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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.
Happened to us on October 26th 2021 they closed 8 good standing accounts all at once 50, 000 dollars in credit. Never a late payment and husband had a 749 credit score. Something needs to be done to remedy this I also paid for card security to protect my account that cost a lot and still with no notice or good reason all gone on same day which will destroy our hard earned credit history. So frustrating and unfair practices!
Stephany
Utah
Exactly same thing just happened to me… no logical explanation and I’m financially stable with great history and over 700 credit score.
On October 25th, 2021 (this past week), Synchrony suddenly, without any notice or indication, cancelled and closed ALL 10 of my retail accounts for almost $90, 000 in credit limits? I have a PERFECT credit history with them, no late payments, and continual credit limit increases granted as early as 2-3 weeks ago! Yet, for some unknown and offensive reason, they’ve closed ALL my longstanding accounts with companies like BP Amoco, Verizon Visa, Lowes, Newegg, Athleta, Amazon, etc.. I had a 737 FICO score on 10/25/2021 this week when they closed them, no late payments ever, and, in fact, had been rewarded with additional credit. Now, they're ALL CLOSED AT ONCE?
In fact, if you look online at websites as I have such as The Complaint Board (here) or MyFICO.com forums to name just a few, it appears Synchrony Financial / Bank is treating MANY good standing and creditworthy customers that shop with companies the same way? I have reached out to a few so far myself and am finding the companies Synchrony is ‘partnered’ with to provide credit and financial services know NOTHING about this brazen and damaging action – if they did and endorsed it, they’d be both complicit and hurting themselves (obviously) with your own customer base?
I have now spoken to four (4) separate consumers like myself and yourselves on here and so far who’ve had the same recent experience with Synchrony Financial treating them so disrespectfully and potentially harming their credit as mine too, with all these accounts closing at once and saying “Closed by Credit Grantor”. I am seeking legal counsel on this matter against Synchrony too and am discussions with a major law firm. If you are interested further, let me know by posting here or sending me a message on this site by your choosing. I fear there are MANY who are impacted by Synchrony's egregious and harmful actions using OUR consumer vendor accounts and longstanding loyal relationships (chosen by us).
I am totally interested, I expect Synchrony to close my Sweetwater account, they have been running unnecessary inquiries on my credit reports and even pulled a credit score report. as I could care less about a credit, Im 54 yrs old and just looked at my credit reports this year for the first time ever, my life has never been impacted by a credit score as I have always been a cash consumer. I am however a militant minded eye for an eye type of guy, with an alter ego who calls himself
This website cut off my reply. Anyways as I was mentioning, my alter ego calls himself THE CORPORATE CRIPPLER, and he is hell bent on bringing Synchrony down. I am sitting on HARD COPY EVIDENCE of internal fraud with recorded conversations and a letter of apology that backs up my allegations. Synchrony is just GE CAPITAL ALL OVER AGAIN. and since I closed my paypal credit line and paid it off, which they purposely have not reported that $2600 payment to the credit bureaus yet, I am not bound by their silly abitration clause. I want to see a petition drafted and signed by everyone around the world that has been negatively affected by Synchrony Bank . Posted on every social media platform and complaints websites, etc, . We can then demand a formal indictment. The people took out GE Capital, and the people can take out synchrony bank also, Synchrony Bank was GE Capital taken down back in the 80's for playing the same dirty pool as Synchrony has been doing, they havnt changed a bit. Bunch of capitalist crooks, personally I would rather see their building drop on their heads, being that McVeigh is a martyr to me, sorry all bleeding hearts type of people out there, but sometimes diplomacy just doesn't cut it, and more drastic measures need to play out to let these swindlers know we are not playing. Even military battles all begin with diplomacy, but when that diplomacy fails, here comes The bombs. Synchrony is a shadow corporation who thinks it is legally untouchable. I do not know anything about how a petition campaign is started and what requirements are involved. Somebody out there must though. I am all for it.
I’d be interested in hearing from you. Can you send me a message within this site to connect? Lots happening….
Not sure I understand, send me a message within this site to connect? My email is riptide536@gmail.com
Hi this exact thing happened in October a elk I found in my research it’s like a global hit in October thi year all the complaints are the same. My email cnbradley66@gmail.com let’s sue these [censored] ! And call the news
Caroline B
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.
I'm in.
My email is michael.jb79@gmail.com
Please include me with any legal action.
Count me in, they need to have some repercussion for the damages they are doing to their customers financial well being
Count me in! This is just unprofessional and underhanded. Something is up with this bank and it should be shut down! I say close them Down for good
I am interested too. They just canceled my account and I still have a balance on it. They say it is a matrix that is used to decide who gets an account and who doesn’t. I am currently waiting on hold to speak to a supervisor for an answer.
