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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.
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.
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.
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.
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...
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 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...!
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
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
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.
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!
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.
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 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.
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?
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
Cardholder for less than six months consumer account and business account cls have been decreased causing affect to credit scores to drop more than 20pts at a time. No late payments.
Sounds like theft in the worst way to me. I will be filing suit.