Trying to figure out what to do

[Anonymous]

I started rebuilding my credit after years of identity theft. April of 2016 I was approved for my 1st credit card through my credit union. In August I was approved for several accounts with Synchrony bank which were accounts that I used regualrly and paid consistenly and on time. I started out with small lmits and was able to raise my limits very quickly with my consistent oin time payments. 3 months ago someone gained access to my bank information and cleaned my accounts out causing me to become behind on 3 accounts. I caught 2 accounts up but was unable to catch the other account back up. Now all of my accounts with Synchrony have been affected and all my limits have been reduced to $50-$100 of the limits.

August- 2016

Walmart   $500 

Belks  $300

Old Navy $300

Lowes  $800

JC Penny $800

October 2016

Walmart $8000

Belks  $5000

Old Navy  $5000

Lowes: $6000

JC Penney $5000

July 2017 (Current Limits)

Walmart $6000 - account that is behind

Belks: $1800

Old Navy: $1200

Lowes: $6000

JC Penney: $1100

Had planned on buying a house in September but this has significantly affected my chances. I'm just trying to figure where to go from here. I have already sent an email to Synchrony explaining the situation. Is there any chance that they will restore my limits considering the stiaution and always having on time payments until this happened. Thanks in advance for any advice that anyone can give me.

[Anonymous]

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@Anonymous wrote:

I started rebuilding my credit after years of identity theft. April of 2016 I was approved for my 1st credit card through my credit union. In August I was approved for several accounts with Synchrony bank which were accounts that I used regualrly and paid consistenly and on time. I started out with small lmits and was able to raise my limits very quickly with my consistent oin time payments. 3 months ago someone gained access to my bank information and cleaned my accounts out causing me to become behind on 3 accounts. I caught 2 accounts up but was unable to catch the other account back up. Now all of my accounts with Synchrony have been affected and all my limits have been reduced to $50-$100 of the limits.

August- 2016

Walmart   $500 

Belks  $300

Old Navy $300

Lowes  $800

JC Penny $800

October 2016

Walmart $8000

Belks  $5000

Old Navy  $5000

Lowes: $6000

JC Penney $5000

July 2017 (Current Limits)

Walmart $6000 - account that is behind

Belks: $1800

Old Navy: $1200

Lowes: $6000

JC Penney: $1100

Had planned on buying a house in September but this has significantly affected my chances. I'm just trying to figure where to go from here. I have already sent an email to Synchrony explaining the situation. Is there any chance that they will restore my limits considering the stiaution and always having on time payments until this happened. Thanks in advance for any advice that anyone can give me.

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Welcome to the forums.

More information is needed such as what is the UTI on each account and are there any 30, 60, 90 day late payments?

Thanks in advance for the information. 

[Anonymous]

There is a 90 day late for the Walmart card it is at 99% utilization currently.

There is a 30 day late on the Belk's and JC Penney card. At the time the utilization for both cards was 15%

The other cards have never been late and were at 10%-15% utilization collectively before the limits were reduced. Now they all are sitting at 90% because of the limit reduction

[Anonymous]

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@Anonymous wrote:

There is a 90 day late for the Walmart card it is at 99% utilization currently.

There is a 30 day late on the Belk's and JC Penney card. At the time the utilization for both cards was 15%

The other cards have never been late and were at 10%-15% utilization collectively before the limits were reduced. Now they all are sitting at 90% because of the limit reduction

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Thanks for the reply.

At this point in time, the best option would be to sock drawer all of the cards.  How much can you designate to each account to start paying down the balances?  All of the accounts need to have UTI under 90% to begin with, then work towards 50%, 30%, etc...I have two concerns right now-that the accounts will be closed or that they will balance chase you, then closed the accounts.  If you can aggressively work on getting the balances down, then Synchrony Bank might look at that, and at some point, possibly reinstate the limits.  I hope sincerely for your sake, that the problem related to identity theft has been resolved; it will not help your credit future if individuals continue to steal from you whether it is money or your identity. 

[Anonymous]

I dont use the cards very much. I have other cards as well but they have 0 balances because I had previously paid them off, which was the plan for the the cards listed. The only card that had a high balance was the walmart card. I have spoken with the walmart CSR but they didnt seem very interested in the fact that my bank account had been compromised. I was advised to try contacting the Executive office to explain what happened considering my history with them being in good standing until that happened. Is that a bad idea or should I just try to pay them down. None of the other accounts are past due and are currently being paid down with the exception of Walmart. By the way my identity fraud has been taken care of for quite some time with fraud alerts and everything being removed. As far as my bank account I lost my bank card and it has been replaced so my accounts are currently secure