It is due to the marketplace being down, based of Xbox forums it is recommended to either wait a few hours, or delete the latest Xbox console update.
Wait i guess...
microsoft are having a few problems with connecting and downloading profiles Your just gunna have to wait untill they fix it (could be a while) but it will be back up shortly!
You pull the disc tray out of your Xbox blow into the hole that has been left and that should fix the status code problem the disk tray just slides back into its original spot so don't be scared to use force
80072ef3
It's an account payment option thing, I don't know how to fix it but if you want to remove your payment option you best call Microsoft.
Microsoft has to fix it it's internal
If you are talking about Status Code: 8016271F on the XBox 360, it pertains to issues with the Xbox Live marketplace. It usually happens on Tuesdays due to the updates being applied. Your best bet is to simply wait until Wednesday to try again. It does not happen only on Tuesday and can in fact happen on other days of the week; however, it is again, more likely to happen on Tuesday.
The code appeared because a part of Xbox Live was down for testing. All should be sorted out relatively quickly and the code will disappear. You should be back to regular gameplay soon.
You can send it to Microsoft who will fix your Xbox 360.
According to Microsoft, the error code 8000704DC on the Xbox means there is an error downloading your Xbox Live profile. You will need to visit your account, change your password, and clear stored information on your console to fix the error.
you call up the xbox company and talk to them and they help you fix it and if it needs to be fixed by a mechanic or electrian or somebody that fixes the xbox and for free i think. OR... You go to www.xboxlive.com sign in and accept their new Terms and Conditions, then you can recover your gamer tag.
It is recommended that you contact Xbox Support.
If your Xbox is broken you can call Xbox Support maybe they cant tell you how to fix it. Or you can send it in a gaming store as some do fix it for you.