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Synchrony Bank is single handedly destroying everything that credit builders/rebuilders work so *** hard to achieve with their greedy Mickey Mouse system. In a world where credit scores determine so many futures and outcomes, you're better off WITHOUT Synchrony Bank.

(Especially if you're trying to increase your scores to the 700-800 range.) Don't believe me? Do a little research before accepting a new line of credit from them. They close accounts in good standing due to lack of use/no use...WITHOUT NOTICE! = NEGATIVE IMPACT ON YOUR CREDIT SCORE!

They decrease credit limits due to a lack of regular spending. = Increases credit utilization = NEGATIVE IMPACT ON YOUR CREDIT SCORE! Their entire operation is a designed to FAIL the consumer. It may be in their terms and conditions, but believe me when I say that it doesn't matter how meticulous you are with paying bills, if you're not utilizing a fair amount of your credit lines issued, they will take them away, ultimately leaving you with the very thing you want to avoid with revolving credit accounts.

(high credit utilization) If you think you're doing a good job by maintaining a zero balance, think again. They will close the account. WITHOUT NOTICE and not even think twice about because it's automated. Closed CC Accounts = NEGATIVE IMPACT ON YOUR CREDIT SCORE!

My experience? CareCredit limit reduced by $1500 to only $500 due to lack of regular spending or use...it's F'ing CareCredit! (I used it only for vet services.) Their response..."If you can find a Rite Aid, you can use it like a credit card." Unfortunately, I don't shop at Rite Aid. I never have.

Nor do I have any plans on doing so anytime soon if at all and I'm certainly not going to drive around looking for one just to keep my CARECREDIT account alive. That would be absurd. Another response was, "You can request a credit line increase." = HARD INQUIRY...NEGATIVE IMPACT ON YOUR CREDIT SCORE! Baers Furniture Card 1K closed due to lack of use.

They proposed that I reapply. Doing so would add a hard inquiry. = NEGATIVE IMPACT ON CREDIT SCORE! Yes, I'm pissed.

That's because building your credit score up is not easy and when these unnecessary changes happen, they can quickly drop your score and entire scoring category. (Very Good - Good or Fair - Good, etc.) While in the real world this may not seem like a big deal, I assure you that it most certainly is in the credit scoring world. It's one thing to decrease credit lines and close accounts to those who fail to pay their bills. However, it's another altogether to do it to those who meet and exceed payment expectations on a monthly basis.

Those who do a good job should be rewarded.

Their practices are unacceptable. I'm looking forward to a class action lawsuit.

Product or Service Mentioned: Carecredit Credit Card.

Reason of review: Problems with payment.

Company wrote 0 public responses to the review from Nov 21, 2017.
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Anonymous
#1610874

They have closed and reduced many of my accounts by thousands of dollars within the last 3 months. I am unsure how they can just close out accounts and lower credit on accounts that are paid on time every month.

I plan to stop shopping at the stores that use them. I've already stopped shopping at Pier 1 and I love that store, but I'm angry.

Anonymous
#1609457

They are overcharging my mother's bill and customer service just keeps transferring us from one department to another and back claiming that no one can help. This is ridiculous.

Anonymous
#1607547

I was SCREWED by these f*cks just the other day!!! I AM LIVID...WE NEED TO BAND TOGETHER AND TAKE THEM DOWN!

Anonymous
#1606203

I agree 100%! Someone should do something you never missed a payment and they close your account and then that negatively impacts the credit score that you work so hard to keep high!

I don’t even waste my time calling those people because no one has the ability to make any decisions that make any sense or to change anything! Count me in if ever a lawsuit he starred !

Anonymous
#1605149

In a year getting hit twice with exorbitant amounts of late fee and finance charges on automated payments. So, I Googled; and without much surprise, I landed here.

