Over the past few years, tens of millions of consumers witnessed a remarkable increase in their credit scores, primarily due to helicopter money dished out by the federal government, rock-bottom interest rates, and a pause on student-loan payments. However, the party has come to an abrupt end as credit scores plunge. 

Bloomberg reports Synchrony Financial is closing inactive accounts and capping card limits for a number of clients as macroeconomic headwinds mount. 

"What we are seeing is people who are doing significant score migration — a 680 or a 690 going to a 620," Synchrony Financial CFO Brian Wenzel said in an interview.