I was just told because it was due to my inability to pay. He also told me that they made the decision based on accounts that have been closed for more than 2 years which were paid in full then closed. He also said that it didn’t matter if we where one day late or 30 days. This guy just kept saying that the decision was made by a computer and the algorithm that is used. I am so pi$$ed right now that can barely type.
Hi
Synchrony closed 7 account yesterday
For no reason at all ! All my credit score are 700 plus
What can we do
Uh, Synchrony is formerly GE Capital...the people took no one out.
Count me in - just lowered my limits and payments on time
Kim C
Count me in the class action suit.
Please count me in as well. I was in good standing and found that my account was closed (no notice) earlier this month. When I was trying get gas! They claim it was because my credit score dropped.
I want in on the law suit. Synchrony closed two of my accounts that were in perfect standings. I had the accounts for 3 years
They closed about 20 of my cards in one day all with no late payments and paid in full monthly.
Honestly I thought I was the only one. I received a letter from Synchrony Bank stating they closed my account because I did not own any real estate. I did not own any real estate when I was approved. The approval was for 60 months of 0 interest. I was never late and paid my the bill each month as due. Suddenly, they decided to close my account. I've reviewed my contract, no where does it state that I have to own real estate. My credit has increased drastically since I received the Synchrony approval. No valid reason for this closure. I plan to dispute this closure with the credit bureaus and request a removal of this fraudulent account. I also would like to be a part of this lawsuit or whatever legal action anyone is considering. I also plan to look for a lawyer that can assist as well. I am still amazed that this is happening to so many consumers.
Count me in too!
They closed 4 of my accounts for the same reason, not owning real estate. The thing is, I do own real estate!
I'm interested in moving forward with legal representation as well. Please contact me at msmycky@gmail.com. Thank you.
I would definitely like to be added to this lawsuit. They closed two of my cards. Both were paid off. Just paid off the Lowe's card, so I am expecting that one to be closed as well.
I am interested. I’ve reached out to Ben Crump’s office. Not sure how to get the ball rolling on class action suits but we need to get it done. The corporate greed is vile
same thing happen to me today 11/1/2021. all accounts closed without an excuse!
I will never apply for any of their accounts again (pissed) all accounts closed!
same thing happened to me today Im screwed for sure. I had excellent credit ratings. They must be going bankrupt
WE ALL need to band together with this experience, DEMAND accountability of Synchrony through the various vendors we buy products and services whom have chosen SYNCHRONY FINANCIAL to be their finance partner? Ultimately, Synchrony only cares about them as their customers - not us?
I would file a complaint with the CFPB in Washington, call your US Representative or US Senator, state's Attorney General, and demand accountability and communication from these [censored]S as I have. U.S. Senator Elizabeth Warren also is a consumer advocate who does NOT like these companies or credit bureaus either...
As a conservative, I am not for more regulation, but this is an area needing it along with more accountaiblity -
How can I contact you. Same happened with me. Good standing no late payments
ok i am almost relieved to find out that I am not the only one in the same predicament.
You are not the only one...they just closed 8-10 of my Synchrony accounts, with perfect payments and record, on 10/25/21 without notice or explanation!?!? Expecting rapid decrease in my scores...
No, there are thousands of us ..
They nust closed all 9 of my cards on 01/18/2022
My score 739 waiting to see what it will be after this when i call they are mean tell me i have bad credit [censored] thos is not ok
This was just done to my. Synchrony Bank closed both my Ashley Furniture and Care Credit accounts that each had a high limit and neither had ever been paid late. I had zero balance on each. The whole credit scoring system is a sham that allows banks to lower your credit score without any fault of your own. This forces you to pay higher interest. Synchrony does not have to worry about me any more. I will close all of my cards with them and never apply for one of their cards again.
I share your frustration. I too have Ashley Furniture, Car Care, Mattress Firm and Sams Club —all through Synchrony. I’ve NEVER been late on ANY payments, have always paid double - triple, in-full of minimum payments. Out of nowhere, Synchrony (sneakily) lowered my credit line on my Ashley card (I only had a $50.00 balance on it). Then a couple weeks later, it lowered my Car Care Credit card. Shortly after that, it lowered my mattress firm limit. Today, I go to check my accounts, and they closed my Car Care Credit card without warning. Already, they damaged my score by lowering 3 lines and now closing! I am so offended, angry, confused, as to why they’d do this to consumers. My score took a huge 100 point hit and this is so very unfair!
I share your frustration. I too have Ashley Furniture, Car Care, Mattress Firm and Sams Club all through Synchrony. I’ve never been late on ANY payments, have always paid double minimum payments, out of nowhere, Synchrony (sneakily) lowered my credit line on my Ashley card (I only had a $50.00 balance on it). Then a couple weeks later, it lowered my Car Care Credit card. Today, I go to check my accounts, and they closed my Car Care Credit card without warning. Already, they damaged my score by lowering both limits and now closing one of the accounts. It makes no sense. I am now in the process of paying all Synchrony cards off and closing - they don’t deserve good customers business.
