I Got Deactivated by Synchrony Bank

_Tron_

Well-Known Member
Watch your credit lines folks. The banks are reassessing how much they trust their customers to pay. I read an article over the weekend about how banks have pretty much stopped mailing out those 0% balance transfer offers. Sure enough, the balance transfer mailers from one particular bank that used to flood my mailbox have dried up. I checked online and the 0% offers are still there however. Those babies come in handy at times if you know how to play them, so happy they are still in play.

However I did not escape this recent Covid credit crackdown unscathed. I had a payment to Paypal Credit returned by the bank. Human error. I had not left enough funds in to cover the payment. As soon as the error was discovered I submitted the payment again. All was well.

Except it wasn't. A couple of weeks later I got an email stating my Paypal credit account had been shutdown. Called them only to discover it is a permanent, non-negotiable termination. I had never had so much as a late payment for the many years I had the account, but what the hell, I hate Paypal Credit anyway. They only report missed payments to the credit reporting agencies. They don't report accounts in good standing.

But wait. It gets worse. Paypal Credit is actually Synchrony Bank. My Amazon Store Card is also run by Synchrony Bank. Out of the blue I had a payment rejected for something I ordered on Amazon over the weekend. I always use the Amazon Store Card. Huh? Turns out that Synchrony had proactively shutoff my Store card, assumedly because of the Paypal Credit termination. Never a single late payment.

I guess it's like Dylan once said; "The times they are a changin'."
 
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tohunt4me

Well-Known Member
Watch your credit lines folks. The banks are reassessing how much they trust their customers to pay. I read an article over the weekend about how banks have pretty much stopped mailing out those 0% balance transfer offers. Sure enough, the balance transfer mailers from one particular bank that used to flood my mailbox have dried up. I checked online and the 0% offers are still there however. Those babies come in handy at times if you know how to play them, so happy they are still in play.

However I did not escape this recent Covid credit crackdown unscathed. I had a payment to Paypal Credit returned by the bank. Human error. I had not left enough funds in to cover the payment. As soon as the error was discovered I submitted the payment again. All was well.

Except it wasn't. A couple of weeks later I got an email stating my Paypal credit account had been shutdown. Called them only to discover it is a permanent, non-negotiable termination. I had never had so much as a late payment for the many years I had the account, but what the hell, I hate Paypal Credit anyway. They only report missed payments to the credit reporting agencies. They don't report accounts in good standing.

But wait. It gets worse. Paypal Credit is actually Synchrony Bank. My Amazon Store Card is also run by Synchrony Bank. Out of the blue I had a payment rejected for something I ordered on Amazon over the weekend. I always use the Amazon Store Card. Huh? Turns out that Synchrony had proactively shutoff my Store card, assumedly because of the Paypal Credit termination. Never a single late payment.

I guess it's like Dylan once said; "The times they are a changin'."
SYNCRONY BANK IS SAMS CARD AND WAL MART ALSO.

POOR AUTOMATED SYSTEM.

I CANCELED 1 CREDIT CARD WITH THEM AFTER IT TOOK 27 ATTEMPTS TO PAY VIA PHONE.

SCREW THEM.
Post automatically merged:

BANKS HAVE ACCEPTED THAT 50% of the population will be insolvent & unable to pay by this time next year.
 
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_Tron_

Well-Known Member
  • Thread Starter Thread Starter
  • #5
POOR AUTOMATED SYSTEM.
I CANCELED 1 CREDIT CARD WITH THEM AFTER IT TOOK 27 ATTEMPTS TO PAY VIA PHONE.
SCREW THEM.
Agreed. Sync was tied for first place with Paypal credit for worst customer service.

BANKS HAVE ACCEPTED THAT 50% of the population will be insolvent & unable to pay by this time next year.
Funny. CNBC is running a headline story right now that only half of adult population is employed.
 

kingcorey321

Well-Known Member
I Have pay pal credit . OMG there a total joke.
They never sent me a bill and i had to stay on hold for an hour . I told them i want to make a payment and omg they keep me on hold again 30 minutes. I just totally paid off the bill never using them again.
 

Fusion_LUser

Well-Known Member
We are stilling getting 0% offers in the mail on the credit cards we have with a zero balance. I can't say if the amount is less but its enough that I still keep track of those to shred them.
 

Arthur Dent

Well-Known Member
All the result of predatory Capitalism and Wall-Street... The New World Order....


Turn on, tune in and drop out ..................It's the only way ..............
 

The Gift of Fish

Well-Known Member
Watch your credit lines folks. The banks are reassessing how much they trust their customers to pay. I read an article over the weekend about how banks have pretty much stopped mailing out those 0% balance transfer offers. Sure enough, the balance transfer mailers from one particular bank that used to flood my mailbox have dried up. I checked online and the 0% offers are still there however. Those babies come in handy at times if you know how to play them, so happy they are still in play.

