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Synchrony has a lower credit quality than most other bank sponsors of credit card securitization trusts in the U.S., but the average account balance is lower, too.
August 3 -
The declining credit quality included more borrowers with higher credit scores falling behind on their credit card payments. But executives said the increase remains within expectations as it continues seeing "very linear normalization" in credit.
January 23 -
Like other card issuers, the Stamford, Conn., company expects current trends — soft loan demand but strong credit quality — to reverse later this year as the economy emerges from the pandemic-induced recession.
January 29 -
Payment rates for auto lenders and credit card issuers have remained strong despite a spike in unemployment. Whether these trends continue into 2021 will depend largely on the actions of Congress and the pace of medical advances.
November 2 -
The CEOs of the credit card lenders Discover and Synchrony are urging Congress to come through with another round of government stimulus so that struggling households can continue paying their bills.
July 23 -
Since March, issuers have tightened their criteria for opening new accounts and closed millions of existing ones in hopes of avoiding waves of defaults.
May 29 -
The ratings firm also took negative action with respect to Ally, Synchrony, Discover, Sallie Mae and Navient, citing the impact that the coronavirus crisis is having on their revenues and profits.
April 29 -
Discover is the latest card lender to say it's reining in credit lines as the coronavirus pandemic leaves millions of Americans jobless and struggling to keep up on loans.
April 23 -
The lender behind the credit cards for Gap, J.C. Penney and other retailers took a large provision for loan losses and abandoned full-year earnings guidance as the nationwide shutdowns tied to the coronavirus pandemic have led to a sharp decline in spending on its cards.
April 21 -
After rising between 2016 and 2018, the card issuer's charge-off rates are now steady. The trend reflects both the impact of tighter underwriting standards and the continued resilience of U.S. consumers.
July 19