topic Re: Reason for synchrony lowering limits. in General Credit Topics

Reason for synchrony lowering limits.

belle6m2k — Fri, 02 Apr 2021 16:57:52 GMT

Over the last couple weeks Sychrony has begun to lower limits on a few of my accounts. I never pay late, in fact I have no balance on any card with them. Back in early February I had an emergency with my dog and opened a care credit account. Was approved for 7000 which was the estimate. Unfortunately my dog passed after I had only used 1500 which I subsequently paid off only a week after the charge. On my other bank cards I'm only at 1% utilization on one card all others are at zero. My FICO scores are all in the 780's. It's really not impacting anything I'm just curious as to what they are seeing that I'm not.

Re: Reason for synchrony lowering limits.

dragontears — Fri, 02 Apr 2021 16:59:31 GMT

Lack of use?

Re: Reason for synchrony lowering limits.

Anonymous — Fri, 02 Apr 2021 18:20:07 GMT

Have they decreased them to numbers ending in 24? 1024, 3024, etc? When they do that, its for low usage. If you go on the website they'll usually restore at least some of it but you want to put some spend on them ASAP.

Re: Reason for synchrony lowering limits.

belle6m2k — Fri, 02 Apr 2021 19:17:29 GMT

Yep, the last numbers are 24. Makes sense I haven't used most of them for at least 2 years. Thanks for the info.

Re: Reason for synchrony lowering limits.

M_Smart007 — Fri, 02 Apr 2021 21:39:24 GMT

@belle6m2k wrote:
Yep, the last numbers are 24. Makes sense I haven't used most of them for at least 2 years. Thanks for the info.

Use them or lose them.

Re: Reason for synchrony lowering limits.

AverageJoesCredit — Fri, 02 Apr 2021 23:20:56 GMT

@belle6m2k wrote:
Yep, the last numbers are 24. Makes sense I haven't used most of them for at least 2 years. Thanks for the info.

Receipe for cld then closure.

Re: Reason for synchrony lowering limits.

Anonymous — Sat, 03 Apr 2021 02:35:57 GMT

Impressive that they haven't already closed them. Sync has been in the habit lately of coming after some people's cards in as little as 6 months!

Re: Reason for synchrony lowering limits.

ladybug2016 — Sat, 03 Apr 2021 07:04:39 GMT

I'm very sorry you lost your dog.

Good luck getting your limits back!

Re: Reason for synchrony lowering limits.

NoMoreE46 — Sat, 03 Apr 2021 10:25:47 GMT

@belle6m2k wrote:
Yep, the last numbers are 24. Makes sense I haven't used most of them for at least 2 years. Thanks for the info.

@Anonymous ,

Is it coincidental that Sync decreases the limits of these accounts (that have been inactive for about 24 Months) to an amount specfically ending as $ ##24 ???

Re: Reason for synchrony lowering limits.

Anonymous — Sat, 03 Apr 2021 15:17:24 GMT

@NoMoreE46 wrote:

@belle6m2k wrote:
Yep, the last numbers are 24. Makes sense I haven't used most of them for at least 2 years. Thanks for the info.
@Anonymous ,

Is it coincidental that Sync decreases the limits of these accounts (that have been inactive for about 24 Months) to an amount specfically ending as $ ##24 ???

Seems to be a common theme with that type of CLD that they reduce it to an amount ending in 24. Don't know why though, it's not like the average person will know that info.

Re: Reason for synchrony lowering limits.

NoMoreE46 — Sat, 03 Apr 2021 12:46:51 GMT

@Anonymous wrote:
Seems to be a common theme with that type of CLD that they reduce it to an amount ending in 24. Don't know why though, it's not like the average person will know that info.

To me, it is a quick marker to make it easy for CSRs etc. to know that this account is long inactive- brilliant really. Retailiers have a similiar tactic that they utilitze. The longer an item sits unsold prescribes how it is marked down. Retailer's Big Secret: Crack the Price Tag Code (rather-be-shopping.com)

Thanks to you getting assigned a $ #24 limit now serves some in this community as a message to use your Sync account before it gets closed.

Most here aren't average with respect to credit cards and You are certainly are on the far end of the curve with respect to with helpful knowledge.

Re: Reason for synchrony lowering limits.

SouthJamaica — Sat, 03 Apr 2021 13:09:48 GMT

@belle6m2k wrote:
Over the last couple weeks Sychrony has begun to lower limits on a few of my accounts. I never pay late, in fact I have no balance on any card with them. Back in early February I had an emergency with my dog and opened a care credit account. Was approved for 7000 which was the estimate. Unfortunately my dog passed after I had only used 1500 which I subsequently paid off only a week after the charge. On my other bank cards I'm only at 1% utilization on one card all others are at zero. My FICO scores are all in the 780's. It's really not impacting anything I'm just curious as to what they are seeing that I'm not.

My guess:

1. Non use.

2. Ever since Covid shut downs, Synchrony has been trying to reduce its loan loss reserves since those cut into reported profits. By closing accounts and reducing limits they lower their loan loss reserves.

Re: Reason for synchrony lowering limits.

DaveInAZ — Sun, 04 Apr 2021 16:51:46 GMT

@Saeren wrote:
Have they decreased them to numbers ending in 24? 1024, 3024, etc? When they do that, its for low usage. If you go on the website they'll usually restore at least some of it but you want to put some spend on them ASAP.

@belle6m2k wrote:
Yep, the last numbers are 24. Makes sense I haven't used most of them for at least 2 years. Thanks for the info.

Hmmm, that's really interesting, CL ending in 24 = CLD for low usage.

Synchrony has always been good to me, but after Walmart store card went to Cap1 I'm down to only 2 cards, PayPay Cashback MC ($12.5k CL) and Lowes ($15k CL). PayPal MC get several monthly bills including my mortgage thru Plastiq. While I've carried large purchases on deferred interest in the past on Lowes, the last several years I've only stopped by 2-3 times a year to buy a houseplant or such, and that seems to have kept them happy.

@belle6m2k With your utilization so low why don't you beat Sync to the punch and just close them? My Fico scores are in 770s and I've gotten my utilization down to 5%, so I've been closing seldom used CCs - HSBC & Barclays Uber so far this year, BoA Travel Rewards is next. I'm picking CCs with low CL and low Cashback Rewards - $3k, $6k & $5k.

Re: Reason for synchrony lowering limits.

Talonwildstar — Fri, 02 Jun 2023 20:10:28 GMT

@Anonymous wrote:
Have they decreased them to numbers ending in 24? 1024, 3024, etc? When they do that, its for low usage. If you go on the website they'll usually restore at least some of it but you want to put some spend on them ASAP.

You are right I was lowered to 1024 I just forgot to use it i went on website hit chat told them I understand they had to slap my hand and I'll use the card... and they restored it back up to 9300 immedialty ..