However I did not escape this recent Covid credit crackdown unscathed. I had a payment to Paypal Credit returned by the bank. Human error. I had not left enough funds in to cover the payment. As soon as the error was discovered I submitted the payment again. All was well.

Except it wasn't. A couple of weeks later I got an email stating my Paypal credit account had been shutdown. Called them only to discover it is a permanent, non-negotiable termination. I had never had so much as a late payment for the many years I had the account, but what the hell, I hate Paypal Credit anyway. They only report missed payments to the credit reporting agencies. They don't report accounts in good standing.

But wait. It gets worse. Paypal Credit is actually Synchrony Bank. My Amazon Store Card is also run by Synchrony Bank. Out of the blue I had a payment rejected for something I ordered on Amazon over the weekend. I always use the Amazon Store Card. Huh? Turns out that Synchrony had proactively shutoff my Store card, assumedly because of the Paypal Credit termination. Never a single late payment.

I guess it's like Dylan once said; "The times they are a changin'."
I called Bank of America to see if I had a 0% balance transfer offer. I usually have one available. They said no - no B of A customers are currently being offered promotional balance transfer deals for to the current situation.
 

_Tron_

Well-Known Member
  • Thread Starter Thread Starter
  • #11
Yeah. BofA was one of several banks mentioned in the article as putting the kybosh on balance transfers.
 

SinTaxERROR

Well-Known Member
Watch your credit lines folks. The banks are reassessing how much they trust their customers to pay. I read an article over the weekend about how banks have pretty much stopped mailing out those 0% balance transfer offers. Sure enough, the balance transfer mailers from one particular bank that used to flood my mailbox have dried up. I checked online and the 0% offers are still there however. Those babies come in handy at times if you know how to play them, so happy they are still in play.

However I did not escape this recent Covid credit crackdown unscathed. I had a payment to Paypal Credit returned by the bank. Human error. I had not left enough funds in to cover the payment. As soon as the error was discovered I submitted the payment again. All was well.

Except it wasn't. A couple of weeks later I got an email stating my Paypal credit account had been shutdown. Called them only to discover it is a permanent, non-negotiable termination. I had never had so much as a late payment for the many years I had the account, but what the hell, I hate Paypal Credit anyway. They only report missed payments to the credit reporting agencies. They don't report accounts in good standing.

But wait. It gets worse. Paypal Credit is actually Synchrony Bank. My Amazon Store Card is also run by Synchrony Bank. Out of the blue I had a payment rejected for something I ordered on Amazon over the weekend. I always use the Amazon Store Card. Huh? Turns out that Synchrony had proactively shutoff my Store card, assumedly because of the Paypal Credit termination. Never a single late payment.

I guess it's like Dylan once said; "The times they are a changin'."
Synchrony Bank will unfortunately probably completely shut you down. It’s an algorithm. You are now targeted by it.

SB used to be one of the best lenders (GEMB) before they were spun off from GE.

Now they are just a bunch of pricks.
 

TheDevilisaParttimer

Well-Known Member
Banks are doing this because many people will file bankruptcy due to Covid 19, especially independent contractors in heavy hit industries.

The name of the game is to get as much money out of the cares act as possible, max credit cards, exhaust all lines of credit.

Transfer as of that as possible into bankruptcy protected assets or non traceable goods. Then file bankruptcy on everything. Nothing new under the sun
 

The Gift of Fish

Well-Known Member
Banks are doing this because many people will file bankruptcy due to Covid 19, especially independent contractors in heavy hit industries.

The name of the game is to get as much money out of the cares act as possible, max credit cards, exhaust all lines of credit.

Transfer as of that as possible into bankruptcy protected assets or non traceable goods. Then file bankruptcy on everything. Nothing new under the sun
Yes, they are just covering their asses. My credit union also suspended prequalifications for loans recently.
 

_Tron_

Well-Known Member
  • Thread Starter Thread Starter
  • #16
Synchrony Bank will unfortunately probably completely shut you down. It’s an algorithm. You are now targeted by it.
You may well be right, but in my case, after being on the phone today with Sync, it now turns out there was a comedy of errors that unfolded in my case. The basic rule Sync claims they follow is that TWO failed payments result in the account being closed. As it happens my bank recently changed hands (Mechanics bank bought Rabo bank). I was assured that my checking account number would not change, but in the end they changed the routing number. Even that was supposed to be handled seamlessly, with no need to update my payment info on accounts like, say, Amazon or paypal. Alas, the IT department botched the changeover. Thus payments started failing. So in my case one closure did not trigger another as I assumed this morning. Sync shutdown both my accounts (paypal and Amazon) because each one had two failed payment attempts.

