topic Synchrony went and CLD'd all cards in Credit Cards

Synchrony went and CLD'd all cards

WavysMommy — Sun, 25 Feb 2024 06:27:21 GMT

I should not be surprised after reading horror stories over that last year, but I had positive credit history and had an average of 10% utilization across all cards. Lost about 18k in credit and now just thinking of paying all off and closing, as it's caused my score to tank.

I have the Verizon Visa, Venmo , Paypal Visa, and TJX card. PayPal was the last to CLD, which happened yesterday.

Annoyed, to say the least.

Re: Synchrony went and CLD'd all cards

ForwardLooking — Sun, 25 Feb 2024 07:10:36 GMT

Sounds like you have them concerned. Have you been only paying the minimums, carying balances on a lot of cards, or increased balances somewhere else? Synchrony does not like to see balances linger for long periods of time. I experianced that with both my Paypal and my Amazon Store Cards years ago. Did they send you something explaining why your limits were decreased? Pay down your outstanding balances on all of your revolving lines and your scores should rebound assuming the drop was because of the CLDs. Get them all to zero if you can, not just the Synchrony ones.

Re: Synchrony went and CLD'd all cards

ptatohed — Sun, 25 Feb 2024 07:39:32 GMT

@WavysMommy wrote:
I should not be surprised after reading horror stories over that last year, but I had positive credit history and had an average of 10% utilization across all cards. Lost about 18k in credit and now just thinking of paying all off and closing, as it's caused my score to tank.

I have the Verizon Visa, Venmo , Paypal Visa, and TJX card. PayPal was the last to CLD, which happened yesterday.

Annoyed, to say the least.

You should do this anyway, regardless of any CLDs. No need to close.

Re: Synchrony went and CLD'd all cards

GreatLife — Sun, 25 Feb 2024 13:15:19 GMT

Sorry this happened. Any recent Vantage 4 score fluctuations or downward trends on the Sync site? If you do as others have suggested then the former CL's might be restored..as opposed to risking account closures or balance chased if take no action. GL!

Re: Synchrony went and CLD'd all cards

CorpCrMgr1 — Sun, 25 Feb 2024 13:39:24 GMT

Sorry for your limit decreases. Keep the cards open, pay them down, use responsibly, and apply for non Synchrony CC moving forward. Good luck.

Re: Synchrony went and CLD'd all cards

WavysMommy — Sun, 25 Feb 2024 13:44:42 GMT

@ForwardLooking wrote:
Sounds like you have them concerned. Have you been only paying the minimums, carying balances on a lot of cards, or increased balances somewhere else? Synchrony does not like to see balances linger for long periods of time. I experianced that with both my Paypal and my Amazon Store Cards years ago. Did they send you something explaining why your limits were decreased? Pay down your outstanding balances on all of your revolving lines and your scores should rebound assuming the drop was because of the CLDs. Get them all to zero if you can, not just the Synchrony ones.

Started using them more recently, whereas I didn't much of the previous year. That probably spooked them.

Re: Synchrony went and CLD'd all cards

WavysMommy — Sun, 25 Feb 2024 13:46:22 GMT

@ptatohed wrote:
@WavysMommy wrote:
I should not be surprised after reading horror stories over that last year, but I had positive credit history and had an average of 10% utilization across all cards. Lost about 18k in credit and now just thinking of paying all off and closing, as it's caused my score to tank.

I have the Verizon Visa, Venmo , Paypal Visa, and TJX card. PayPal was the last to CLD, which happened yesterday.

Annoyed, to say the least.

You should do this anyway, regardless of any CLDs. No need to close.

Well obviously. Lol But I'll still likely close, as they decreased the limits to the balances left. No purpose in keeping them with low CLs.

Re: Synchrony went and CLD'd all cards

WavysMommy — Sun, 25 Feb 2024 13:47:52 GMT

@CorpCrMgr1 wrote:
Sorry for your limit decreases. Keep the cards open, pay them down, use responsibly, and apply for non Synchrony CC moving forward. Good luck.

I already have some good/solid non-Synchrony cards with great limits, so this isn't too huge of a loss. Just annoying.

Re: Synchrony went and CLD'd all cards

coldfusion — Sun, 25 Feb 2024 15:01:36 GMT

@WavysMommy wrote:
@ForwardLooking wrote:
Sounds like you have them concerned. Have you been only paying the minimums, carying balances on a lot of cards, or increased balances somewhere else? Synchrony does not like to see balances linger for long periods of time. I experianced that with both my Paypal and my Amazon Store Cards years ago. Did they send you something explaining why your limits were decreased? Pay down your outstanding balances on all of your revolving lines and your scores should rebound assuming the drop was because of the CLDs. Get them all to zero if you can, not just the Synchrony ones.

Started using them more recently, whereas I didn't much of the previous year. That probably spooked them.

You went from minimal usage to within a short timeframe carrying balances on 5 of their cards? The carrying of that many balances would grab their attention.

Re: Synchrony went and CLD'd all cards

GreatLife — Sun, 25 Feb 2024 16:35:25 GMT

@WavysMommy wrote:
@ForwardLooking wrote:
Sounds like you have them concerned. Have you been only paying the minimums, carying balances on a lot of cards, or increased balances somewhere else? Synchrony does not like to see balances linger for long periods of time. I experianced that with both my Paypal and my Amazon Store Cards years ago. Did they send you something explaining why your limits were decreased? Pay down your outstanding balances on all of your revolving lines and your scores should rebound assuming the drop was because of the CLDs. Get them all to zero if you can, not just the Synchrony ones.

Started using them more recently, whereas I didn't much of the previous year. That probably spooked them.

*Please provide answers for all prior questions because the answers could offer helpful details to other forum participants.

Using a few formerly minimal use cards, in & of itself, would not typically goad Sync into extreme CLD's - which by your subsequent posts now appear to involve at least some element of balance chasing. Thanks

Re: Synchrony went and CLD'd all cards

SouthJamaica — Sun, 25 Feb 2024 18:52:23 GMT

@WavysMommy wrote:
I should not be surprised after reading horror stories over that last year, but I had positive credit history and had an average of 10% utilization across all cards. Lost about 18k in credit and now just thinking of paying all off and closing, as it's caused my score to tank.

I have the Verizon Visa, Venmo , Paypal Visa, and TJX card. PayPal was the last to CLD, which happened yesterday.

Annoyed, to say the least.

Sorry, but as you know that's Synchrony.