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@Anonymous wrote:Terrible Bank! They approved me for Walmart card 5-6 months ago and gave me a $150 limit. Paid my bill every month and on time, asked for limit increase was denied. I wasn't even asking for much either to just bump me to $500, as I use my card when I go grocery shopping. The last two months I haven't bothered to use my card much because my grocery bill was between 180 and 250. Couldn't even use the card if I wanted to wasn't enough to cover the charge, ended up using my debit card instead. I've tried several times for limit increase still denies me every time. Once I pay this card off, cutting it up and putting it in the trash! Terrible company, Terrible customer service!
I'm sorry Synchrony has been so hard for you to deal with. Many others on here have also been at a 'stalemate' with their credit lines on Synchrony accounts (online button wouldn't work) but they were able to get an increase either by using the 'chat' feature, and some have done really well using the number for Credit Solutions (in the sticky thread).
If you haven't already, you might want to consider giving one of these a try... of course there's no guarantee, but it might just work!
Synchrony Bank lowered my credit line on all my cards periodically over the last year. As I paid, my limits were decreased. I recently paid off my Old Navy Visa which I got 2 years ago and NEVER missed a payment and was NEVER late. I had a balance of $1,800 and paid it off at the end of the year, as well as 6 other credit cards. Just did a consolidation. Synchrony then lowered my credit line to $100 and said it was permanent. I then immediately closed my Old Navy account. I mean, seriously, what can you do with $100 limit? I was shocked. I had paid that card off so that I could use it for emergencies instead of my Amex, but they just pulled all my credit. I have now closed all my Synchrony accounts and will never, ever use that awful bank again. It doesn't matter if you pay perfectly for years, if your credit score drops for ANY reason, they will snatch your credit from you. I have never had a bank do that to me. They allow me credit based on my history with THEM. Use Synchrony Bank at your own peril. They are a terrible bank!!! The worst!!
@Anonymous wrote:Synchrony Bank lowered my credit line on all my cards periodically over the last year. As I paid, my limits were decreased. I recently paid off my Old Navy Visa which I got 2 years ago and NEVER missed a payment and was NEVER late. I had a balance of $1,800 and paid it off at the end of the year, as well as 6 other credit cards. Just did a consolidation. Synchrony then lowered my credit line to $100 and said it was permanent. I then immediately closed my Old Navy account. I mean, seriously, what can you do with $100 limit? I was shocked. I had paid that card off so that I could use it for emergencies instead of my Amex, but they just pulled all my credit. I have now closed all my Synchrony accounts and will never, ever use that awful bank again. It doesn't matter if you pay perfectly for years, if your credit score drops for ANY reason, they will snatch your credit from you. I have never had a bank do that to me. They allow me credit based on my history with THEM. Use Synchrony Bank at your own peril. They are a terrible bank!!! The worst!!
I'm sorry you've had such a bad experience with Synchrony, and I can understand your frustration (truly, I can... see below). I want to start off by saying the CSR who told you the CLD was permanent was wrong; in my own personal experience and from reading various threads on here I can confidently say that with Synchrony a credit line is never static (that is, it's always able to change).
10+ years ago due to a job loss I had a 'credit meltdown', and many of my accounts were closed or CLD. My own Synchrony account at the time (Lowe's) started balance-chasing me each month until the credit line was $470, a decrease of over $1k. Like you, I was quite discouraged since I had always made an effort to pay that account on time (sometimes even driving to a Lowe's store on the due date) and I felt they had basically disregarded my efforts - which more than once was substantial. I ended up putting the card in the sock drawer for a few years (literally), and by some miracle they allowed the card to stay open.
Fast-forward to today, and the card now has a credit line of $10k, and it's my very oldest active trade line. Since I rent I'm not a huge Lowe's shopper anymore, but I do make a point to use my card at least every six months or so to ensure it stays active.
My reason for sharing this is two-fold; first that it's common knowledge that Synchrony is sensitive (for better or for worse) to your dealings with other companies (many other banks are as well, BTW). Second, that with time it's very possible to not only restore a credit line with Synchrony, but you can even grow beyond what you once had once your credit scores support it. While I can never fault anybody for closing an account out of anger (hey, we're all human) I would just say that in most cases the account can indeed be rehabilitated.