I had excellent Credit (and always have been VERY careful about it) but thanks to Rooms-to-Go for using Synchrony Financial services as their credit processors. Now I am constantly 50-60 points down in lower 700s. They have several malpractices in effect which need to be stopped at once. Due to the nature of credit lendings, most of our payments are automated for a fixed monthly amount - be it Lowe's, Wal-Mart, Rooms-to-Go or any big chain.

Most of the consumer/subscriber/creditor set these up and forget about it. Mostly these payments are made on or near due date instead of Statement date. This is the prime incentive for buying in credit! But when these payments get delayed even for a day of due date.

Synchrony adds fee and charges - which are obviously not part of the automated payment of next month. This cycle keeps adding additional fee and charges unless you are a vigilant person. Even then you only see it at least after one cycle too late. We all understand that without fee and charges banks won't sustain, but in present world, with so much technology in use they can easily make it easy on the customer.

But they won't. One can see when next payments are still coming in, but at originally agreed upon chunks, every term.

Fix that 24-48 hrs delay (weekend)/late payment from X-2 cycle that leads to all sorts of issues - but they simply wont.. This definitely is a candidate for class action!

Anonymous
#1605090

They closed two accounts on me after a perfect payment history and I paid the accounts off: Care Credit and Sams Club. I am interested in a lawsuit.

Anonymous
to Faith #1607550

I'm with you Faith! Let's SHUT THEM DOWN!

Anonymous
#1604467

I fully agree with this post, I’m in on suit! They have lowered two credit cards of mine this year.

Wal Mart $500 down to $170 when I had a $157 balance with no late payments and now Bell $500 credit lowered to $110 when I had $98 balance. This makes credit bureaus report high balance averages to credit limit which drops credit scores. My Care Credit stays close to limit due to dental surgery ongoing but they don’t touch that one!!!

I am pissed as well and closed myself all three cards to do with synchrony tonight and will not deal with any retailer who uses them. I’m all in on a class action.

Anonymous
to D Deen #1605118

This just happen to me today with my Lowes card I had with them. They lowered my credit limit months ago.

So I paid them out to trying to raise my credit score.

They closed my account today.. I'm pissed off!!

Anonymous
#1603083

I'm definitely in not only can I not open my estatements, I didn't realize I have been charge 400 in late fees while still making monthly payment. Let me know if you want to go for it.

Anonymous
#1600512

Same situation. Problem is that I have burned more times than I care to count by this company.

However, they hide behind a business. I do not realize the business is using them until I get the bill. Then like clock work. I make my payments on time.

Make sure I have enough credit available for lets say a birthday or Christmas and just when you are ready to use your available credit you find out it was closed for some bull *** reason such as non use or my credit score dropped. Well, my credit score probably dropped because they closed another account for non use. HOW CAN WE STOP THIS STUPID COMPANY FOR GOOD!

They have sucked the life out of my family for too many years. I am done playing this credit roller coaster.

Anonymous
#1598385

Wow I have the same situation with Synchrony, they lower my credit limit beginning $1200 now $100.00 I paid always in full at the end of the month. With any notice they did and now they have amazon, Walmart and PayPal.

Now my credit score is a disaster.. They disserve a lawsuit..

Anonymous
#1594837

This company is a joke try making a payment by phone you get charged out the *** their late payment fee is through the roof they trashed my credit score all because I made a partial payment luckily enough I was able to get a head of the credit card bill and pay it off but it still shows up on my credit report because I made a partial payment even though it was on time

Black_Cloud1
#1589823

Synchrony Bank are a bunch of criminals! I too am having issues with them lowering credit limits on a couple credit cards issued by them.

ALL of my accounts with them are paid on time and always have been. However, they "just found it necessary" to lower every one of my accounts credit limits for absolutely NO reason. Now my balance to limit ratio is off the charts and makes my credit score drop!

How's that legal and if so, WHO is in charge and can rethink this criminal behavior? If a class action happens with this company, I want in......PLEASE!

