topic Re: Synchrony Bank keeps cutting credit line. in Credit Cards

Synchrony Bank keeps cutting credit line.

kayb — Thu, 21 Jun 2018 13:07:03 GMT

This is very frustrating...I had another similar post where they outright closed an account after paying it to zero.

i had perfect credit...Ran into a major credit issue over 3 years ago. Score went from high 700s to low 500s due to late mortgage payments, defaults.

late everything EXCEPT for Syncrony products. Walmart, Chevron Visa, Lowes and Chevron gas.

The reason I wasn’t late on those cards is because the minimum was small and since I could afford the small payments, I kept them current knowing I’d need to rebuild credit.

I've NEVER been late on any Syncrony product.

The first thing I noticed was one of my accounts was closed (Lowe’s) by them immediately with credit issues.

Then over the last 3 Plusvyears If I make any substantial payment, my credit line gets lowered.

The only thing I have been late on the last 3 plus years is my mortgage which was really a rolling 30 day late. Recently I sold the property and paid off the mortgage.

Selling my Home allowed extra money to me so I started paying off debt. Sybcrony either closed my account or cut credit lines as a result.

I need those accounts to rebuild and ai don’t understand their reasoning at this point. I’ve had my Syncrony accounts for over 8 years and again NEVER late on any of them.

i can’t even talk to anyone at Syncrony about this.

Im trying to get back to where I was but now am afraid to make any sizable payment.

Any one looking at my current credit can see my desire and ability to pay on time.

any advice? Calling them directly gets no where. I can just speak to customer service.

I thought by paying down my cards I’d have more available credit thus a higher score by Syncrony is cutting lines as fast as I pay down.

Frustrated!

Re: Synchrony Bank keeps cutting credit line.

ChessChik47 — Thu, 21 Jun 2018 13:20:03 GMT

@kayb wrote:
This is very frustrating...I had another similar post where they outright closed an account after paying it to zero.

i had perfect credit...Ran into a major credit issue over 3 years ago. Score went from high 700s to low 500s due to late mortgage payments, defaults.

late everything EXCEPT for Syncrony products. Walmart, Chevron Visa, Lowes and Chevron gas.

The reason I wasn’t late on those cards is because the minimum was small and since I could afford the small payments, I kept them current knowing I’d need to rebuild credit.

I've NEVER been late on any Syncrony product.

The first thing I noticed was one of my accounts was closed (Lowe’s) by them immediately with credit issues.

Then over the last 3 Plusvyears If I make any substantial payment, my credit line gets lowered.

The only thing I have been late on the last 3 plus years is my mortgage which was really a rolling 30 day late. Recently I sold the property and paid off the mortgage.

Selling my Home allowed extra money to me so I started paying off debt. Sybcrony either closed my account or cut credit lines as a result.

I need those accounts to rebuild and ai don’t understand their reasoning at this point. I’ve had my Syncrony accounts for over 8 years and again NEVER late on any of them.

i can’t even talk to anyone at Syncrony about this.

Im trying to get back to where I was but now am afraid to make any sizable payment.

Any one looking at my current credit can see my desire and ability to pay on time.

any advice? Calling them directly gets no where. I can just speak to customer service.

I thought by paying down my cards I’d have more available credit thus a higher score by Syncrony is cutting lines as fast as I pay down.

Frustrated!

Sorry you're going thru this. How long have you had a balance on your account(s)? Looks like you are being balance-chased. Even though you've never been late on a Syncrony account, creditors have access to all of your credit report (SP pulls during account reviews), if you've had late payments/defaults in the past with your mortgage, banks see that as a risk even though you may still be making payments on other accounts timely. What's your credit looking like now? Do you have other accunts outside of Syncrony? You said your score dipped 3 years ago, what is it now?

Re: Synchrony Bank keeps cutting credit line.

Loquat — Thu, 21 Jun 2018 13:31:13 GMT

OP, the situation sucks. There's no other way to put it. I'm not going to lecture you about your past as you already know to an extent what they're doing and why. It doesn't matter if it's fair or not as we have no control over what Synchrony is going to do.

