Menu
Login
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.
Synchrony Bank - Account Closed - Unacceptable
My Synchrony CC with Pep Boys was closed 7/30/2022. I've never made a late payment on this account or any others.
The explanation letter provided stated my credit worthiness did not meet the characteristics of their desired criteria. This seems to be discriminatory - considering I have no late payments on any accounts.
Additionally, my credit worthiness (score) was similar to my score during the approval of this CC in 2019.
It seems with the current economic climate; Synchrony Bank is using this period as a time to tighten their ability to extend credit to any borrowers who they deem "risky".
However, this should be a tactic used for "new applicants" - not existing card holders who have spent years to build history.
This is unacceptable and further legal action will be pursued.
Desired outcome: RE-OPEN MY ACCOUNT. LEGAL ACTION AGAINST CREDITOR
This just happened to me. I’ve paid them every month faithfully. I would love to be part of this class action suit.
Me. My account was closed on 7/28/2022 ! Paid ontime every month, if not early. This is abuse of power.
This just happened to me today . 54,000 dollars in credit . 20 of it was care credit which I used for my daughter and dogs . 2/3 of my credit taken away for no reason at all zero explanation. Never missed a payment. What can be done ? Seems like I'm not the only one whose credit they are destroying. I worked very hard to get where I am and corporate banks can push one button and destroy it ...class action anyone? Can we ? What's the next step? This seems crazy to me !
This happened to me today. They also kept my rewards
I just paid off the synchrony account in full on 26May2022...A letter was processed on 24June2022 telling me that they decided to close my account through Ashley furniture - never missed a payment ... I told the repasentive that I was bout to use it again / my daughter just graduated high school and I was gone use it for her and the rep told me that it wouldnt close by November of this year... I can only imagine the impact by next credit reporting...😑🥃🚬
Synchrony Bank just closed my account, which was paid in full and on time. I have two other accounts with them, and I am sure from what I have read from others that they will eventually close my other accounts, causing a severe impact on my credit score. What can we do about this?
October 20 23 synchrony, bank, close, 20 of my credit cards without any warning I have excellent credit they try to blame it on Trans Union credit bureau. As I stated, my credit is excellent, and they cannot give me a reason why they have closed my accounts, other than indicative. I am not at risk I’m not paying or falling behind. I think it’s a joke what they have done and it’s wrong and they shouldn’t get away with it. I just open a couple accounts they have giving me credit increase and they gonna snatch it from me taking down my credit, which took me a long time to build up, as Trans Union said this is unheard of and I agree, something need to be done. They can’t continue to do this to us.
Yep, they closed my accounts because I have a mortgage that has not been fully paid and I have had the mortgage for just a year and a half and is in great status, also because I have other credit cards but also in great status all being paid up to date, the strange thing is that they approved me a "car care" credit card for $800 but they are canceling a Pandora credit card that I only owed $37 and paid it off on time. Makes no sense.
Horrible company! Had accounts with See Eyewear, Baers, Rooms to Go, City Furniture. Not 1 late payment EVER, Synchrony closed the accounts and dropped cr limit to $250 with City Furniture. The reason given is they said I have no real estate and have collections. I own a home and have 0 collections! Do not open ANY accounts with this company my score is tanking due to this.
Synchrony bank has chose to abruptly close my accounts totaling $68,000 some cards have less than 10% revolving I have never missed a payment with synchrony bank in the 22 years that I have had Credit with them. All of a sudden their customer service is telling me they cannot give me a valid reason for closing my account but that I’m able to reapply but would be subjected to a lesser approval amount only dependent upon a high credit score. Since closing my accounts I lost $68,000 in revolving credit and my credit score has went from an 808 down to a 610 because of synchrony bank and no other reason. I have not used my credit I have not applied for credit I have two vehicle loans and two mortgages I make eight times the amount of money to pay for those with stellar credit and synchrony Bank decided to be manipulative intentionally to me personally.
syrony basnk closed my account im in good standing admitted this in a letter cant activate my card
All my Synchrony accounts have been close and they had little to no balance on them. No reason has been given and the customer service agents can't see any reason why. I have been with Synchrony for 7 years and never missed a payment. Now I have 7 closed accounts at once, it has ruined my credit. If there is a law suit please let us know.
