topic Re: SYMC decreased CL in Credit Card Applications

SYMC decreased CL

Janneman — Sat, 03 Jun 2023 21:43:25 GMT

Synchrony decreased CL on my only account with them today, from $15k to $1k....What do you guys think could be done? Should I close the account as its the lowest limit I have in last 25 years and on any of my credit cards? Or do you think there might be an option to get CLI, if there any? Thank you

Re: SYMC decreased CL

GZG — Sat, 03 Jun 2023 22:02:07 GMT

@Janneman wrote:
Synchrony decreased CL on my only account with them today, from $15k to $1k....What do you guys think could be done? Should I close the account as its the lowest limit I have in last 25 years and on any of my credit cards? Or do you think there might be an option to get CLI, if there any? Thank you

might be able to request a CLI to bring it back to where it was

this might be their way of telling you to spend more on the card

took some google-fu, but I found this thread:

https://ficoforums.myfico.com/t5/Credit-Cards/I-Finally-Got-AA-From-Synchrony/td-p/6653227

Re: SYMC decreased CL

SouthernCredit — Sat, 03 Jun 2023 23:40:20 GMT

Sync will do decreases for lack of use. I opened a Care Credit years ago when my dog needed surgery to leverage the 6 months no interest. Was given a $4500 SL (which was just over the cost of the surgery). Requested a CLI to keep from getting dinged for almost 100% utilization, and got 25k. Used the 6 months and paid it off, and haven't used it since. Last year, they dropped it from 25k to 6k. I used it to buy some meds to keep it active, but otherwise don't use it. I keep it around in case I ever need to leverage one of the no interest offers for anything, but not worried about the limit. If I ever need a high limit on it again, I'll request it.

Re: SYMC decreased CL

SUPERSQUID — Sat, 03 Jun 2023 23:42:23 GMT

@Janneman wrote:
Synchrony decreased CL on my only account with them today, from $15k to $1k....What do you guys think could be done? Should I close the account as its the lowest limit I have in last 25 years and on any of my credit cards? Or do you think there might be an option to get CLI, if there any? Thank you

Re: SYMC decreased CL

Gunnerboy — Sun, 04 Jun 2023 00:43:11 GMT

@Janneman wrote:
Synchrony decreased CL on my only account with them today, from $15k to $1k....What do you guys think could be done? Should I close the account as its the lowest limit I have in last 25 years and on any of my credit cards? Or do you think there might be an option to get CLI, if there any? Thank you

Close it.

My Nordstrom store tradeline was my oldest at 28yrs old when I closed it after they reduced the limit from 4,000 to 1,000, shortly after they gave me an increase. I hadn't used that card in years.

Re: SYMC decreased CL

Janneman — Sun, 04 Jun 2023 08:41:36 GMT

@Gunnerboy wrote:
@Janneman wrote:
Synchrony decreased CL on my only account with them today, from $15k to $1k....What do you guys think could be done? Should I close the account as its the lowest limit I have in last 25 years and on any of my credit cards? Or do you think there might be an option to get CLI, if there any? Thank you
Close it.

My Nordstrom store tradeline was my oldest at 28yrs old when I closed it after they reduced the limit from 4,000 to 1,000, shortly after they gave me an increase. I hadn't used that card in years.

Since you closed your account, then how they increased the limit on it? It was closed, right?

Re: SYMC decreased CL

Janneman — Sun, 04 Jun 2023 08:43:32 GMT

@GZG wrote:
@Janneman wrote:
Synchrony decreased CL on my only account with them today, from $15k to $1k....What do you guys think could be done? Should I close the account as its the lowest limit I have in last 25 years and on any of my credit cards? Or do you think there might be an option to get CLI, if there any? Thank you
might be able to request a CLI to bring it back to where it was

this might be their way of telling you to spend more on the card

took some google-fu, but I found this thread:

https://ficoforums.myfico.com/t5/Credit-Cards/I-Finally-Got-AA-From-Synchrony/td-p/6653227

Thank you so much....I will try to do CLI tomorrow..Don't know if it would work or not but would try, otherwise I would close the account.Thanks again...

Re: SYMC decreased CL

SouthJamaica — Sun, 04 Jun 2023 16:28:07 GMT

@Janneman wrote:
Synchrony decreased CL on my only account with them today, from $15k to $1k....What do you guys think could be done? Should I close the account as its the lowest limit I have in last 25 years and on any of my credit cards? Or do you think there might be an option to get CLI, if there any? Thank you

If you call them up they'll almost definitely restore it.

Re: SYMC decreased CL

Bill77 — Sun, 04 Jun 2023 17:03:18 GMT

Does your online account still have a link for the option to Request Increase? Or did they take that away? I personally would keep the card open.

