Credit card or prepaid card -- Closing your account -- Complaint #7290877
Complaint Overview
Complaint ID: 7290877
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: XXXXX
Date Received: 2023-07-23T12:00:00-05:00
Date Sent to Company: 2023-07-23T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Synchrony Bank chose to close my Lowe 's credit card on XX/XX/23 after some " automated review ''. Really odd timing considering I just contacted them a couple weeks ago to get a new card mailed to my new address. This is a card that has never held a high balance and never had a payment missed. Synchrony stated the following Too Many Revolving Accounts With High Balance Compared To XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Many Bankcards With High Balance Compared To Credit Limit Too Many Inquiries 1. Whether I have other accounts with high balances shouldn't matter on an automated review, this card does not and has not carried any balance near the credit limit. 2. What does having a mortgage have anything to do with having a Lowe 's credit card? I shop at Lowe 's for my side job nearly every week. 3. Again, why does it matter if I have other cards with high balances if this one isn't? 4. Synchrony is not attempting to issue me new credit so having many inquiries doesn't matter. XXXX XXXX just did this same thing on another card. The bank will claim your credit score is low, but then lower your credit limit or close your card, causing your credit score to drop further impacting the rest of your financial health. This is straight anti-consumer activity by Synchrony Bank, harming Americans by closing accounts that have never had a negative financial impact to them.
Frequently Asked Questions
What is Complaint #7290877 about?
Complaint #7290877 was filed against Synchrony Financial regarding Credit card or prepaid card specifically about Closing your account. It was received by the CFPB on 2023-07-23T12:00:00-05:00.
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.