Credit card or prepaid card -- Closing your account -- Complaint #4885195
Complaint Overview
Complaint ID: 4885195
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: Missouri
ZIP Code: 63017
Date Received: 2021-11-07T12:00:00-05:00
Date Sent to Company: 2021-11-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Received notice of account closure XX/XX/2021 citing " Key Factors that aversely affected your credit '' which are not accurate and citing a date of credit score provided of XX/XX/2021. A payment was made on this account on XX/XX/2021 of {$3700.00} bringing the account balance to XXXX. I am in the home buying process and wanted to 1 ) clear this monthly payment as a liability for the home loan and 2 ) improve my credit score. The account being closed on me without notice will adversely harm my credit by 1 ) closing an open account with 100 % positive payment history and 2 ) not giving me credit for reducing resolving balance to credit limit ratio since I no longer have the credit limit of {$6000.00} on the account. One of the " Key Factors '' cited was " Not Enough Balance Paid Down Over Time on Real Estate Secured Loans ''. This is a farce as more than the minimum mortgage payment has always been paid on time over the history of the current mortgage account, which has also been paid in full as of XX/XX/XXXX. I understand this would not have been updated with credit bureaus as of XX/XX/XXXX. XXXX XXXX / Synchrony Bank was fine making money of my interest payments until I paid the account and then immediately closed it which is negatively affecting me and citing reasons that were 100 % the unchanged when they initially issued credit. This is fraudulent. It is also not fair reporting that I do not benefit of my positive payment history and paying the account balance via credit scores for my home purchase and will instead be negatively impacted which will increase my mortgage cost in the interest rate I will qualify for. This is completely unacceptable practice. Synchrony Bank got paid and immediately closed the account.
Frequently Asked Questions
What is Complaint #4885195 about?
Complaint #4885195 was filed against Synchrony Financial regarding Credit card or prepaid card specifically about Closing your account. It was received by the CFPB on 2021-11-07T12:00:00-05:00.
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.