Amazon Synchrony bank cut my limit!

bodybuilder510 · ‎03-30-2017

All,

I haven't been on here in awhile.

Just FYI for others with Amazon accounts through Synchrony. I've had this account for about two years. Started off with 900 limit. Reading on here on how to get it increased by calling customer service, I received increase of 5K in total limit. I always paid in full. Recently purchased items up to 2,300. I paid the balance in full after statement cut. Week later I checked on my account and noticed they slashed my limit in half. Called in and they stated a letter was on the way.

Well... I got the letter and they cited balance increase to fast. Something along those lines... Didn't really understand it. Always paid in full. Maybe letting that balance cut was an issue??

I have other majors credit cards with higher limits and no issues. I've read so many similar situations with Synchrony. I have their Walmart card with Limit of 10K. hopefully this one isn't next. Fico score for transunion is 708.

Anonymous · ‎03-30-2017

They cut my Lowes CL from 12k to 1000 a few days after I paid them in full. I opened the card in May and ran up a little bit over $2400 and I've been paying $100 over the minimum each month since my balance was under 0% interest until April. I paid my balance in full and a few days later they slashed my credit limit to just above my previous balance.

HeavenOhio · ‎03-30-2017

OnAJourney, did Synchrony give you a reason for the decrease?

UncleB · ‎03-30-2017

Years ago Synchrony balance chased my Lowe's all the way to $470; I was ticked since while I had some late pays with other lenders I had always gone to great lengths to pay Lowe's on time (I was never late with them).

They were my only Synchrony (then GEMB) card and I intended to just close it, but instead I put it in the kitchen junk drawer and forgot about it for years. Eventually I went online and had them send me a new card and I made a purchase every year or so.

I had a lot going on credit-wise (foreclosure, COs, etc.) but they never closed the account, and once my scores started to improve they eventually gave me a CLI, then a few months later another (etc.). That card now has a CL of $20k and is my oldest credit card at 13 years.

My point is if you just hang on Synch cards can 'bounce back', but it might take a little patience. I'm super-glad that all those years ago I never "got around" to actually closing Lowe's.

Anonymous · ‎03-30-2017

They cut my Amazon from 1,400 to 1,270. No idea why my scores are at an all time high and utlization at an all time low. I can't say I care as I am done with store cards, high interest, few if any rewards and no flexbility to use it anywhere but their store so the store cards I have are my last.

Anonymous · ‎03-31-2017

I see I'm not the only one. I'll just put it away for now and utilize any credit card for Amazon. Just makes no sense. Not carrying a balance month to month. Paying on time and in full with Good scores.

I'm going to keep an eye on my Walmart card.

AverageJoesCredit · ‎03-31-2017

Uh oh, could this be the 2017 Sync trend? Sorry to hear, this is very disturbing to hear. More so if you are actually using the card and pif or making good payments. Makes no sense. Im at the point if i see a cld, card goes bye bye. Its bad enough if one was multi apping but for people actually using their cards and in good standing and the scores are rising, this will have to keep an eye open

Thanks for Sharing

Anonymous · ‎03-31-2017

I'm feeling a bit...wary, shall we say...after last week's flop with my CLI attempt, though I have a better idea now (having seen my actual TU FICO on the site) why I was turned down, so I'm watching my own account like the proverbial hawk right now for any shenanigans such as described here, even though my own line is still the original $800.

Anonymous · ‎03-31-2017

I have a 10k limit but I have no badies. I never use more then $300 dollars on it and I'm always afraid they will lower my CL because I dont ever really need it. Would that be a reason they would lower my limit?

Anonymous · ‎04-01-2017

The reason was too many credit inquiries. I had 7 credit inquiries within the past 2 years and which all of them would be turning a year old in May. I've had no new credit inquiries since I opened the account. And my credit profile has been improving. I was a 29% utilization for about four months and I paid every one off and now I'm sitting at 7%. It seems like after I paid everyone off they want to CLD me 🤣