Credit card or prepaid card -- Closing your account -- Complaint #4845512
Complaint Overview
Complaint ID: 4845512
Company: Synchrony Financial
Product: Credit card or prepaid card
Sub-Product: Store credit card
Issue: Closing your account
Sub-Issue: Company closed your account
State: California
ZIP Code: 92126
Date Received: 2021-10-26T12:00:00-05:00
Date Sent to Company: 2021-10-26T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I had three accounts with Synchrony Bank ( CareCredit, XXXX XXXX, and Amazon ), two if which had a {$0.00} balance. In the month of XX/XX/XXXX, they closed my accounts without any notice, and only one letter for one account with an explanation of 'payment ' issue ( which were not an issue ). I reached out to each to each company for an explanation as to why the accounts were closed. The result was that they pulled my credit and stated ; a lack of real estate secured loan information, too many revolving accounts with high balance compared to credit limit, too many bank cards with high balance compared to credit limit, unpaid collections, and number of inquiries was a factor in determining score. I have kept a very watchful eye on my credit reports and these factors stated weren't relevant at the time of their assessment. My scores have dropped by over 100 points with each bureau because my available credit limit decreased, there were derogatory remarks about accounts closures, and my overall debt to available balance increased. I also had an account with them closed in XXXX ( Mattress Firm ), I was previously assuming due to inactivity. I will be cautious in the future to make sure that I do not open any lines of credit with Synchrony anymore. Their company structure isn't consumer friendly unless you're consistently indebted to them.
Frequently Asked Questions
What is Complaint #4845512 about?
Complaint #4845512 was filed against Synchrony Financial regarding Credit card or prepaid card specifically about Closing your account. It was received by the CFPB on 2021-10-26T12:00:00-05:00.
How did Synchrony Financial respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Credit card or prepaid card) and describe your issue in detail.
Can I see other complaints against Synchrony Financial?
Yes, visit the Synchrony Financial company profile at readthecomplaint.com/company/synchrony-financial to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.