Anonymous
to AntsyStaffordshireBullTerrier184 #1600734

*Update* I am in the process of writing a letter that I am going to submit (on all our behalves) to all the department stores/companies that use Synchrony Bank as their financial institution. The letter will state about how this institution treats their customers, etc.

I'm not saying that it's the cure for all of this, but it's definitely a step. Maybe if more people put these department stores on alert about how we are being treated and that we will boycott businesses that use Synchrony for their financial institution, it could help in some small way.

There are plenty of other institutions that these businesses can use. Maybe it's about time they think about taking their business elsewhere!

Anonymous
#1587992

Same has happened to me! Credit score up to 688 no missed payments all green in good standing.

In the last two months they have cut the limits significantly leaving two of my cards with high utilization. One was Walmart had 2700 dollar limit spent 317.00 they then lowered it to 300 making me over 100%. Had a 2700 second card never late and used and paid off balance any time I used it had zero balance closed it. My bell card had 2700 with zero balance and dropped it to 100.00 had 3000 Lowe’s credit spent 530 lowered limit to 500 again over utilization my score dropped 50 points and the only changes were the ones Syncrony made and for no reason very frustrating.

My first thought was sue. Talk to a lawyer.

It seems unfair, unlawful even that they can do this to people who are paying their bills. Just doesn’t make sense.

Anonymous
to Mfhall87 #1588226

Save the time and whine and Google why did my credit card company lower my limit? You'll see you're down what everyone here is probably doing.

Oh, and it's legal in fact, it's in the terms you agreed to when signing up.

Utilization games aren't a permanent credit boosting fix. Most people who do this understand and do what they have to do(buying a car/house) because they know a day like this is coming for them.

Anonymous
#1574277

I had an excellent credit score until Snychrony ruined it. I made a double payment in April 2018 on different dates.

One payment seems to have disappeared so Synchrony has charged me missing my May payment. Tried to handle by email because of a speech disability. Absolutely no success. Turned me into Transwhatever.

This was my 3rd loan with them, had no problems with first 2. I will now hire a lawyer to sue for everything I can get. If you Google it's named, you will see nothing but customer complaints and lawsuits, even the government has gotten involved. I encourage everyone who has had dealings with this company to contact the consumer agency that handles this kind of complaint in your state.

If your state agency cannot help you, contact the government's Consumer Protection Agency. Better yet, contact both state and federal agencies. For your information, for those of you who are old enough, Snychrony used to be the old G E Financial Company.

Different name, same questions business practices. I really don't understand why the credit reporting agencies continue to act on information provided by the this company or why the government has not shut it down.

Anonymous
#1571201

I would totally join! They just did the same thing to me on my Care Credit account, which dropped my credit score 45 points in a day!

Then they say you can reapply. With my new lower credit score?! And add a hard inquiry to lower the credit score even further? And the interest rates on your other credit cards?

Through the roof due your not-your-fault credit score! Then the CS manager says, “Sorry about the inconvenience.” That’s NOT an inconvenience. Being late to an appointment because you hit unexpected traffic is an inconvenience. Having YEARS of mental pain and struggle as well as increased financial hardship caused to you because a company could not send out an email asking if you still want the account is NOT an inconvenience!

It is a hardship that they expect customers to just bend over and take.

In a time when credit scores can impact what job you can get, what apartment you can rent, what you pay for homeowners’ and car insurance, and what interest rate your remaining credit cards are going to jump up to, it is appalling that a bank tries to say, “It’s in the terms of service.” The bankers know the customer’s life will be impacted for YEARS, through no fault of their own, and don’t care enough to even send out an email survey asking why the card hasn’t been used. It doesn’t matter to them anyway; consumers are a dime a dozen.

Anonymous
#1564425

They have also been charging a $2-$3 monthly minimum fee on the interest free for 12 month balances. That was settled in a suit against another credit company and I cannot wait until they finally get hit with one.

They have taken over almost every card from carecredit to store cards. They are controlling the credit system and destroying it.

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