called I was told it was because they ran my credit and my score had dropped and said it had nothing to do with not using the card...then in a few months, my Rooms to Go limit dropped to BELOW my current balance, so it looked like I was over my limit...then they closed it...then same thing with my Synchrony Home account and most recently with my At Home Store card...just this week. Rooms to Go and Synchrony Home were the only two that even HAD a balance on them at the time they closed the account. I too want in on a class action as Synchrony is now singularly responsible for a 100 point DECLINE in my credit score taking me from Good to FAIR credit. It seems that they are purposely targeting people who are trying to rebuild their credit and it's disgusting.
Same here. Almost exactly what happened to me. WHAT CAN WE DO?!
I would like to join on that class action suit as well, since they closed my accounts as well, and they were in good standing! Disgusting Socialist behavior from this bank!
This is literally capitalist behavior