Synchrony Bank is a FRAUD ! Just closed 10 of our accounts for no reason. All in excellent standings. How is this ethical and legal. TO RUIN my 840 score and 500k of income. NO Late payments in 20 years...There has to be a solution from the 3 major credit agencies to address this. Class action suit will follow.
This just happened to me while buying a home!
I was thinking class action lawsuit. They did the same thing to me and my credit score has tanked because of their actions. All payments made on time to my accounts!
Same! I was wondering why? Now it makes sense! Karma will bite 'em
Same thing happened to me! Good standing and paying customer - closed!
Today they closed all my accounts 9 to be exact all low balances some zero balance. now what ? I don't understand why unless they are going bankrupt. That's the only answer I can come up with. Im more than P... off.
Same exact issues. I was excited to be able to pay off my table that I paid on time and zero interest only to find they took my credit limit from $2k down to $250. WTF is this? And Rooms to Go...I owe $550. Had a $3200 CL and every few months they reduce my limit. Went from $1200 now to $780. They just closed my Ashley Furniture and Care Credit and I have never been late or missed a payment with them or any other creditor. Just relied on some cards heavier during the last 12 months.
I wish there was another alternative. Comenity Bank keeps raising my limits and this [censored] company keeps closing accounts.
So over them.
Same here. I had 7 cards from them. Lowes had 10k limit care credit had 8500 and car care had 10k also. Had the cards for YEARS and never had a late payment everrrrr. First the cut the available credit to right around the balance amount I had so now the cards showed up on credit report as maxed out and my credit scores took a beating. Now they have closed have the accounts for no reason and no notice. Synchrony bank SUCKS PLEASE NEVER USE THIS BANK BECAUSE THEY HAVE ZERO CUSTOMER LOYALTY! I wish I could grab the head of this bank and teach them a lesson.
They closed 4 of my credit lines (Care Credit, Amazon, Living Spaces, PayPal) all in one month and the letters they sent me explaining this said it was due to not owning real estate. I do own real estate and I have no idea what that would even have to do with anything!
I had the following cards that i applied for in 2019 always asking for credit line increases and got them for two years only to wake up in June 2021 to every last one closed after i paid off all of them except two: mickey shorrs, lowes, old navy, care credit, car credit, truck credit, value city furniture, lenscrafters.. but what happened to me when they closed them it improved my score idk how mayb bcus there was no balance do it didnt cause any utilization increases except for the last two that totalled about five percent.. if there was a lawsuit to make us whole i would join it.. they sent all the letters thst said i was a credit risk lowes and value city furniture had 48 month financing and i paid them both off in a year i guess they didnt like not making interest on me hoping i would go over the 48 months.. ive applued several times since esp for care credit .. i read i could reapply after a year so ill try in july bcus everytime i apply they say recently closed accts.. i never missed a payment and paid off my accts early
When I needed Synchrony to pay for my dogs surgery they issued me $500. I paid it back didn't need to use it for the dog again they dropped it to $250 they closed my account messing up my credit score just because I didn't use it. Also don't be late high fees
Ridiculous don't get this card it's mo good!
Last night, same as every night, I checked my USPS Informed Delivery Account, Saw that a Synchrony lettter addressed to me is headed this way, Since I heard that they have been busy sending out a flurry of these kinds of notices, I made a preemptive strike and closed my Amazon account before they could get the jump on me. I hope that my three remaining Synchrony accounts, all with quite low balances, will escape the chop. But, as you say, I had no missing or late payments in the decade since I became their customer. Guess they waited until the pandemic was considered old news and started cleaning houae. Interesting that all this is happenijng just as their TV ad denouncing Cngressional action to erode Amazon's ability to offer 2 day shipping is getting so much air time. If this is the thanks we get, I hope they have to go back to being a B-list book selling outfit or are even forced to shut down.