@UncleB wrote:
@Anonymous wrote:Synchrony Bank lowered my credit line on all my cards periodically over the last year. As I paid, my limits were decreased. I recently paid off my Old Navy Visa which I got 2 years ago and NEVER missed a payment and was NEVER late. I had a balance of $1,800 and paid it off at the end of the year, as well as 6 other credit cards. Just did a consolidation. Synchrony then lowered my credit line to $100 and said it was permanent. I then immediately closed my Old Navy account. I mean, seriously, what can you do with $100 limit? I was shocked. I had paid that card off so that I could use it for emergencies instead of my Amex, but they just pulled all my credit. I have now closed all my Synchrony accounts and will never, ever use that awful bank again. It doesn't matter if you pay perfectly for years, if your credit score drops for ANY reason, they will snatch your credit from you. I have never had a bank do that to me. They allow me credit based on my history with THEM. Use Synchrony Bank at your own peril. They are a terrible bank!!! The worst!!
I'm sorry you've had such a bad experience with Synchrony, and I can understand your frustration (truly, I can... see below). I want to start off by saying the CSR who told you the CLD was permanent was wrong; in my own personal experience and from reading various threads on here I can confidently say that with Synchrony a credit line is never static (that is, it's always able to change).
10+ years ago due to a job loss I had a 'credit meltdown', and many of my accounts were closed or CLD. My own Synchrony account at the time (Lowe's) started balance-chasing me each month until the credit line was $470, a decrease of over $1k. Like you, I was quite discouraged since I had always made an effort to pay that account on time (sometimes even driving to a Lowe's store on the due date) and I felt they had basically disregarded my efforts - which more than once was substantial. I ended up putting the card in the sock drawer for a few years (literally), and by some miracle they allowed the card to stay open.
Fast-forward to today, and the card now has a credit line of $10k, and it's my very oldest active trade line. Since I rent I'm not a huge Lowe's shopper anymore, but I do make a point to use my card at least every six months or so to ensure it stays active.
My reason for sharing this is two-fold; first that it's common knowledge that Synchrony is sensitive (for better or for worse) to your dealings with other companies (many other banks are as well, BTW). Second, that with time it's very possible to not only restore a credit line with Synchrony, but you can even grow beyond what you once had once your credit scores support it. While I can never fault anybody for closing an account out of anger (hey, we're all human) I would just say that in most cases the account can indeed be rehabilitated.
Great advice and response.
@Anonymous wrote:I have tried and tried, but cannot get approved for any of their cards. I have comenity store cards, capital store and mastercards. I also have a cabelas visa. Every card they say with synchrony is easy to get I get denied. My fiancé has the same credit score as me and the same bills since we own a home and vehicles together. Kind of confused please send your advice.
Stop trying.
Avoid making applications for awhile. Let your accounts age. Wait for your scores to rise to the high 600's.
Then try again.
Synchrony is a good outfit IMHO.
Yes their underwriting standards are higher than Comenity store cards.
Just give yourself some T.I.M.E.
@Anonymous wrote:Does synchrochy have tougher standards than comenity store cards
Sorry to say it, but almost any credit card company with a pulse has higher acceptance standards than Comenity.
@Anonymous wrote:
@Anonymous wrote:Does synchrochy have tougher standards than comenity store cards
Sorry to say it, but almost any credit card company with a pulse has higher acceptance standards than Comenity.
Correct, and it should also be noted that despite its relatively easy entrance requirements, it's been very quick lately to take adverse action against perfectly good, longstanding, accounts for silly reasons such as opening accounts with other lenders.
There have been reports lately in this forum of Comenity closing accounts en masse while the victim received in the mail, at the same time, a prequalification for another Comenity card.
There has been a lot of frustation in recent posts from people on the board with 620-640 FICO scores who are unable to get a CLI. I know it's frustrating and that you are working hard.
Realize however that most lenders (not just Synchrony) are not going to give CLI's when you have a FICO score in the 620-640 range. Some of them will not do so until you reach 660.
It's hard to be patient, but once you get your scores up to around 660 I doubt you will have the same level of difficulty with obtaining CLI's.
OP, I'm sure this advice would apply to your situation in the case of obtaining a Synchrony store card as well.
I also have a feeling that a disproportionate number of CLD's from all lenders involve people with FICO scores in this range, or scores that have dropped to this range. It's a low enough range in which banks see it as a risk.