Consumer complaint received 2022-08-31
Company: SYNCHRONY FINANCIAL
State: GA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
First, I could only choose XXXX option for the product I am complaining about, but to be clear, this has happened with a Venmo Credit Card, as well as Care Credit ( medical procedure purchases ). 

Based on many other complaints Ive read tonight, Synchrony is an unethical company and has hurt many consumers credit ratings. This includes preventing someone from purchasing a home. For me personally, they recently prevented me from having the funding to start a small business venture ( Venmo credit ), which was a shock and truly detrimental to me after I had been counting on my open credit to create my business plan and startup my small business. This was an unfounded decision that came seemingly out of the blue. 

XXXX year ago, I opened a Venmo credit card and had a {$5800.00} credit limit. Mind you, my credit was less than XXXX due to a bankruptcy following a divorce, so I was pleasantly surprised at the limit. However, out of the blue ( XXXX or XX/XX/XXXX ), I tried to use my card to make a purchase to start my small business venture, but was declined, because I had a {$400.00} something balance and to my surprise, was only {$12.00} away from my limit. I should have had over {$5000.00} to use. 

Needless to say, I was very confused because I had JUST paid off my card the month before ( and many other cards with Synchrony ). I was never late. I was furious! I called them and received no explanation for why this happened. Just a sorry for your luck type of attitude. 

Fast forward to today ( XX/XX/XXXX ) I just learned they actually CLOSED one of my other accounts ( Care credit ), which I use from time to time for dental work and other medical bills ( over an {$8000.00} limit ). The weird thing with this one is that my mom is also on the account, and she has near-perfect credit. So bizarre! I have MANY other cards with themso Im just waiting to have them all shut down for no reason whatsoever in addition to the other two. 

Also, I should add that my credit utilization rate is currently at 22 % ( which disputes their claim that I have too many high balances compared to limits ). I worked very hard to get my credit to this point ( this time last year when I was approved, it was probably closer to 50 % ). My credit score was higher than it had been in years..I had paid off many of my cards, which brought my utilization rate down to 18 %. So Synchronys big thank you for paying off my card was too royally XXXX up my utilization rate, and leave me with a score about 100 points lower than what it was. Now, I cant get approved for hardly anything, including a business card. 

I have included a screenshot of the reasons they closed my account, none of which are valid. I have ONE derogatory mark on my credit ( as I mentioned ) that is almost seven years old, and NO derogatory revolving accounts. And as I mentioned, the balances on most of my cards were paid off just two months ago. Because Ive had to use them instead of the Venmo card, they all now have small balances again.

This company seemingly goes through customers accounts and shuts them down with no notification or explanation. Its absolutely unethical and unprofessional, not to mention the havoc it reeks on its customers financial health. Im sure they will use my newfound POOR score to close the other accounts as well. If you visit other complaint sites, you will see that Im not alone. This is a regular practice of theirs. 

Synchrony, how are you still in business?? Especially in a post-pandemic, high inflationary world, this is a cruel and unusual practice for your customers who are simply trying to keep their heads above water. 

Regards, XXXX XXXX

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