Synchrony bank closed all of my accounts without warning ruining my credit score I had an exception payment history and never missed! I would love to sue them do I have grounds?
I think they are getting away with it on the 'terms and conditions' portion of their credit agreement. I got someone on the phone this weekend, and they said to look at my credit reports, and I countered with - "You mean the credit reports that show CURRENT ON ALL MY ACCOUNTS?! They didn't have anything to say back except some stuttering, then she transferred me to someone who forwarded my call to voicemail.
I’ve asked for them to email me the terms and conditions, since it can’t be found within the account anywhere. Apparently this is an impossibility. God forbid we have that info conveniently available online
Same thing happened to me, I had one account that was only a few days late as an oversight and I’ve paid them in full several times over. Perfect payment history and all accounts with them have been closed. They are evading phone calls and blocked access to some of my online accounts! My new care credit account is closed too. Never a missed payment!
The same thing just happened to me, close 8 accounts without warning. One of them was a brand new medical care credit account. I will never USE them again! Evading phone calls too!
I had a Gap credit card for 18 years, never missed a payment, never late, never a high balance. This week I found out that Synchrony Bank closed my Gap account without my permission or knowledge. I have a FICO score above 800, so there was no reason to doubt my creditworthiness. I called to inquire and ask for my card back, and they treated me like crap. Supervisor spoke to me in a sing song condescending voice like I was a kindergartener, and she was my teacher explaining their "policy". I commented that I felt that my 18 years as a long time faithful customer should be taken into consideration when these decisions were made. She told me they didn't care about that. They treat everyone the same whether they are a new or a long time customer. She answered everything I said by continually repeating their policy word for word "by the book." I insisted that I wanted to file a complaint. She said she would type it up and read it back to me (but wouldn't send me a copy to read.) And when she read it back to me, I was shocked to hear that Synchrony Bank has chosen to cater to a tiny segment of the population instead of the largest by insulting me further and calling me "them" in the letter even though I am one female person and she knew it. Synchrony bank has chosen to favor the LBG-whatever group to the exclusion of the rest of us. Doesn't sound like a very good business decision to me. Rather then being inclusive, they have chosen to exclude a huge portion of humanity.
CAPITALIZE DURING A GLOBAL PANDEMIC TO KEEP THERE COMPANY RICH. THERE NEEDS 5O BE A CLASS ACTION LAWSUIT AGAINST THIS CROOKS! PAID ON TIME MY DISCOUNT TIRE AND ROOMTOGO...THEY CLOSED THEM BOTH. THE LAW IF THE UNIVERSE WILL COME BACK TO ALL INVOLVED HIGHER UP! GOD'S WILL NEW SLEEP ON THE UNRIGHTEOUS.
They DONT CARE. They destroy peoples credit for no reason at all. All of my GOOD STANDING accounts CLOSED. Same answer CALL THE CREDIT BUREAU. The people at Experian guessed straight away who the bank was. I was told its their excuse to get you off of them and onto us. The credit reporting agencies do nothing to have Synchrony close your accounts ITS ALL ON THEM. This bank should be boycotted and put out of business my the Banking Commission for horrible practices. 10 years of on time payments and NOW I am a risk ? Isnt there anything that can be done?
Thank you ‘Cali Life’ for your ever so true comment. I’m having the same problem with this bank. They already cut my credit line $380 after only 4 1/2 months of financing a dining table through Hanks Furniture. The $380 is just shy of what I’ve paid on the balance, which I’ve paid on time and 3x the minimum so I can pay it off before the end of the 6 month 0% interest promotion. They sent me a letter stating they were “predicting my credit worthiness. “ and apparently pulled info from my credit report without my knowledge, however, all my accounts are in good standing and paid on time. They hurt my credit score and didn’t even think twice about it. This company needs to be investigated not only by the major credit reporting agencies, but the Attorney General’s office as well. How can you predict ones credit worthiness in a negative way when one’s accounts are in good standing ? Just because you have high balances (not exceeding you limits), no mortgage loan on file, or too many inquiries, this makes them think your just going to stop paying your bills. That’s about as absurd as it gets. I could see Synchrony bank or any other lowering your limit or closing the account if you were delinquent and always late in paying, or in collections. That would justify this bank in “predicting your credit worthiness “ in a negative way. I’m sure they’ll close my account after I pay it off, but I’ll beat them to the punch! Like ‘Cali Life’ said, you apparently don’t care about good, loyal customers . My bucket list will now include meeting the person or people that can “predict credit worthiness “. Wouldn’t that be like predicting the weather? Or how about predicting the stock market? We’ll see…