I'm appreciative of the opportunities provided by synchrony Bank allowing access to credit limits and as a result improving my credit scores. But just the same, synchrony Bank does not allow flaws. If there is an instance of a returned payment your account will be closed!. Due to changes made with my financial institution, my drafts were being changed from one account to another. Although the payments were called in over the phone, the ACH draft continue. There were multiple calls to synchrony Banks representative as well as emails to customer service. Without regard, the accounts were closed. The reflect on the credit scores were major! I would encourage anyone to use synchrony Bank but don't expect the loyalty that they want from you! One issue, yeats of progress DESTROYED!
Same here , they closed by 0.00 balance FanCash Fanatics account. 100% paid in full each month 1200.00 CL….. closed for no reason
The same thing happen to me. I just got off the phone with CS about closing my account that are in exceptional standings! All the can say due to recent credit inquiries on my report they closed my account! And yet still want me to make payments! My credit has dropped considerably due to no fault of my own. I open my account on Feb 2021 and have been paying faithfully without fail. I did not apply for any increases so I am confused to what they are monitor my credit? This is predatory practices. There is nothing in my contract stating credit will be monitored and if my overall debt increase with my other revolving accounts (non synchrony accounts) will be closed and I will still make monthly payments on a closed account with a derogatory rating due to no fault of my own. I don't owe much but I am not going to allow my credit to go down the drain literally for nothing!
Last fall I applied for a lowes card to help pay for a deck we wanted to build. They approved the card and we built our deck. We set up automatic payments and was never late. I received a letter saying that my credit score had dropped during a review and had closed my account that was in good standing. My score did drop a little since I maxed out that card but have never been late and my balance was very low. They said they understand that I never missed a payment but it doesn't play a role in there decision. I have never heard of a bank punishing a loyal ontime customer by canceling an account. I will never do business with any of there affiliates ever again.
They closed about 20 accounts I had with them all paid on-time and in full monthly..They closed all in same day..
This just happened to me and I’m very upset. I unsure how my credit will recover from this. I know it’s just credit but I really worked hard to maintain my accounts. I’m just sad and disappointed.
This literally just happened to me - 6 accounts with over $60k in credit availability - Long term accounts, never late, don’t keep high balances and they literally just closed them all and I am in the middle of trying to buy a house, in which now I will not be able to do - this has ruined my livelihood! No one to explain and no one to talk to that can help - I don’t know what to do
Synchrony bank is a bunch of scumbags!
Please apply for Synchrony Bank issued credit cards with caution; they will close your account for reasons that make no sense at all. Based on my own personal experience if you have high credit limits with them and you keep a zero balance, you are in jeopardy of having all of your accounts closed. They will eventually send you a letter stating that you were a "High Risk" customer, which is totally BS! Also, they will encourage you to immediately Re-apply... This bank approves many applications for credit and credit limit increases only to ruin your credit history and scores! Please avoid Synchrony Bank at all costs!
Omg Yes! Same exact thing happened to me!
I have EXCELLENT credit. My Amazon card account was closed. Was I was told it was due to inactivity, via chat support... Pretty BS move by them.
I had my account closed just recently. They did send me an email and they gave me these bullet points as to why.
• Lack Of Real Estate Secured Loan Information
• Balances On Accounts Too High Compared To Credit Limits And Loan Amounts
• Too Few Accounts Paid As Agreed
• Not Enough Balance Paid Down Over Time On Installment Accounts
They never told me before how much I had to pay each month over time and I was just doing my job paying off my payments little by little as I should do. Because they are "unsatisfied" with my payments, they just closed it down and won't consider opening it back up until everything is paid off. Plus, they gave me an incredibly low credit limit to start out with and when I requested to have it raised, it was IMMEDIATELY denied. I only use this card to pay off my purchases from Sweetwater and that's it. I only used this card 2 times throughout its life cycle to pay for things so I definitely don't abuse it.