The main reason I wanted to chime in is because you mentioned that you're afraid to make sizable payments out of fear that they're going to continue to balance chase or flat out close the card. To that I will say this, regardless of what they may or may not do, if you have the ability to pay the cards down or even off, do it. Don't let the fear of what Synchrony is going to do cause you to pay any more in interest than you're already doing and have done.

I can't think of any Synchrony card that has an interest rate less than high teens to mid 20's unless you're under some sort of promotional offer.

So, with that being said...pay them down or off if you can. You can't and won't be able to stop Synchrony in what they're going to do...the only option you have is to continue to let them make lots of money off you in interest and they'll probably still axe you in the end, or take the money you have and stop the bleeding of unnecessary interest and then let the Synchrony chips fall where they may. Best of luck to you.

Re: Synchrony Bank keeps cutting credit line.

Anonymous — Thu, 21 Jun 2018 13:55:47 GMT

Everything everyone has said is sound and true—I know from experience.

When my credit started tanking, Synchrony balanced-chased me until I hit $150 on all my cards...yeah.

The best thing you can do is let Synchrony continue with what they are doing. You will be able to get back with them in the future once your finanaical situation eases and credit score starts rising. Just make sure to keep paying so that you are good with Synchrony in the future should you want to apply for their cards.

Re: Synchrony Bank keeps cutting credit line.

Anonymous — Thu, 21 Jun 2018 14:04:56 GMT

Don't fret over Sync many have reported being balance chased and accounts closed... Look at the bright side if they close your card it's one less to deal with and there are much better cards/banks...

Re: Synchrony Bank keeps cutting credit line.

HeavenOhio — Thu, 21 Jun 2018 14:42:14 GMT

@kayb, you did a great job describing your situation in detail. Unfortunately, late payments plus paying only the minimum for an extended period will create a balance-chasing scenario.

I'd try to get the late payments removed from your report via goodwill letters. The fact that you have a "rolling" 30-day late might make them look at your request favorably.

Take a look at BBS's thread:

The Saturation Technique: Best GW adjustment odds

Re: Synchrony Bank keeps cutting credit line.

kayb — Thu, 21 Jun 2018 15:02:32 GMT

Thanks...I’m aware that they monitor other credit. I have ZERO concern at this point about the interest rate on these cards. They all now have less than 1K credit lines. I don’t want them closed because I want to maintain credit. Paying them down while they cut the line doesn’t help my credit score at all. 3 years from now, open credit lines that show a longer average age on my history is worth far more to me. These lines are minimum 8 years old which is why this is really bothering me to have such older credit lines at jeopardy when I’m 80% past the credit issues that I had.I just paid off my home and it’s been late for a while as a rolling 30 day. That should help credit.

I have an auto loan...no issue..never any issue on student loans or vehicles. Just a rolling 30 day late on Mortgage and charge offs < BAD on credit cards I couldn’t pay. We took it hard and went through all of our savings.

Its been 3 1/2 years since credit card charge offs = the only thing bad on credit except for late Mortgage payments that has just been paid off a few months ago.

Current credit

4 past auto loans paid no lates

current 2 year old auto loan no lates

Bank of America card no lates $3500 credit line..Just paid off now I’m worried Bank of America may do the same thing now since I carried a large balance so long.

4 cards with Syncrony never late always carried balances they have chased balances down as I’ve paid,

2 student loans never late.

Admit I was over loaded with credit cards from before. Didn’t carry a balance but eventually used those as we were having major fininacial issues and eventually turned to charge offs.

I guess now that I’ve laid out my current credit above...I really don’t need to worry to much about Syncrony. I just hate to lose 8+ year old credit lines.

its a little hard to understand why when it’s clear credit issues have passed and you have never been late that on that particular card that creditors wouldn’t see large payments as a good thing vs time NOW to end the relationship.

Re: Synchrony Bank keeps cutting credit line.

Anonymous — Thu, 21 Jun 2018 15:15:14 GMT

I never understand that, either. But I would not worry about that so much—Synchrony will welcome you back with open arms once you pay those cards off and improve your credit rating. I was in your shoes, but as my credit slowly started improving, I got back in with Synchrony with a Gap card. There's hope.

