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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 111467
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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How can Synchrony Bank all of a sudden own almost ALL

Customer Question

How can Synchrony Bank all of a sudden own almost ALL COMPANIES WITH CREDIT? Example: Belk TJMaxx,Care Credt,QVC shopping network,some Chase credit cards, and oh so many more... How it affects us.. I have been extremely ill two surgeries and hands in casts then splints unable to write type etc for four months, just now can some. I'm 61yrs old was single and worked hard to keep my credit good enough I bought a house car etc, then lost My job went on disability and things spiraled out of control for me. I sold my house, I had hard time keeping my personal business under control. My sister used to come once a month to help with big items, but I have fallen behind Ina could of my cards. Which I planned to either catch up or pay off when my PERS check starts Oct 1. I told my I sister to make SURE my Belk and Care Credit card were paid first and on time! Belk because that's where I get things when on big sales and care credit t pay for my dr appt and medicine implanted
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Actually, this bank is formed to buy up these credit companies, this is their sole purpose it appears. They are similar to a junk debt collector, except that they are a company that funds credit card companies or provides credit for merchant companies.

They are not truly a monopoly, it is just that they happen to provide credit services to multiple merchants you do business with. There are other credit card companies that you can use for this, but legally the bank has a right to limit credit to anyone based on their income and asset to debt ratio, not just based on your paying those cards first and on time.

So you would need to go to look at credit from other companies, but it really is not just this bank being a monopoly, since they use your credit reports to make these determinations and it is not only accounts with their bank I am afraid that they use to determine when reducing credit.

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