I don't get why they are so picky about it when I have been on top of my payments each month. I did however did miss a payment once, but that was over a year ago and I have been doing well staying on top of it. If this somehow affects my credit score significantly because of their "decision", then I'm never using Synchrony Bank again after I pay everything off.
They actually did this to me in April of 2021, my credit score has been steady of over 700 for a couple of years. I had about 12 synchrony bank cards, 97% had no balance, only the amazon and one other card has a small balance. It took my credit score down by 50 points and I lost over 80k of available credit. Luckily over the last year I have been able to get back to where I was last year and surpassed my old credit score. I would think stores like Lowes and JcPenneys would be looking for other credit card vendors if we all started boycotting their stores for doing business with Syncrhony
Thank you this was helpful! Knowing that it’s some point I can bounce back. I just hope my other account won’t be affected.
I know many of you had this happen during the pandemic. The same bank did this to me with my J>C> Pennies or whatever the store was as well as my Lowes card which I did business with. I had several problems with them before this however due to them sending my mail to my previous address even after calling them to correct my address every time. I even paid my associated late fees even though it was the issue of their person or computer. Finally they reduced my credit to 100.00. Ok no problem because I still played the game and was able to pass the 5% discount to customers. Then they sent mail to my previous address again without notifying me and I even paid their fees for going into default. Each time the issue was on their end and they refused to take off their lawyer fees. Then all of a sudden after multiple complaints to them on the matter they discontinued my cards all together. I let it go at the time because I am only one person but I have since gotten many people to discontinue using any credit with retailers that use them. I am happy to say that sometimes people listen and care about how their family or friend was treated still. Especially when they found out they injured my credit. Dear employees of said bank. If your reading this you know someone you know has also read it. They don't like you as much as they say they do due to you working for a company that screwed them. We understand you need a job but you might as well be working for a mobster. Difference is they are a legal one. I wouldn't put water on you all as a company if your were burning unless there was innocents inside.
Synchrony closed our Lowes and Sam’s and said we are high risk of failure to pay. We have never missed a payment. We have always had good credit rating. We want a lawsuit against them too.
I just received a letter they closed 2 of my accounts as well. I want to file a lawsuit because no where in their disclosures does it say they do this knowing it will have a major impact on your credit
Same, I would like to join a class action. I had this same experience. My account was always paid in full and on time. I used it for the rewards. The bank closed the account without any notice which had a significant impact to my credit score. This should not be allowed.
Just happened to me also - apparently they do not like people with good credit using the card and paying it off to gain rewards. They literally closed ALL of the accounts I had with them with the reason that I am 'high risk'. BS, I've had the accounts for YEARS, NEVER late, rarely ever have a statement balance because I won't pay their outrageous interest. It seems this started this month after I paid off something that was 0% interest along with several hundred dollars of rewards they had to pay out to me on my Sam's account.
I don't care so much about the cards, I really use them for the rewards BUT the impact to my credit score AND the embarrassment of trying to use a card and being told it was declined is TOTAL B.S.! I'm reading stories on here over and over with other people that have had the exact experience, good credit scores, never late on payments, the type you would think would be considered a good credit consumer yet our accounts have been shut down with no actual reasoning...I mean I guess the reason is that we are not a good investment for Synchrony as they are not making $$ off of interest with us.
HORRIBLE company and I totally agree that there should be a suite on them, it's like defamation of our credit scores which really is part of a persons reputation!
Same thing here. I wish we could find a lawyer! My husband had the Home Card, Dobbs, Care Credit, PayPal, and Amazon. The Home Card was 10 years old and had regular increases. Then one day, decreased by half, the next closed. The rest followed. Automatic payments, paid off during promotional periods, etc. The letters received did not have a reason listed! It was blank! Just said they closed the account based on credit reports and under the following reasons, nothing was listed. Not one other card carrier has done this to us. And how convenient this happened to many of us during a pandemic. It only hurts the businesses (some that are already struggling). We went to sleep number today and were denied credit from Synchrony. I told the sales guy we would be. He was floored when I showed him this board and all of the complaints. He was 'so sure' we would get approved and it was priceless when he was wrong.
