topic Re: Synchrony Bank CareCredit CLD in Credit Cards

Synchrony Bank CareCredit CLD

Anonymous — Wed, 14 Apr 2021 17:29:52 GMT

Hello,

I had a Care Credit card with a credit limit of $7,800. The balance was maxed out but I paid it to $0 over a month ago. When I logged in today its showing my credit limit as $250. This is going to hurt my credit score I'm assuming. Right now I have 3 credit cards (2 Cap One & 1 Navy Fed) with a total the total available credit of $3500. What card do you suggest I go with to raise my available credit? My credit scores are as follows

Experian fico score 8

Experian 631
Equifax 625
Transunion 621

My fico score 8
Experian 596
Equifax 612
Transunion 621

Re: Synchrony Bank CareCredit CLD

FinStar — Wed, 14 Apr 2021 17:30:40 GMT

Hi @Anonymous and welcome to the forums.

What is your total utilization across all of your accounts at the moment? Have you been carrying any balances (besides CareCredit) for a prolonged period? What's holding your scores down?

Re: Synchrony Bank CareCredit CLD

Anonymous — Wed, 14 Apr 2021 17:30:56 GMT

I don't carry balances over. I pay all my cards down to 0%-3% every month. I went through a divorce last year OCT20-JAN21 and my credit took a hit for missed payments. I disputed some things, paid ALL my debts off, and my credit recently jumped 60 points. So I'm trying to get back on track now.

Re: Synchrony Bank CareCredit CLD

gdale6 — Wed, 14 Apr 2021 17:31:21 GMT

@Anonymous wrote:
I don't carry balances over. I pay all my cards down to 0%-3% every month. I went through a divorce last year OCT20-JAN21 and my credit took a hit for missed payments. I disputed some things, paid ALL my debts off, and my credit recently jumped 60 points. So I'm trying to get back on track now.

First thing is to make sure your cards are showing 0 balance at the CRAs with one reporting no more than 9% of its CL, you certainly dont want these reporting maxed each month as it can result in AA as it happened here. Once you have done this then I would call Credit Solutions and ask that your original CL be reinstated. You should also be getting a letter from Synchrony on why they did what they did so those things would need to be satisfied as well. For the missed payments you would want to request a GW forgiveness for them.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Re: Synchrony Bank CareCredit CLD

Bradac56 — Wed, 14 Apr 2021 17:31:39 GMT

That's not unexpected. One of two things happened.

1.) They see you as a high risk and chased your limit down to something they think is manageable.

2.) The system reduced your limit due to non-use but high utilization automagicly.

The second one is becoming very common in the industry.

The next step is to ether wait and see if the limit increases in the next couple of weeks or charge something small on the card, pay it off and see if your limit rises that can also take a week or so.

Re: Synchrony Bank CareCredit CLD

trvlscmmr — Wed, 14 Apr 2021 17:31:58 GMT

Synch did exact same thing to me with the Norwegian Airlines Reward MC less than a year ago.

Card was opened with $4,400 cl late 2019 when this card was first launched by Synch.

The account was not being used regularly. My overall UTI did increase to around 30% for a few months.

I used the card for a small purchase after months of non-use and when the transaction posted I noticed my limit was lowered to $250. I asked for reconsideration to no avail.

Last month Synch closed the Norwegian product to all customers because Norwegian Airlines ceased operations in US. Synch closed my account, no offer to switch to another Synch product. Didn't expect that since I wasn't using the account. Goodbye $250 limit mastercard lol

Re: Synchrony Bank CareCredit CLD

firefox100 — Wed, 14 Apr 2021 17:32:19 GMT

@Anonymous wrote:
Hello,
I had a Care Credit card with a credit limit of $7,800. The balance was maxed out but I paid it to $0 over a month ago. When I logged in today its showing my credit limit as $250. This is going to hurt my credit score I'm assuming. Right now I have 3 credit cards (2 Cap One & 1 Navy Fed) with a total the total available credit of $3500. What card do you suggest I go with to raise my available credit? My credit scores are as follows
Experian fico score 8
Experian 631
Equifax 625
Transunion 621

My fico score 8
Experian 596
Equifax 612
Transunion 621

Question is Care caredit card account from Synchrony bank for medical bills such as dendist or eye doctors in that case would you not put a large charge on the account and then get no intrest for some then most likly pay off the balance at some point. This is reason why I have been holding off from going for the Paypal mastercard or Venmo don't trust Synchrony bank. Please don't think I am hypocrite for recommending Paypal mastercard from time, Synchrony can let your credit limit grow and that can help you get higher limits when you apply for other new accounts. I think in the long run banks who pull this crap hurt them self's by saying this account holder just paid down the line now he may use the account in the future get will more revenue. This account can only be used for medical charges at doctor's office.

