Syncrony Walmart CLD

[Dalmus]

 I got a credit alert from MyFICO this morning, and I got hit by Syncrony on my Walmart card.  Went from $6,000 down to $1,024.  What a weird amount!  I went online and just closed the account via chat.  It was on my chopping block for the coming year anyway.

 I assume it was because of non-usage.  Last purchase was about 6 months ago. I rarely shop at Walmart, and when I do, Its always last minute and I never have my card with me...

 The GOOD thing is, thanks to all the info I've gleaned from MyFICO, I don't CARE that I lost the credit, because its less than 5% of my total credit line.

[Anonymous]

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@Dalmus wrote:

 I got a credit alert from MyFICO this morning, and I got hit by Syncrony on my Walmart card.  Went from $6,000 down to $1,024.  What a weird amount!  I went online and just closed the account via chat.  It was on my chopping block for the coming year anyway.

 I assume it was because of non-usage.  Last purchase was about 6 months ago. I rarely shop at Walmart, and when I do, Its always last minute and I never have my card with me...

 The GOOD thing is, thanks to all the info I've gleaned from MyFICO, I don't CARE that I lost the credit, because its less than 5% of my total credit line.

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Sorry to hear of the CLD.  Never a good thing but at least it doesnt affect you very much and you're taking the best approach

[Adkins]

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@Dalmus wrote:

 I got a credit alert from MyFICO this morning, and I got hit by Syncrony on my Walmart card.  Went from $6,000 down to $1,024.  What a weird amount!  I went online and just closed the account via chat.  It was on my chopping block for the coming year anyway.

 I assume it was because of non-usage.  Last purchase was about 6 months ago. I rarely shop at Walmart, and when I do, Its always last minute and I never have my card with me...

 The GOOD thing is, thanks to all the info I've gleaned from MyFICO, I don't CARE that I lost the credit, because its less than 5% of my total credit line.

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The $1024 is because it was calculated by a computer. Yours is not first CLD I've seen that resulted in that number. I agree though, it is weird since it isn't a even amount like $1000. 

[marty56]

You shouldn't close a card that has no AF.  if you don't like them, don't use it or use it and PIF.  In the future you may want credit with them again (PayPal, Sams, others) so you want to eastablish a good history with them or any lender for that matter.

[EAJuggalo]

They hit me with one this week as well.  From $1400 to $1020.  Though in my case it was due to a bogus collection tanking my score on a relatively thin profile.  I only got the card for the no interest on a set of tires, beyond that it only saw a couple swipes a month.

[Dalmus]

I'm in a card consolidation mode. I want to buy a new house I the next year or two. I currently have about 20 cards. Now that I'm getting majors I the high 4 and 5 digits, I have no use for the retail cards I got while rebuilding. The AAOA won't effect me for 10 years, and my current available credit is higher than the combined incomes of my wife and I.

The only retail cards I have a use for are Amazom and Paypal credit.

It's great to be in the position of being able to tell a bank to go pound sand.

[AverageJoesCredit]

6 months of no usage, thats pretty drastic for Synchrony. Take notes everyone with Sync cards. We usually see 1 year no usage.

[Anonymous]

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@AverageJoesCredit wrote:
6 months of no usage, thats pretty drastic for Synchrony. Take notes everyone with Sync cards. We usually see 1 year no usage.

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Black Friday means people will be spending too much on things that have no real value, and wanting to pay even more with fake 0% interest offers they will never pay off in time.

Synchrony relies on so many retail card accounts that they probably need the assets to back new credit lines to folks who are going to be miserable with their 30% APRs after the 0% period runs out.  This is a huge profit point for them if they can gain tens of millions in new borrowers who they know will turn $30,000,000 in spend this holiday season into $30,000,000 in interest over the 3-4 years they'll pay it off.

[xenon3030]

I have a recent Walmart CC with <1000$ CL . A few days ago, I pressed the luv bottun for my first time to see my chance but no increase. Anyway, no decrease also. Later on, I received a letter mentioning that I need to unlock my credit reports. Does CLI require a HP for Walmart?

[AverageJoesCredit]

If you call credit solutions and you have a freeze you will need to unlock your TU so they can see your report. It shouldnt be a hp but anything is possible .