Consumer complaint received 2025-02-10 00:00:00
Product: Credit card — Store credit card
Issue: Fees or interest — Unexpected increase in interest rate
Company: SYNCHRONY FINANCIAL
State: TN

Complaint narrative:
Subject : Response to CFPB Complaint Regarding Lowe 's and Synchrony Bank - XXXX XXXX To the Consumer Financial Protection Bureau ( CFPB ), This letter is in response to the complaint I filed on XX/XX/XXXX against Lowe 's and Synchrony Bank concerning my credit account. I am writing to provide further details and request your assistance in resolving this matter. 

My initial complaint outlined how Synchrony Bank, the financial institution handling Lowe 's credit accounts, drastically increased my interest rate from my original agreed-upon rate to 31 % after I filed my complaint with the CFPB. This change was made without my knowledge or consent. I only discovered this exorbitant rate hike when I attempted to make a payment and noticed that only {$2.00} of my nearly $ 200 monthly payment was being applied to the principal balance. 

Upon contacting Synchrony Bank, I was informed that the increased interest rate was due to my payments not being " fast enough. '' This explanation is unacceptable, especially considering I have never missed a payment. I requested a hardship review due to the financial strain this sudden and unjustified interest rate increase placed upon me. Instead of working with me, Synchrony Bank further penalized me, claiming I was not paying enough and subsequently lowering my credit limit. This action, combined with the predatory interest rate, has effectively pushed me toward default. 

Furthermore, Synchrony Bank 's internal investigation into my complaint appears to be flawed. They contacted me, disputing my account records, even though I provided documentation supporting my claims. They suggested that the issue was separate from Lowe 's, which is illogical, as I am making payments to Synchrony Bank for the Lowe 's credit account. Their attempts to distance themselves from Lowe 's while simultaneously collecting payments for them raise serious concerns.

I believe Synchrony Bank 's actions are predatory and potentially illegal. I am requesting the CFPB to thoroughly investigate this matter. I am not convinced I am the only consumer being treated in this manner. 

Specifically, I am requesting the CFPB to : Investigate Synchrony Bank 's practices regarding interest rate increases and account management. 
Consider legal action against Synchrony Bank for their predatory behavior towards consumers.

Order Synchrony Bank to correct my account by : Reinstating my original interest rate.

Applying all payments correctly to my principal balance. 
Restoring my original credit limit. 
Providing compensation for the financial harm caused by their actions. 
I currently owe approximately {$4000.00} due to these unfair practices. I am requesting assistance in resolving this debt fairly and restoring my credit rating, which has been negatively impacted by Synchrony Bank 's actions. 

My contact information is : XXXX XXXX [ Your Address ] [ Your Phone Number ] [ Your Email Address ] Lowe 's address : XXXX XXXX XXXX XXXX, NC XXXX Thank you for your time and attention to this important matter. 

Sincerely, 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