Boooo Sync balance chasing! **UPDATE - POST# 13**

[ambivalent]

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@Anonymous wrote:

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@ambivalent wrote:

So the title says it all. My Lowe's account has been balance chased down to $100.  I only noticed today because I got an alert from FICO. I've been late on ONE payment, this last one, which I alerted them I would be about 3 days late and would be paying the card off...it's been on autopay for over a year. I'm sure the other maxed cards were a huge factor in this.  Should I go on and close the card or should I wait it out and try to get my limit back to where it was?

TIA!

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I'd keep it. Being balance chased is frustrating for sure, but it ends! I didn't have my Lowe's limit decreased, but I did have my Amazon Store Card, Newegg Card, and VCF card decreased by Synchrony. That was back last July to September time frame, if I am remembering correctly. By March of this year I had all of those cards CLI'd to over double their limits prior to the decreases. 

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I was concerned that they were chasing it so they could close it. I wanted to get ahead of that in order to get it reported "closed by consumer", though I am not sure that matters vs "closed by credit grantor". I'll grit my teeth and wait it out.   Thank you!

[Anonymous]

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@ambivalent wrote:

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@Anonymous wrote:

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@ambivalent wrote:

So the title says it all. My Lowe's account has been balance chased down to $100.  I only noticed today because I got an alert from FICO. I've been late on ONE payment, this last one, which I alerted them I would be about 3 days late and would be paying the card off...it's been on autopay for over a year. I'm sure the other maxed cards were a huge factor in this.  Should I go on and close the card or should I wait it out and try to get my limit back to where it was?

TIA!

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I'd keep it. Being balance chased is frustrating for sure, but it ends! I didn't have my Lowe's limit decreased, but I did have my Amazon Store Card, Newegg Card, and VCF card decreased by Synchrony. That was back last July to September time frame, if I am remembering correctly. By March of this year I had all of those cards CLI'd to over double their limits prior to the decreases. 

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I was concerned that they were chasing it so they could close it. I wanted to get ahead of that in order to get it reported "closed by consumer", though I am not sure that matters vs "closed by credit grantor". I'll grit my teeth and wait it out.   Thank you!

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Also to ease some of your concerns, the comment of why a card is closed has no effect on your score or future approvals. I have multiple cards that are "closed by credit grantor", in fact all of my closed cards have that comment. The closed by grantor comment is used when credit products are discontinued and when accounts are closed due to inactivity, so these comments don't throw a red flag when your credit profile is being evaluated.

[ambivalent]

I wanted to make an update to this post for anyone who has been chased by Sync.  I was feeling a little sassy today and decided to go ahead and ask for a CLI....15K... instantly approved.  Thanks again to those who talked me off the ledge of closing this card! I guess I am back in their good graces...and they are back in mine. 

[Loquat]

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@ambivalent wrote:

I wanted to make an update to this post for anyone who has been chased by Sync.  I was feeling a little sassy today and decided to go ahead and ask for a CLI....15K... instantly approved.  Thanks again to those who talked me off the ledge of closing this card! I guess I am back in their good graces...and they are back in mine. 

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Happy to hear that you were able to CLI up to a useful limit.  This serves as a data point for yourself and others that not always are decisions made in anger, the best one.  We've all, at some point, experienced something in this hobby/journey/whatever you want to call it, that has ruffled us a bit...some quit out of spite, some in anger, and some, like yourself, stick with it despite being annoyed at the time...and it worked in your favor.