Ha ha. Comedy of errors. And right during C19 when counter-party risk is skyrocketing.

I had to to call my bank and get them to send a letter to Sync bank claiming it was there error. They agreed to do so. As much as I dislike Sync bank, I just lost 5 digits worth of credit line and would like to get it back if possible.
 

SinTaxERROR

Well-Known Member
You may well be right, but in my case, after being on the phone today with Sync, it now turns out there was a comedy of errors that unfolded in my case. The basic rule Sync claims they follow is that TWO failed payments result in the account being closed. As it happens my bank recently changed hands (Mechanics bank bought Rabo bank). I was assured that my checking account number would not change, but in the end they changed the routing number. Even that was supposed to be handled seamlessly, with no need to update my payment info on accounts like, say, Amazon or paypal. Alas, the IT department botched the changeover. Thus payments started failing. So in my case one closure did not trigger another as I assumed this morning. Sync shutdown both my accounts (paypal and Amazon) because each one had two failed payment attempts.

Ha ha. Comedy of errors. And right during C19 when counter-party risk is skyrocketing.

I had to to call my bank and get them to send a letter to Sync bank claiming it was there error. They agreed to do so. As much as I dislike Sync bank, I just lost 5 digits worth of credit line and would like to get it back if possible.
You will have to re-apply. That is your only option with them. Their computer system will not allow reopening of a terminated account regardless of reason.
 

_Tron_

Well-Known Member
  • Thread Starter Thread Starter
  • #19
Here's a story related to this topic. FICO (Fair Isaac COrporation) has released a new scoring system to augment its existing FICO score. It is an indexed system of 1-99 that measures the likelihood a consumer will default on their loans. The lower the score the better. How would such a score be derived, is my question. The most I could pull from the article is that % of credit utilization is a large weighing factor. Seems simple enough. Maybe too simple.

Excerpts:

Consumers are getting turned down for all sorts of financial products, from personal and auto loans to credit cards. The Wall Street Journal, using Equifax data, reports that credit card approvals totaled 483,000 in the week ending May 10, down from 856,000 in the week ending March 22. To compare to the year prior, weekly card approvals in 2019 “rarely fell below 1.2 million,” according to The Wall Street Journal.

Fair Isaac Corp., the data analytics company behind the FICO credit score, has just launched the FICO Resilience Index, a new scoring model designed to help lenders better assess consumers’ sensitivity to financial stress by looking at their capacity to survive financially though a downturn.

FICO defines resilient borrowers as “consumers that are more likely to pay as agreed in the event of a recession.”

The criteria to receive the FICO Resilience Index is the same as what is required to receive a FICO credit score: Your credit profile must show at least one open account that has been reported to a credit bureau within the past six months or more.

The FICO Resilience Index measures consumers by many of the same factors that credit scores do — including your payment history, outstanding balances, length of credit history, new credit and credit mix — with a big focus on borrowers who maintain a low credit utilization rate (meaning a low balance in comparison to their credit limit). But experts suggest it may be some time before lenders really utilize the new tool.
 

mbd

Well-Known Member
Watch your credit lines folks. The banks are reassessing how much they trust their customers to pay. I read an article over the weekend about how banks have pretty much stopped mailing out those 0% balance transfer offers. Sure enough, the balance transfer mailers from one particular bank that used to flood my mailbox have dried up. I checked online and the 0% offers are still there however. Those babies come in handy at times if you know how to play them, so happy they are still in play.

However I did not escape this recent Covid credit crackdown unscathed. I had a payment to Paypal Credit returned by the bank. Human error. I had not left enough funds in to cover the payment. As soon as the error was discovered I submitted the payment again. All was well.

Except it wasn't. A couple of weeks later I got an email stating my Paypal credit account had been shutdown. Called them only to discover it is a permanent, non-negotiable termination. I had never had so much as a late payment for the many years I had the account, but what the hell, I hate Paypal Credit anyway. They only report missed payments to the credit reporting agencies. They don't report accounts in good standing.

But wait. It gets worse. Paypal Credit is actually Synchrony Bank. My Amazon Store Card is also run by Synchrony Bank. Out of the blue I had a payment rejected for something I ordered on Amazon over the weekend. I always use the Amazon Store Card. Huh? Turns out that Synchrony had proactively shutoff my Store card, assumedly because of the Paypal Credit termination. Never a single late payment.

I guess it's like Dylan once said; "The times they are a changin'."
Synchrony is owned by Sting :roflmao:( failed humor attempt)

Glad to help:thumbup:
 
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