Synchrony Bank review: Closing accounts with 100% good standing - had for years 175

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…

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?

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.

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.

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!

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!

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.

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!

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.

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.

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...

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.

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?

This just happened to me now. Amazon secured card for Christ sake. Good standing and they randomly closed it without any reason at all.

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.

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!

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.

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.

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.

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.

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.

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!

Same here , they closed by 0.00 balance FanCash Fanatics account. 100% paid in full each month 1200.00 CL….. closed for no reason

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!

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

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!