Re: Synchrony Bank CareCredit CLD

FinStar — Wed, 14 Apr 2021 17:38:42 GMT

@firefox100 wrote:

Question is Care caredit card account from Synchrony bank for medical bills such as dendist or eye doctors in that case would you not put a large charge on the account and then get no intrest for some then most likly pay off the balance at some point. This is reason why I have been holding off from going for the Paypal mastercard or Venmo don't trust Synchrony bank. Please don't think I am hypocrite for recommending Paypal mastercard from time, Synchrony can let your credit limit grow and that can help you get higher limits when you apply for other new accounts. I think in the long run banks who pull this crap hurt them self's by saying this account holder just paid down the line now he may use the account in the future get will more revenue. This account can only be used for medical charges at doctor's office.

Actually, the last statement is not entirely accurate @firefox100.

While CareCredit can be widely used at some medical, dental or veterinary service providers, it is also accepted at places like Walgreens, RiteAid and Walmart (for qualifying in-store purchases). So, it's not exclusive to medical service providers.

Re: Synchrony Bank CareCredit CLD

firefox100 — Wed, 14 Apr 2021 18:50:50 GMT

Ok I don't know much about this type of account, only what I read not away I would finance large medical bill. I want to be incontrol with doctor not have the doctor say I can get you financing. Back in 2016 when I did major dental work which was over 27K put it on my Discover card over couple months and paid it off each month got 2% back.

What I was saying people who go this way need the medical work and don't have money on hand so they use card like this to get the medical work done then if they ay off the account then banks kick them in the pants in stead of helping them, it keeps them down.

Re: Synchrony Bank CareCredit CLD

Remedios — Wed, 14 Apr 2021 19:09:41 GMT

@firefox100 wrote:
Ok I don't know much about this type of account, only what I read not away I would finance large medical bill. I want to be incontrol with doctor not have the doctor say I can get you financing. Back in 2016 when I did major dental work which was over 27K put it on my Discover card over couple months and paid it off each month got 2% back.
What I was saying people who go this way need the medical work and don't have money on hand so they use card like this to get the medical work done then if they ay off the account then banks kick them in the pants in stead of helping them, it keeps them down.

No, @firefox100 . While it's not be under realm of possibility that some people may not be afford whatever procedure they're having, a lot of people take advantage of interest refinancing for a certain period of time.

Since she said you don't know much about this type of account, you can go to their website, and learn something about this account.

I know this is not the case for you since you aren't incurring these expenses, but a lot of people struggle with high deductibles, coinsurances, and at times what insurance may determine is an "elective" procedure.

It's not okay to go with "people don't have money but want stuff, bank bad" without taking facts into consideration.

Re: Synchrony Bank CareCredit CLD

firefox100 — Wed, 14 Apr 2021 19:53:24 GMT

@Remedios wrote:
@firefox100 wrote:
Ok I don't know much about this type of account, only what I read not away I would finance large medical bill. I want to be incontrol with doctor not have the doctor say I can get you financing. Back in 2016 when I did major dental work which was over 27K put it on my Discover card over couple months and paid it off each month got 2% back.
What I was saying people who go this way need the medical work and don't have money on hand so they use card like this to get the medical work done then if they ay off the account then banks kick them in the pants in stead of helping them, it keeps them down.

No, @firefox100 . While it's not be under realm of possibility that some people may not be afford whatever procedure they're having, a lot of people take advantage of interest refinancing for a certain period of time.

Since she said you don't know much about this type of account, you can go to their website, and learn something about this account.

I know this is not the case for you since you aren't incurring these expenses, but a lot of people struggle with high deductibles, coinsurances, and at times what insurance may determine is an "elective" procedure.

It's not okay to go with "people don't have money but want stuff, bank bad" without taking facts into consideration.

I disagree with you, I do have lot of medical expensive that are not covercovered by insurance such as guide dog expence and others, I am lucky that I can afford it. In this type case I agree with Dave ransey, the doctor is discounting face value to the bank. With most of thes accounts if you don't pay off the total amount by end intrest free period they charge all the intrest from the beinning of when the charge was put on. This is subprime lending in my view.

I feel for op look at his fico scores and when he paid off the account they cut is credit limit, this could cause AA.

Re: Synchrony Bank CareCredit CLD

Remedios — Wed, 14 Apr 2021 20:18:26 GMT

I'm not sure what you're disagreeing with.

If I read that correctly, and I'm pretty sure I did, you expect medical practice to figure out how each patient will pay so that patients don't get into debt.

Does grocery store have a responsibility not to accept cards with high interest rate?

So, bank evil, doctor evil, who else and where does it end?

How would you go about paying for chemo? Would you care about evil banks if the price was life?

I cannot wrap my mind around what you are saying. I really cannot.

Re: Synchrony Bank CareCredit CLD

K-in-Boston — Wed, 14 Apr 2021 20:30:05 GMT

@firefox100 the pricing isn't being determined by use of the card. The same providers that are accepting this card will gladly accept another payment method for the same amount.

