Amazon Synchrony bank CLD

[Anonymous]

They just cut 3 cards to just over my current balance. lowes from 35k to 16k 250.00 over current limit. making 1k monthly payments paying down my remodle.
walmart 9 k to 2.5 k 150.00 below my current.
Amazon 6 k to 150.00 just payed it off last month.
Score is going to take a big hit as it will appear i have 2 maxed out cards next 6 to 12 months as i pay down balances. Grrrr !!! Dirty play as i have payed most if not all in full monthly except lowes & i pay 1k a month on it.
A lesson to dersify my lenders more

[AverageJoesCredit]

Rnr, thats crazy. Any info you can provide on your profile? Any lates recently or other baddies. Hows your income in regards to your exposure with Sync? Carrying 16k on a 35k card might have spooked them but im of mind your credit is there to be used and so long as you are making ontime payments you should be good. But in these days you never know.

[Anonymous]

@Anonymous

I moved your post to its own thread so it gets more visibility.  Sorry to hear that this happened to you.

[fltireguy]

Ugh. Balance chasing.
What spooked 👻 them in your profile?

[pizza1]

ouch, Sorry to hear this. They are balance chasing you for some reason. What does the rest of your reports look like? Anything new pop up? Whats your overall util reporting right now amongst all your cards?

[Anonymous]

If you are paying zero interest on those balances just keep plugging away and pay them as you always were. if you are paying interest I suggest getting one of those online loans at 15% or something which is half the retail card rate. The credit cards report zero balance is before the loan reports so you will get a credit boost, and when the loan does report it counts better in your score then carrying the same balances on revolving cards

[fltireguy]

You are better off closing those accounts right now. Because, if you do that, the cards will continue to report your current credit limit that you have right now, as you pay down the balance. You will not get balance chased down to zero anymore, and your scores will recover quicker than they are right now.

[fltireguy]

Either way, the accounts will be closed when you eventually hit a zero balance

[Anonymous]

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@fltireguy wrote:
You are better off closing those accounts right now. Because, if you do that, the cards will continue to report your current credit limit that you have right now, as you pay down the balance. You will not get balance chased down to zero anymore, and your scores will recover quicker than they are right now.

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I believe if you close an account with a balance, it will report the utilization at 100% until it's paid. Because you no longer have a credit limit. 

If I'm wrong, then I stand to be corrected.

[fltireguy]

Donny10, speaking from experience, with Sync, if either you or they close the accounts, the CL will be locked in at the time of closure, and they will not show at 100% util. Leaving them open, will leave the OP open to never ending balance chasing until they get paid off, and then sync closes them anyway