Consumer complaint received 2023-08-01
Company: SYNCHRONY FINANCIAL
State: FL
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
I received XXXX emails this past month from Synchrony Bank stating there was a notice regarding my account. When I follow the link, there is a letter stating my account is being closed based on information provided by XXXX XXXX XXXX XXXX XXXX due to the following reasons : Too many balances on my credit cards ; too many credit cards ; too many credit cards with balances ; and no " real estate loans on file ''. At no time did I have a real estate loan on file when the cards were issued. FURTHER, the cards that are being cancelled, Discount Tires and XXXX XXXX XXXX cards had no balances and have never been late. I am in the process of obtaining a mortgage for a home WE built with CASH that has NO PAYMENT because we paid cash to build it. Some of my current credit card debt is due to using my cards while building the home. However, these credit cards existed prior to the issued Synchrony Bank cards which are now being cancelled. THERE have been NO LATE PAYMENTS EVER on any of my accounts and at no time did Synchrony Bank disclose a mortgage loan was required to have such credit card accounts. I unfortunately have XXXX additional cards which are all apparently through Synchrony Bank XXXX XXXX, XXXX XXXX, etc. ) which DO have balances. After doing some research online, I found multiple people complaining this bank abruptly closed their good standing accounts resulting in a derogatory XXXX XXXX. AND THAT IS MY COMPLAINT!!! If a credit card company can close an account for NO REASON or lower the available credit down to the outstanding balance for no reason other than the very vaguely stated reasons given to me, they will negatively impact my score and prevent me from obtaining credit, best insurance rates, mortgages, etc., due to their negative action through NO FAULT OF MY OWN. Banks have the right to extend credit, but IF THEY CHOOSE TO revoke that credit and there have been NO late payments or over the limit charges to such account -- THIS SHOULD NOT BE ALLOWED TO NEGATIVELY IMPACT an individuals credit report. I intend to payoff ALL OF MY Synchrony Accounts and will not use them again in the future. I will also be notifying the retailers of my reason for never using those accounts again. As the agency whose purpose is to protect consumers from financial harm, XXXX XXXX XXXX XXXX should be taking action that results in derogatory and negative impact to an individuals score because a bank issuing a credit card opted to close an account for their own internal reasons. I called Synchrony Bank to discuss but their customer service stated any action taken is based solely on information from XXXX XXXX and I have to contact XXXX XXXX to dispute my credit. XXXX XXXX Stated they do not maintain information regarding whether an individual has real estate, only if there is a loan and the history of such mortgage loan. Again -- I DID not indicate I owned my home when I applied for these credit card accounts. I marked " other '' with no monthly rent, as our home had no mortgage and was in a family trust. In the past year, we actually built a XXXX home which is now titled in our names, and for which we are seeking a small equity mortgage to payoff card balances accumulated while building our home. The action taken by Synchrony with NO WARNING whatsoever or even a request for information from me absolutely resulted in lowering my XXXX XXXX. Further, I have NEVER paid my account late, the cards being cancelled had no balances and were paid in full whenever used. Nor do I have ANY LATE PAYMENTS ON ANY ACCOUNTS.

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