There are numerous options for 24-60 month equal payment plans that are not subject to retroactive interest for larger purchases. For smaller purchases, the card extends purchasing power to those who may not otherwise be able to afford procedures or goods that are essential, and also gives them an option to pay no interest for 6 to 24 months if they pay the charges in that time frame. If Dave Ramsey is suggesting delaying medical procedures until one can afford to pay with cash, that's not only economic Darwinism but another reason for most of us to consider him a crackpot snake oil salesman.

Re: Synchrony Bank CareCredit CLD

sarge12 — Wed, 14 Apr 2021 21:02:40 GMT

@K-in-Boston wrote:
@firefox100 the pricing isn't being determined by use of the card. The same providers that are accepting this card will gladly accept another payment method for the same amount.

There are numerous options for 24-60 month equal payment plans that are not subject to retroactive interest for larger purchases. For smaller purchases, the card extends purchasing power to those who may not otherwise be able to afford procedures or goods that are essential, and also gives them an option to pay no interest for 6 to 24 months if they pay the charges in that time frame. If Dave Ramsey is suggesting delaying medical procedures until one can afford to pay with cash, that's not only economic Darwinism but another reason for most of us to consider him a crackpot snake oil salesman.

Dave Ramsey is stuck in the assumption that if he could not handle credit cards, nobody can. He thinks he is smarter than everyone else. Some of us can and do actually make a profit on credit cards due to rewards. Dave Ramsey just makes a profit from the fact that many have mis-used their cards. Don't get me wrong, following his advise might be one way of financial success, but in spite of what he preaches, it is not the only way. It is also not a guarantee that following his advice works better for you. Credit cards are a means for transactions, and offer rewards the general consumer pays for in the price of goods and services. The general consumer pays for these rewards at the cash register even if paying cash. Paying cash means you are paying for someone else to get the rewards. To suggest that nobody can make credit cards beneficial is idiotic. It takes careful use of cards, and self control, but many here benefit from credit cards every year.

Re: Synchrony Bank CareCredit CLD

CreditCrusader — Wed, 14 Apr 2021 21:39:45 GMT

@sarge12 wrote:
@K-in-Boston wrote:
@firefox100 the pricing isn't being determined by use of the card. The same providers that are accepting this card will gladly accept another payment method for the same amount.

There are numerous options for 24-60 month equal payment plans that are not subject to retroactive interest for larger purchases. For smaller purchases, the card extends purchasing power to those who may not otherwise be able to afford procedures or goods that are essential, and also gives them an option to pay no interest for 6 to 24 months if they pay the charges in that time frame. If Dave Ramsey is suggesting delaying medical procedures until one can afford to pay with cash, that's not only economic Darwinism but another reason for most of us to consider him a crackpot snake oil salesman.
Dave Ramsey is stuck in the assumption that if he could not handle credit cards, nobody can. He thinks he is smarter than everyone else. Some of us can and do actually make a profit on credit cards due to rewards. Dave Ramsey just makes a profit from the fact that many have mis-used their cards. Don't get me wrong, following his advise might be one way of financial success, but in spite of what he preaches, it is not the only way. It is also not a guarantee that following his advice works better for you. Credit cards are a means for transactions, and offer rewards the general consumer pays for in the price of goods and services. The general consumer pays for these rewards at the cash register even if paying cash. Paying cash means you are paying for someone else to get the rewards. To suggest that nobody can make credit cards beneficial is idiotic. It takes careful use of cards, and self control, but many here benefit from credit cards every year.

Oh man...don't even get me started on that tool.

He's the Captain Obvious of talk radio, but with a twist.

Most of his advice involves working yourself into an early grave...and his predilection toward what he calls "cash cars" only works if you either live close enough to work to walk or have access to public transportation when the unreliable car breaks down. If I put my fate in the hands of "cash cars", I'd be hitch-hiking 20 miles into the city and back when that vehicle inevitably croaked.

He's also a fan of paying off credit card debt smallest-to-largest...when it's usually the creditors with the largest balances who will sue you to collect first. I've heard him flat-out tell callers to stop paying some CCCs altogether, while telling others to "just pay them what you can". Never mind that your credit wil be WRECKED and that there are other options to BT, lower interest, etc.

Maybe his advice works for some, but for others, his advice would be disastrous.

Re: Synchrony Bank CareCredit CLD

UncleB — Wed, 14 Apr 2021 23:25:09 GMT

@firefox100 wrote:

What I was saying people who go this way need the medical work and don't have money on hand so they use card like this to get the medical work done then if they ay off the account then banks kick them in the pants in stead of helping them, it keeps them down.

It's clear you have issues with the promotions offered by CareCredit (and other similar credit products) and that's fine, you do you. But this thread isn't about you, it's about the OP and their specific experience with CareCredit lowering their credit line.

If you want to expand further on your thoughts/feelings about CareCredit you're more than welcome to start your own thread.