SYMC decreased CL

[Janneman]

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@SouthJamaica wrote:

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@Janneman wrote:

Synchrony decreased CL on my only account with them today, from $15k to $1k....What do you guys think could be done? Should I close the account as its the lowest limit I have in last 25 years and on any of my credit cards? Or do you think there might be an option to get CLI, if there any? Thank you

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If you call them up they'll almost definitely restore it.

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I did call them up...First spoke with a rep and then supervisor....both told me that they are not allowed to do anything except taking the request for credit line increase.....and they both said independently and separately that it makes no difference whether they take my request over the phone for CLI or if I would do it by my own online. I told them that I would do it online. However, supervisor sent a request to back office (credit dept) on my request to reconsider to restore my CL....So, I would first wait to hear from them...and then would do CLI online and if nothing positive gonna happen then I would close down this credit card....

[Janneman]

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@Bill77 wrote:

Does your online account still have a link for the option to Request Increase? Or did they take that away?  I personally would keep the card open.

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I didnt check yet to know if there is still a link for CLI on my online account, however, I assume there would be. Nevertheless, it doesnt seem to be a problem because rep and her supervisor, whom I spoke with, both were ready to take my request for CLI over the phone, but also informed me that I can do my own online if I choose to do so as both methods/options make no difference. However, the supervisor was able to send the request to back office (I assume credit dept) already on my behalf before we do CLI...So, I decided to hear from them first and then I would do CLI...and if nothing good comes out then I would close it down. 

You say that you will keep it opened then why would you do that? I know synch does CLI as SP but my on this account, I never got not even one CLI even though I request many times...and even when I heavy spent on this card...which is why I had put it in the drawer...So, when they never gave me any CLI despite of heavy usage then do you think they would give me now?? Secondly, with only $1k limit, what I could do??? I honestly don't need Synch and this much CL because I already have over $1M in credit and none of my accounts are lesser than $15k except one which still have better CL than this one. I personally dont think this account could grow much...and if it does then it would take years to get to where I was...And I am told that Synch does review of each account in every 18 months...So, they would slash the CLI again or might close the card. The most importantly I believe my this account with this much CL can influence other lenders to do the same especially now when alerts have been gone out to each lender....

[Janneman]

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@Gunnerboy wrote:

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@Janneman wrote:

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@Gunnerboy wrote:

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@Janneman wrote:

Synchrony decreased CL on my only account with them today, from $15k to $1k....What do you guys think could be done? Should I close the account as its the lowest limit I have in last 25 years and on any of my credit cards? Or do you think there might be an option to get CLI, if there any? Thank you

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Close it.

My Nordstrom store tradeline was my oldest at 28yrs old when I closed it after they reduced the limit from 4,000 to 1,000, shortly after they gave me an increase.  I hadn't used that card in years.

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Since you closed your account, then how they increased the limit on it? It was closed, right?

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TD Bank gave me a bump from 3k to 4k, but when I didn't put any new spend the following two weeks, they chopped it down to 1k.  I closed it right then.

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Wowwww....That's so scary....I have TD for the last 8 years...haven't used in last 8 months and I hardly ever use it anyway for more than $10...Thanks God that they never chopped my CL..but never asked for any CLI anyway....I think risk of CLD or shut down would always be there with every lender if we dont use credit enough...Its just a matter of time when it would happen....economic situation or not...

[AndySoCal]

@Janneman  Sorry to hear this happen to you. I would cloase the card if they wont restore. SDFCU is a better solution than Synchronny IMO

[Janneman]

Update:

I am able to get the full CL back by doing a few things by my own. Appreciate this forum and its members for such a wonderful suggestions...