topic Re: Decrease In CL - Accounts Closed - Synchrony & Comenity in Credit Cards

Decrease In CL - Accounts Closed - Synchrony & Comenity

DeadlyPersona — Mon, 16 Nov 2015 00:40:48 GMT

Ok, I recently noticed that my CL for all of my Synchrony cards have been drastically reduced and a few have been closed. My comenity card CLs is not reduced, accounts are not closed but "inactive", if that makes since.

Is this because I requested CLI's and was approved but barely used the cards? For instance my Old Navy was at $3,500 and at one point my balance was about $200 and I didn't use the card, I just worked on paying the balance off. When I did so, I noticed my limit went from $3,500 to $300. Similar stories with Lowe's, Wal-Mart, Sam's, Belk, etc. J.Crew, VS and Buckle are my comenity cards. I receive so many coupons with VS that I rarely have to pay anything but tax when I shop there.

I liked the way the high CLs looked on my credit profile and I wanted it to stay that way so I tried to make sure I didn't spend more then what I could afford to pay. Just because I had a $12,000 CL with Lowe's the highest my balance has been with them was $458.00.

So, with the closed accounts do I shred the cards? Do I wait 3-6 months and apply again?

P.S. Target has still been great to me.....steady increases.

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

myjourney — Mon, 16 Nov 2015 00:46:50 GMT

Call them first and see why the change then proceed to make a determination of what to do

Has your credit profile changed in any way?

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

Anonymous — Mon, 16 Nov 2015 00:52:59 GMT

Sorry to hear... Did something change on your credit profile? Often times, these banks will close if there is inactivity... Call and see what their reason was. Keep us posted on results.

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

DeadlyPersona — Mon, 16 Nov 2015 01:00:44 GMT

I'm in the process of making phone calls now.....(some I have to wait until tomorrow during normal business hours). A rep from Old Navy said they sent me a letter but to sum it up, he still couldn't explain why the decrease and why the account was closed.

I've checked my profile and there doesn't appear to be anything fradulent, I honestly believe most of it was due to inactivity. But I'm not going to go out and spend money just beause I get a sales text/email or a coupon here and there. I usually give them away if I don't see a huge benefit. So, I can say that I haven't swiped most of my cards in about 2-3 months....except for Target.

Amazon is still open but my limit went from $5,000 to $1,200. I usually do major spending with them around the holidays. I'll keep everyone updated on the other cards.

So, do I need to shred the Old Navy card now that the account has been closed? I really liked that store.

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

myjourney — Mon, 16 Nov 2015 01:05:23 GMT

Don't destroy any cards until you have answers

Good luck

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

UncleB — Mon, 16 Nov 2015 01:20:11 GMT

OP, I'm sorry to hear about your CLD with Synchrony and Comenity.

I've experienced drastic CLD with Synchrony myself, but in my case it was due to them doing a SP and seeing other accounts (non-Synchrony) on my credit reports that I was struggling with. Just like you described, they did a drastic CLD on cards that had a small balance, and on other cards (specifically, Lowe's) they balance chased me until I was at $470.

If it were me, I would check all of the credit bureaus to make sure there's nothing there that shouldn't be there. If you've already done this and 'all's clear' then all you can do it wait for the letters, and go from there.

Finally, regardless of the cause, hang on to those accounts! The Lowe's card that they balanced chased down to $470 is now back to $7450, and it's now the oldest account I have (11+ years). Once the cause of the CLD is 'cured', in time they can rebound quite nicely!

Edited to add: I'll be surprised if it's 'non-use' that's caused your problem. I've gone years at a time without using my Lowe's and Belk, and while I agree that it wasn't 'smart', they didn't CLD or close my accounts. Actually even now I've not used Lowe's since March, yet the CL is still intact.

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

Anonymous — Mon, 16 Nov 2015 01:30:54 GMT

Good luck!

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

Anonymous — Mon, 16 Nov 2015 02:16:17 GMT

@UncleB wrote:
OP, I'm sorry to hear about your CLD with Synchrony and Comenity.

I've experienced drastic CLD with Synchrony myself, but in my case it was due to them doing a SP and seeing other accounts (non-Synchrony) on my credit reports that I was struggling with. Just like you described, they did a drastic CLD on cards that had a small balance, and on other cards (specifically, Lowe's) they balance chased me until I was at $470.

If it were me, I would check all of the credit bureaus to make sure there's nothing there that shouldn't be there. If you've already done this and 'all's clear' then all you can do it wait for the letters, and go from there.

Finally, regardless of the cause, hang on to those accounts! The Lowe's card that they balanced chased down to $470 is now back to $7450, and it's now the oldest account I have (11+ years). Once the cause of the CLD is 'cured', in time they can rebound quite nicely!

Edited to add: I'll be surprised if it's 'non-use' that's caused your problem. I've gone years at a time without using my Lowe's and Belk, and while I agree that it wasn't 'smart', they didn't CLD or close my accounts. Actually even now I've not used Lowe's since March, yet the CL is still intact.

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

Anonymous — Mon, 16 Nov 2015 02:24:08 GMT

Sorry that you are experiencing troubles with your accounts. Several threads have been started because of AA from Synchrony & Comenity. Wait until you have received letters for each account you mentioned in your post before destroying your cards. Please keep us updated on your outcome. Best of luck to you!

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

elim — Mon, 16 Nov 2015 02:42:09 GMT

when you call don't forget to include "what can i do to get my accounts limits reinstated?"

please keep us posted, that's what makes this a great forum.

good luck!

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

Cotton_Britches — Mon, 16 Nov 2015 02:52:26 GMT

That's strange. Definitely keep us posted.