Re: SYMC decreased CL

Gunnerboy — Sun, 04 Jun 2023 18:50:40 GMT

@Janneman wrote:
@Gunnerboy wrote:
@Janneman wrote:
Synchrony decreased CL on my only account with them today, from $15k to $1k....What do you guys think could be done? Should I close the account as its the lowest limit I have in last 25 years and on any of my credit cards? Or do you think there might be an option to get CLI, if there any? Thank you
Close it.

My Nordstrom store tradeline was my oldest at 28yrs old when I closed it after they reduced the limit from 4,000 to 1,000, shortly after they gave me an increase. I hadn't used that card in years.
Since you closed your account, then how they increased the limit on it? It was closed, right?

TD Bank gave me a bump from 3k to 4k, but when I didn't put any new spend the following two weeks, they chopped it down to 1k. I closed it right then.

Re: SYMC decreased CL

Janneman — Mon, 05 Jun 2023 04:59:39 GMT

@SouthJamaica wrote:
@Janneman wrote:
Synchrony decreased CL on my only account with them today, from $15k to $1k....What do you guys think could be done? Should I close the account as its the lowest limit I have in last 25 years and on any of my credit cards? Or do you think there might be an option to get CLI, if there any? Thank you
If you call them up they'll almost definitely restore it.

I did call them up...First spoke with a rep and then supervisor....both told me that they are not allowed to do anything except taking the request for credit line increase.....and they both said independently and separately that it makes no difference whether they take my request over the phone for CLI or if I would do it by my own online. I told them that I would do it online. However, supervisor sent a request to back office (credit dept) on my request to reconsider to restore my CL....So, I would first wait to hear from them...and then would do CLI online and if nothing positive gonna happen then I would close down this credit card....

Re: SYMC decreased CL

Janneman — Mon, 05 Jun 2023 05:10:59 GMT

@Bill77 wrote:
Does your online account still have a link for the option to Request Increase? Or did they take that away? I personally would keep the card open.

I didnt check yet to know if there is still a link for CLI on my online account, however, I assume there would be. Nevertheless, it doesnt seem to be a problem because rep and her supervisor, whom I spoke with, both were ready to take my request for CLI over the phone, but also informed me that I can do my own online if I choose to do so as both methods/options make no difference. However, the supervisor was able to send the request to back office (I assume credit dept) already on my behalf before we do CLI...So, I decided to hear from them first and then I would do CLI...and if nothing good comes out then I would close it down.

You say that you will keep it opened then why would you do that? I know synch does CLI as SP but my on this account, I never got not even one CLI even though I request many times...and even when I heavy spent on this card...which is why I had put it in the drawer...So, when they never gave me any CLI despite of heavy usage then do you think they would give me now?? Secondly, with only $1k limit, what I could do??? I honestly don't need Synch and this much CL because I already have over $1M in credit and none of my accounts are lesser than $15k except one which still have better CL than this one. I personally dont think this account could grow much...and if it does then it would take years to get to where I was...And I am told that Synch does review of each account in every 18 months...So, they would slash the CLI again or might close the card. The most importantly I believe my this account with this much CL can influence other lenders to do the same especially now when alerts have been gone out to each lender....

Re: SYMC decreased CL

Janneman — Mon, 05 Jun 2023 05:14:08 GMT

@Gunnerboy wrote:
@Janneman wrote:
@Gunnerboy wrote:
@Janneman wrote:
Synchrony decreased CL on my only account with them today, from $15k to $1k....What do you guys think could be done? Should I close the account as its the lowest limit I have in last 25 years and on any of my credit cards? Or do you think there might be an option to get CLI, if there any? Thank you
Close it.

My Nordstrom store tradeline was my oldest at 28yrs old when I closed it after they reduced the limit from 4,000 to 1,000, shortly after they gave me an increase. I hadn't used that card in years.
Since you closed your account, then how they increased the limit on it? It was closed, right?
TD Bank gave me a bump from 3k to 4k, but when I didn't put any new spend the following two weeks, they chopped it down to 1k. I closed it right then.

Wowwww....That's so scary....I have TD for the last 8 years...haven't used in last 8 months and I hardly ever use it anyway for more than $10...Thanks God that they never chopped my CL..but never asked for any CLI anyway....I think risk of CLD or shut down would always be there with every lender if we dont use credit enough...Its just a matter of time when it would happen....economic situation or not...

Re: SYMC decreased CL

AndySoCal — Mon, 05 Jun 2023 14:01:27 GMT

@Janneman Sorry to hear this happen to you. I would cloase the card if they wont restore. SDFCU is a better solution than Synchronny IMO

Re: SYMC decreased CL

Janneman — Sat, 10 Jun 2023 04:01:05 GMT

Update:

I am able to get the full CL back by doing a few things by my own. Appreciate this forum and its members for such a wonderful suggestions...