Re: Synchrony Bank keeps cutting credit line.

Meanmchine — Thu, 21 Jun 2018 15:20:21 GMT

There is good news to this. If your closed Synchrony accounts have a zero balance and not a chargeoff, your account will remain on your credit reports for an additional 10 years giving you positive scoring.

GW letterwriting is definately an option you should avail yourself of. Maybe they can remove half of them if they wont do all.

Also remember that Synchrony relies heavily on your FICO8 TU score. Concentrte on cleaing up that report and raising your score . Worse comes to worse, if they close your account you can reapply because Synchrony is very forgiving. Years ago they approved me for a Walmart and SamsClub store cards even though I had prior chargeoffs from those stores still reporting on my CR.

Re: Synchrony Bank keeps cutting credit line.

Anonymous — Thu, 21 Jun 2018 15:21:31 GMT

Sound advice!

Re: Synchrony Bank keeps cutting credit line.

AverageJoesCredit — Thu, 21 Jun 2018 15:54:48 GMT

The late may really hurt but one probably wouldnt as absolutely destroy what you built up. To me its the multiple chargeoffs that are on your report, 3 years plus is still relatively fresh. These are most likely what spooked Synchrony. They see you not paying other credit cards they want to reduce their risk as fast as possible.

Although uh dont want to lose 8 year plus open tradeline, I'd suggest just paying them off and let the chips fall where they may. Those accounts will rem as in up to 10 years or more and if you start now making sure your credit is in tip top shape with no missed payment, in 10 years you will have already strengthened your aaol where as their drop off wont matter sp much. Just my 2 cents. Good luck

Re: Synchrony Bank keeps cutting credit line.

Anonymous — Thu, 21 Jun 2018 15:56:59 GMT

I could not have said it better myself, AverageJoe.

Re: Synchrony Bank keeps cutting credit line.

kayb — Thu, 21 Jun 2018 16:24:37 GMT

Thanks...I guess I don’t see any benefit to paying off the cards. About $2500 total. It’s not super expensive. I think I’ll tread water, let my overall credit pick up while doing so, then they prob won’t cut lines a year or two from now. Or I might just pay them. 2 years from now I think I’ll be great and certainly 4

Re: Synchrony Bank keeps cutting credit line.

Remedios — Thu, 21 Jun 2018 16:35:55 GMT

OP, they have been cutting your lines for 3 years. The only thing that will change is the next 2 years is how much interest you pay them.

Re: Synchrony Bank keeps cutting credit line.

AverageJoesCredit — Thu, 21 Jun 2018 17:55:54 GMT

Yes, it's quite possible that if you pay them off now they may leave the accounts alone. If this happens then I couple of months as your credit stabilizes, you can hit them up for some sp cli. Synchrony does forgive, just ask Uncle B ame his famous Lowes balance chasing story. The most important right now is to stop paying ridiculous interest. At their rates, you'll never pay it off with minimums. Hope you reconsider. Just think of the band aid technique, pull it off fast, gonna hurt like heck but then some smooth aloe vera everything will start feeling better

Re: Synchrony Bank keeps cutting credit line.

UncleB — Thu, 21 Jun 2018 23:03:08 GMT

@AverageJoesCredit wrote:
Yes, it's quite possible that if you pay them off now they may leave the accounts alone. If this happens then I couple of months as your credit stabilizes, you can hit them up for some sp cli. Synchrony does forgive, just ask Uncle B ame his famous Lowes balance chasing story. The most important right now is to stop paying ridiculous interest. At their rates, you'll never pay it off with minimums. Hope you reconsider. Just think of the band aid technique, pull it off fast, gonna hurt like heck but then some smooth aloe vera everything will start feeling better

Did somebody say my name??

Yep, my Lowe's had a credit line of $1500-ish when I started having problems due to a job loss. Since the payments were low and there was a store nearby I could run over and make a payment in person (and in cash) to keep it current even when most of my other accounts were falling behind.

Fast-forward, I was eventually foreclosed (lost most everything) and Lowe's started balance-chasing me down to under $500; I ended up with a weird credit line, something like $473, which happened to be the balance when the 'chasing' stopped. I continued to pay on it unti it was PIF and I tossed the card in my junk drawer, not even thinking enough of them to bother to close it.