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

pizza1 — Mon, 16 Nov 2015 03:08:40 GMT

Synch and Comenity are the last lenders that ever really do any sort of AA, so you experience AA from them, something has happened in your reports they don't like.

Did your overall util increase? Any new late payments post to your reports? Have you opened a bunch of new acts in the last month? did you credit score drop more than a couple points?

Synch and Comenity don't take AA like that just for not using your CC for 2 months. I have Care credit thats a little over a year old with $10.8k cl, and have used only once for $14.82. My other Synch acts are used every 1-3 months, PIF every time before statements cuts.

Comenity CC same...I use most of them every 1-3 months for very small purchases, and PIF before statements cut. I just used my Samuels Diamond Elite card for the very first time ever. Got the card in May. Purchase was only $19 (silver chain), and CL is $7.5k.

Call credit asap tomorrow (Monday), and get the scoop. It could be simple as they possibly see fraud on their end. If they tell you to wait for letter, escalate it. Someone can tell you. That what I did with Neiman Marcus. I demanded to know.

Sorry this happened to you, and Id pull all your reports from the actual CRA, and go over it with a fine tooth comb.

I too have Lowes with a $12k CL, and the most I spend there is $50/month, PIF before statement cuts. Something else has to be going on.....

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

Anonymous — Mon, 16 Nov 2015 02:56:38 GMT

@pizza1 wrote:
Synch and Comenity are the last lenders that ever really do any sort of AA, so you experience AA from them, something has happened in your reports they don't like.

Did your overall util increase? Any new late payments post to your reports? Have you opened a bunch of new acts in the last month? did you credit score drop more than a couple points?

Synch and Comenity don't take AA like that just for not using your CC for 2 months. I have Care credit thats a little over a year old with $10.8k cl, and have used once for $14.82. My other Synch acts are used every 1-3 months, PIF every time before statements cuts.

Comenity CC same...I use most of them every 1-3 months for very small purchases, and PIF before statements cut. I just used my Samuels Diamond Elite card for the very first time ever. Got the card in May.

Call credit asap tomorrow (Monday), and get the scoop. It could be simple as they possible see fraud on their end. If they tell you to wait for letter, escalate it. Someone can tell you. That what I did with Neiman Marcus. I demanded to know.

Sorry this happened to you, and Id pull all your reports from the actual CRA, and go over it with a fine tooth comb.

I too have Lowes with a $12k CL, and they I spend there is $50/month, PIF before statement cuts. Something else has to be going on.....

Sorry this happened to you, OP.

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

Cotton_Britches — Mon, 16 Nov 2015 03:11:43 GMT

What is AA?

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

Anonymous — Mon, 16 Nov 2015 03:12:38 GMT

I was told awhile back by a rep from Commenity that just making a few purchases a year will keep the acct. as is. I don't know if that is true for Synchrony. This is the problem with trying to maintain big credit limits. I have my 'go to' cards and try to mix it up. I opened lots of accounts during rebuilding & for me it's too much of a hassle trying to use them all.

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

Anonymous — Mon, 16 Nov 2015 03:13:34 GMT

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

UncleB — Mon, 16 Nov 2015 04:18:34 GMT

@Cotton_Britches wrote:
What is AA?

AA is 'Adverse Action', for example a CLD (credit line decrease) or an account closure.

Here's a link of common abbreviations used on myFICO:

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#U88458

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

pizza1 — Mon, 16 Nov 2015 15:30:51 GMT

@Anonymous wrote:
I was told awhile back by a rep from Commenity that just making a few purchases a year will keep the acct. as is. I don't know if that is true for Synchrony. This is the problem with trying to maintain big credit limits. I have my 'go to' cards and try to mix it up. I opened lots of accounts during rebuilding & for me it's too much of a hassle trying to use them all.

This AA has nothing to do at all with "maintaining big limits". I have several BIG limits, and sometimes I use the card, sometimes I dont, I dont have a problem maintaing them, most people dont, but This has everything to do with something else going on with the OP and his/her accts and reports. They dont just majorly slash your "big limit" becuase you only used the card for a few small purchases every few months.

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

Anonymous — Mon, 16 Nov 2015 03:41:27 GMT

@pizza1 wrote:
@Anonymous wrote:
I was told awhile back by a rep from Commenity that just making a few purchases a year will keep the acct. as is. I don't know if that is true for Synchrony. This is the problem with trying to maintain big credit limits. I have my 'go to' cards and try to mix it up. I opened lots of accounts during rebuilding & for me it's too much of a hassle trying to use them all.
This AA has nothing to do at all with "maintaining big limits". I have several BIG limits, and sometimes I use the card, sometimes I dont, I dont have a problem maintaing them, most people dont, but This has everything to do with something else going on with the OP and his accts and reports. They dont just majorly slash your "big limit" becuase you only used the card for a few small purchases every few months.

Thank you for posting this, pizza - I agree.

Re: Decrease In CL - Accounts Closed - Synchrony & Comenity

Anonymous — Mon, 16 Nov 2015 04:04:25 GMT

@Anonymous wrote:
@pizza1 wrote:
@Anonymous wrote:
I was told awhile back by a rep from Commenity that just making a few purchases a year will keep the acct. as is. I don't know if that is true for Synchrony. This is the problem with trying to maintain big credit limits. I have my 'go to' cards and try to mix it up. I opened lots of accounts during rebuilding & for me it's too much of a hassle trying to use them all.
This AA has nothing to do at all with "maintaining big limits". I have several BIG limits, and sometimes I use the card, sometimes I dont, I dont have a problem maintaing them, most people dont, but This has everything to do with something else going on with the OP and his accts and reports. They dont just majorly slash your "big limit" becuase you only used the card for a few small purchases every few months.
Thank you for posting this, pizza - I agree.