Synchrony bank closed 4/5 accounts at random. Never late, always paid double/triple minimum due. Out of nowhere, they closed my accounts. This has had a huge negative impact on my credit score. I wanted to re-fi my home but now, my score is too low. They are the devil! I will never recommend them to anyone!
if there is a law suit i need to be a part of it.
joyce from cypress, texas
Sign me up for the lawsuit. They closed all my cards for no reason in good standing. Ruined my credit. Went down 200 points. Had to back out of buying our new home. Now we're paying rent in the tunes of $4500 a month. All we could find last minute was this apartment. We're going under now. Ty syncrony bank. During a pandemic to boot. I'll tell my 6byear old daughter you said no problem.
So I have a Paypal line of credit for business, I made a payment, but Paypal/Synchrony Bank noted on my account received than rejected. I'm thinking I did something wrong so I do it again directly linking my account to account not to manually put it in to avoid mistakes, once again received than rejected(assuming they are saying balances not available). Now, I'm super puzzled, because the money is in the bank and no entry has ever hit my account. I go online to check on the account and boom account closed, I'm just blown away. I'm still not sure why the payment never hit my account. Why was my payment continued to get rejected, but never hit my account as an entry? Things look shady, if I realized that this bank was the same one that backed store cards, I would have thought twice. Cards that back stores are famous for playing with credit limits. If you ask me cash is becoming king again. If we don't pay attention better there will be only 2 classes of people the rich and the poor. If credit wasn't such a valuable asset I wouldn't be so upset, what are they doing to people.
This just happened to me now. Amazon secured card for Christ sake. Good standing and they randomly closed it without any reason at all.
They slashed my Lowes credit line in half in November and today, closed my Care Credit which was only used once and paid off. I'm afraid to even look at my credit score now.
Someone else commented that by ruining our credit scores our other creditors could raise our interests rates. Maybe they need to be investigated to see if any big wig at Synchrony is also a stake holder in any other creditor and is therefore tanking our scores to increase profits with the other creditor? Seems like that would be racketeering?
I am not happy that we all are going through this, because no one should be subjected to being extended credit, then having it taken away for no reason at all. I had (2) accounts with synchrony, Amazon and a HVAC replacement, I was paying on time as expected, and I would pay my payments early, but for no reason at all they closed my accounts. This just happened to me December 2021, so yes I can’t wait to be a part of the the law suit.
I thought I was the only one! They closed all 7 of my accounts and said that I was high risk of failure to pay.. All of my accounts were all paid on time for the last 4 years and my usage was less than 7% on each card. I sent a letter to Corporate Headquarters and received a call from them almost a month later stating there was nothing they could do... There has to be something we can do...
They closed all 10 of my accounts with them. Never a late payment. If someone is getting together a class act law suit count me in! Yea
I had 11...never late on any. I want to see if there is a a way to file a law suit for the damage that it will possibly cause to me financially due to the impact that my credit score will take.
Same thing happened to me too! I would be willing to get in on a law suit also!
They didn't the same to my accounts and my wife's accounts I lost 22 points on my credit from 1 card through them my wife lost almost 50 points I'll gladly go in on a law suit!
So unfortunate. Happened to me as well. I'm in the middle of buying major property. Never missed a payment. Always payed 2.5x more than minimal payment and they just lowered my limit to what I owe. Thus making it show a maxed out account. Double edge sword. If I pay it off completely it hurts my score and if I pay what's now maxed back down to 20% they will just lower my limit again. Please update me if there's any legal action we can do! Surprised this isn't class action lawsuit material.
My credit line was closed as of last week. I called and was told TransUnion alerted them I was high risk. Interesting considering I have a zero balance for several months, never missed a payment and account in great standing. I'm confused I have a 660 credit score. This is crazy my score dropped 40 points... Something needs to be done.
So Transunion can share our info without our consent now? It seems like they’ve rigged the system. This can’t be legal