A few years later I got to thinking about it again, and I checked online and the account was still open. I requested a new card (I didn't report it lost, just 'worn' so the number would be the same) and I started using it again. When my scores started recovering I was able to get some modest CLIs, and when I got down to only three 'baddies' I was able to get the credit line back to a quite-respectable $10k.

Once my last baddies were gone I called Credit Solutions and was able to get it bumped to $20k, which was my goal for this card. At 14 years old, it's also my oldest credit account. I didn't plan on my oldest account being with Synchrony - it just worked out that way - but in any case I plan to keep it open indefinitely.

TL;DR... Synchrony can be 'fickle' at times, but if you choose to stick with them (or reapply with them) they do forgive and forget, and things can turn out quite well.

Re: Synchrony Bank keeps cutting credit line.

Anonymous — Fri, 22 Jun 2018 03:54:25 GMT

I understand you wanting to hold on to Synchrony, your perfect payment history with them. You have reason to be proud of that. And I know we can get attached to odd things, even plastic. But, holding on for another "two or four years," always living in fear of them cutting your balances or closing your remaining cards. Them in control, even as you do everything to please them. ???

If you take the advice given to your question... If you take control... In those "two or four years" that you mentioned, YOU can be in control of your credit life, your cards. Self empowerment is an awesome thing. In life, and in finance.

Whatever you choose, good luck.

@kayb wrote:
Thanks...I guess I don’t see any benefit to paying off the cards. About $2500 total. It’s not super expensive. I think I’ll tread water, let my overall credit pick up while doing so, then they prob won’t cut lines a year or two from now. Or I might just pay them. 2 years from now I think I’ll be great and certainly 4

Re: Synchrony Bank keeps cutting credit line.

NRB525 — Fri, 22 Jun 2018 06:26:08 GMT

@kayb wrote:
Thanks...I guess I don’t see any benefit to paying off the cards. About $2500 total. It’s not super expensive. I think I’ll tread water, let my overall credit pick up while doing so, then they prob won’t cut lines a year or two from now. Or I might just pay them. 2 years from now I think I’ll be great and certainly 4

Sorry to hear about the balance chasing. I've been through it. Some cards got closed, but several remain open today.

If I read between the lines of your comments, it sounds like you assume that they will balance chase you to zero / close the accounts? I would suggest that is less likely than you think. They could close the account right now, if they chose, but they have selected to just reduce the CL.

I would suggest paying off the cards to save that cash from interest cost. Some of the Sync cards may be closed, but it is likely a few will remain open, with small limits. And no interest cost.

Good luck whatever you decide. Keep us updated on progress.

Re: Synchrony Bank keeps cutting credit line.

kayb — Fri, 22 Jun 2018 07:53:07 GMT

Yes...the fear is they will close the accounts. The reducing credit lines seems a bit of a slap in the face but I want them to remain open. Just a few weeks ago, we paid off a Chevron gas card, had carried a balance mostly for a while...same deal about 9 years old never late, used several times a month. We paid it to zero, the next day they closed it.

Re: Synchrony Bank keeps cutting credit line.

Anonymous — Fri, 22 Jun 2018 08:35:05 GMT

OP, how old is your non-synchrony cc? If it's around the same age, frankly it doesn't matter if synchrony closes all of your accounts. The closed 8 year accounts will remain on your CR for 10 years, meaning they'll be 18 year old accounts a decade from now. If your other cc is around the same age, when they synchrony accounts drop off you'll still have your AoOA intact which is the most important age of accounts factor.

I doubt they'd close all of your accounts. Maybe they close 1 or 2, but I think you'd still have at least 1 or 2 remaining anyway. Like mentioned above, even if it was balance chased down to a few hundred bucks, as soon as your profile strengthens some you can bump your limit right back up to where it was or even higher. At that point it really won't matter what you're going through right now as it will be in the past, so choosing to not pay off your cards right away at the expense of Interest really doesn't make any sense. Just a few things for you to think about when making these decisions.