topic Re: Synchrony CLD to Closure in Credit Cards

Synchrony CLD to Closure

jbsilva21 — Sun, 20 Aug 2017 13:19:44 GMT

Hi everyone, I just wanted to see if anyone else has had this problem before. I have had a lot of CLDs on my Synchrony cards. They CLD TJ Maxx and Lowes until finally closing them. I have Sams CLD from $500 to $200 and just today Walmart $1200 to $1020. Each time I make a payment on these cards the CLD close to the limit. My score has been roller coastering a little but how can I keep it on the uptick if they keep "maxing" out my utilization? After Walmart and Sams I have Amazon and PayPal smart connect. Any advice?

Re: Synchrony CLD to Closure

Gmood1 — Sun, 20 Aug 2017 13:35:18 GMT

Before the CLDs, did you have anything negative show up on your reports or show high utilization on other accounts? Sorry to hear about the CLDs. Synchrony is a strange beast at times.

Forgot to asked, are you showing a trend of carrying balances month to month across these and other accounts? Meaning are you making more than the minimum payments. All of these companies take a second look if you show the trend of posting minimum payments.

Re: Synchrony CLD to Closure

AverageJoesCredit — Sun, 20 Aug 2017 14:17:40 GMT

They seem to be balance chasing you . If they already closed 2 of your cards, i would assume they will wait for you to pay down your others before closing them as well. Something has caused them to do this. Any baddies recently added to your account like lates or charge offs. By chance did you get all these cards in same time span, msybe like within a week or 2.

Sorry this is happening, main thing is to try and figure out what has caused this so you can avoid this in the future.

Re: Synchrony CLD to Closure

jbsilva21 — Sun, 20 Aug 2017 14:19:32 GMT

Combination of everything. We have had high utilization but I always pay more than the minimum. I did have a 30 day late pop up on an Auto loan 6 months ago. Just very discouraging. I just had my citi secured graduate and then this.

Re: Synchrony CLD to Closure

jbsilva21 — Sun, 20 Aug 2017 14:21:42 GMT

I got these cards a little over a year and a half ago. Never missed any payments. I have been working on the utilization for th last 4 months. Work was slow but I never paid late and always paid over the minimum.

Re: Synchrony CLD to Closure

AverageJoesCredit — Sun, 20 Aug 2017 15:28:15 GMT

Yeah, thats stinks when you are at least paying on time and not late. Did this start hspening when the 30 day late showed up or after? I think with all the high defaults lately, banks are trying to cut their risk sooner than later so it seems its becoming harder to carry a balance nowadays.

Re: Synchrony CLD to Closure

jbsilva21 — Sun, 20 Aug 2017 16:19:42 GMT

Way after. That late was 6-8 months ago and they just now started doing it with the exception of the lowes and TJ Maxx. I didn't use those cards that much after I paid them off so I understand closing those. But I use the Walmart and Sams on a regular basis.

Re: Synchrony CLD to Closure

fltireguy — Sun, 20 Aug 2017 16:20:17 GMT

You need to call Sync and CLOSE THESE CARDS NOW then, they will now longer balance chase you, and your util. Won't suffer as much, as once a sync account is closed, it will still report the last CL before you closed it for util purposes

Re: Synchrony CLD to Closure

Anonymous — Sun, 20 Aug 2017 16:45:01 GMT

@jbsilva21 wrote:
Way after. That late was 6-8 months ago and they just now started doing it with the exception of the lowes and TJ Maxx. I didn't use those cards that much after I paid them off so I understand closing those. But I use the Walmart and Sams on a regular basis.

Sorry about the CLD & account closures.

Did you ask for a CLI on any of these accounts recently (after 30D late posted to CRAs)?

Re: Synchrony CLD to Closure

AverageJoesCredit — Sun, 20 Aug 2017 16:51:14 GMT

Good question Anusara. Perhaps it drew attention to accounts. Have you received any income verification letters ?

Re: Synchrony CLD to Closure

jbsilva21 — Sun, 20 Aug 2017 17:28:26 GMT

As a matter the of fact yes on the PayPal and JCP card I did which was declined. No income verification letters ever. Once in a while when I log in it will ask me to update which my income has increased recently.

Re: Synchrony CLD to Closure

AverageJoesCredit — Sun, 20 Aug 2017 17:38:18 GMT

Ok, if the 30 day late was your only baddie and they saw this its possible when you requested cli and if your balances were high that may have triggered something. At the time of your first decrease could you list what you balances were like on your Sync accounts to see if that might have been a factor. Thanks

Re: Synchrony CLD to Closure

jbsilva21 — Sun, 20 Aug 2017 17:57:39 GMT

TJM $300 CLD to $100 now closed
JCP $300
Walmart $1200 CLD to $1020 after payment
Lowes $500 CLD to $300, $200, $100, now closed
Sams $500 CLD to $200 after payment
Amazon $1000
PP Smart Connect $750

I use the Amazon, Walmart, and PP the most. All of them had balances from 10% to 70% and I have been paying them down. Before CLD this month I was at 75% on th Walmart card and after the CLD, it is now 96%.

Re: Synchrony CLD to Closure

CreditCuriosity — Mon, 21 Aug 2017 00:00:12 GMT

Deff balance chasing you on severl on those cards... High utilizastion with a recent late appears to be the case. Sorry OP

Re: Synchrony CLD to Closure

AverageJoesCredit — Mon, 21 Aug 2017 01:13:12 GMT

Yeah, unfortunately that appears to be the cause . The late and high utilization probably caused it. When you got approved for these cards, what was your ficos like and what is like now?

Re: Synchrony CLD to Closure

jbsilva21 — Mon, 21 Aug 2017 01:17:44 GMT

Currently mid 600's and when I got the cards they were around the low 600's.

Re: Synchrony CLD to Closure

Anonymous — Mon, 21 Aug 2017 02:56:05 GMT

This is why I try to teach people not to go and get several credit cards while you are in the 600s.

1) Low starting lines which can make you go above 30% with relatively little money owed.

2) High interest rates.

The best way to protect yourself is to not spend money you really don't have. PIF every month. I really wish the CC companies would do a better job of educating their customers. Tell them paying the minimum is never acceptable. When they list a minimum payment it gives some the right to only pay the minimum and then spend more on the card before the next payment is due.

My credit card in college was a $300 limit. I sure could have used some basic life skills my parents never taught me.

Re: Synchrony CLD to Closure

jbsilva21 — Mon, 21 Aug 2017 03:08:36 GMT

Yes, another hard lesson learned the hard way. I am getting there and I am gonna make certain it to put myself in such a bind.

Re: Synchrony CLD to Closure

Anonymous — Mon, 21 Aug 2017 04:01:23 GMT

This 100% has to do with the OP adding a piece of recent negative information to their credit report in the form of a 30 day late. He could be at 100% utilization on his cards and it wouldn't matter; the 30 day late was the catalyst for all of this IMO. Plenty of people sit at 100% utilization for months, even a year or longer and never have AA taken against them so long as nothing adverse enters into the Payment History sector of the FICO pie.

All that said, one thing I'd suggest doing if you actually care about any of those Synchrony accounts would be to try and get that 30 day late payment removed ASAP. Since it's of the weakest severity, assuming an otherwise stellar payment history with whoever the creditor is you stand a strong chance of them removing it. If they remove it, you could contact Synchrony and try to recon some of the AA taken on your accounts. You could tell them that the late payment was a mistake and has been removed and you'd hate to see that mistake ruin your favorable relationship with them. Just a suggestion here.

Prior to this 30 day late payment, when was your last negative? Mid 600 scores outside of this 30-day late payment suggest that you have a dirty scorecard otherwise, so I'm just wondering what else you have on your report that is adverse?

Re: Synchrony CLD to Closure

Anonymous — Mon, 21 Aug 2017 17:30:58 GMT

Synchrony strikes again! So sorry this happened to you, OP. It really sucks. Just take a deep breath and make your plan. We all have or have had ups and downs. You can get to your goals if you persevere. Best of luck to you!