Consumer complaint received 2023-04-27
Company: SYNCHRONY FINANCIAL
State: RI
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
Last year Synchrony closed my XXXX card stating I was high risk. Then I applied for a new one the same week and they approved me for a new card. I have been using this new card without issue, making all payments on time, again. Last month I was even approved for a subprime used car loan with another bank because I am a reliable payer. 

Of course, one year later, again, Synchrony did the same exact thing, closed my card for no issue. They do this every year to thousands of people who are current through their arbitrary and flawed system. Using credit scores that aren't even accurate. I had to have my XXXX pulled for the car loan and I was at XXXX. Synchrony claims through their website that I am at a XXXX and uses this as part of their reason for closing an account. They continue to do this to thousands of us, hurting our credit in the process for no other reason than they can not properly manage their business and then panic when the economy isn't sluggish and they have a lot of bad debt on the books. 

Their response to being bad stewards of credit is to act in bad faith. They harm the credit of people in an already tumultuous economy based on nothing but supposition. They have zero credible reason to close my account. The payments come in for them and every one of my other accounts every month with zero late payments or bounced payments. Like others in this world I rely a lot on credit to make purchases for my business and home and my credit usage routinely goes up and down as I make large payments as payments owed to me come in chunks. However, it has never affected my ability to make at least the minimum. 

I don't even want an account with this XXXX bank anymore. I am sad that XXXX won't dump this clown institution and go with XXXX XXXX, XXXX, or XXXX like other stores that have responsible partners. My XXXX card is never closed annually on a whim, nor is my XXXX card, nor is my XXXX XXXX card. None of them do I have to do this rodeo with every year. Fortunately, this was my last card with this predatory bank. I just intend to run a website shedding light on these horrid business practices and continue to pressure their partners to move on. I have already been in contact with upper management at XXXX to let them know that Synchrony has lost them yet another longtime customer. 

To those reading this report, do NOT get a card with this bank, not even an XXXX card. I know you want access to that credit, but it isn't worth it, a credit card offered from a reputable bank will work out so much better, even if you do have to pay a little interest. Get a secured before entrusting your credit with these clowns. You can not build any credit or repair any credit with a bank that just decides to drop limits or close your account every year because they made bad business decisions and investments. Any bump to your credit will just be negated and then some, one year later, when they close your account. 

Synchrony bank is a predatory menace and it is time the government stops paying lip service to XXXX XXXX and take down this bank. I guess I have to start the campaign to lobby our elected officials and let them know we won't vote for anyone who does anything for this bank.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation