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Chevron Synchrony

Regular Contributor

Chevron Synchrony

I’ve had this card for quite sometime now. I originally received it with a 1,500 SL then after my credit meltdown they dropped me down to 100.00. So I put her in the dust drawer. I haven’t had a CLI ever since they reduced my CL. What is everyone’s opinion on this? Should I keep her in dust drawer or just shut her off for good being that I have much better accounts now?

Capital One Platinum 5k
5/3 Truly Simple 5k
5/3 Trio 10k
Barclay Apple 1k
Citi Rewards+ 5k
Citi Double Cash 10k
Citi Simplicity 5k
Home Depot 2k
Discover 8k
Fico 8 Scores EQ=716 EX=660 TU=670 AAoA=7yr6months AoOA=17yrs
Message 1 of 10
9 REPLIES
Regular Contributor

Re: Chevron Shyncrony


@SFLSpotter9210 wrote:
I’ve had this card for quite sometime now. I originally received it with a 1,500 SL then after my credit meltdown they dropped me down to 100.00. So I put her in the dust drawer. I haven’t had a CLI ever since they reduced my CL. What is everyone’s opinion on this? Should I keep her in dust drawer or just shut her off for good being that I have much better accounts now?

I do not know whether I would open a store specific card for this reason but since you have the card open:

One thing I like about store cards with a low limit is that it lessens the value of the cards to people that fraudulently get the card number.

Yes, I understand that we are not responsible for fraudulent charges but I am certain I have missed fraudulent charges in the past.

Yes one challenge with that limit is that any purchase will make the utilization on that card high.

That being said, I say keep it open just as a tool to lessen fraud even if cash back rewards zero or minimal.

Message 2 of 10
Regular Contributor

Re: Chevron Shyncrony

I just got off the live chat feature and they offered me a increase to 250.00. Kinda crazy to be honest but, I tend to agree with your opinion with keeping it lower. I haven’t used the card due to the limit being so low. I’ll just keep it in the dust drawer. Thanks for your reply.
Capital One Platinum 5k
5/3 Truly Simple 5k
5/3 Trio 10k
Barclay Apple 1k
Citi Rewards+ 5k
Citi Double Cash 10k
Citi Simplicity 5k
Home Depot 2k
Discover 8k
Fico 8 Scores EQ=716 EX=660 TU=670 AAoA=7yr6months AoOA=17yrs
Message 3 of 10
Moderator

Re: Chevron Shyncrony


@SFLSpotter9210 wrote:
I’ve had this card for quite sometime now. I originally received it with a 1,500 SL then after my credit meltdown they dropped me down to 100.00. So I put her in the dust drawer. I haven’t had a CLI ever since they reduced my CL. What is everyone’s opinion on this? Should I keep her in dust drawer or just shut her off for good being that I have much better accounts now?

Depending on the age you might just want to close it.

 

I can offer this, though... when I had my own credit meltdown Synchrony (then G.E. Money Bank) CLD'ed my Lowe's card to +/- $500 (whatever I owed at the time... it was an odd-ball amount).  I intended to close it, but I never got around to it.

 

Today that same account is at $20k.  Smiley Wink  (It's also my oldest credit card.)

 

TL;DR:  Synchrony cards can 'bounce back' once your scores recover.

Message 4 of 10
Regular Contributor

Re: Chevron Shyncrony

I’ve had this account since GE as well just don’t use it due to the CL decrease. I just may keep it around who knows. Thanks for your feed back.
Capital One Platinum 5k
5/3 Truly Simple 5k
5/3 Trio 10k
Barclay Apple 1k
Citi Rewards+ 5k
Citi Double Cash 10k
Citi Simplicity 5k
Home Depot 2k
Discover 8k
Fico 8 Scores EQ=716 EX=660 TU=670 AAoA=7yr6months AoOA=17yrs
Message 5 of 10
Regular Contributor

Re: Chevron Shyncrony

Use a few times a year so the issuer does not close it for lack of use.

Consider using the Chevron card if in some unknown neighborhood.

If it turns out there is a skimmer on the pump, better the Chevron card gets compromised than Double Cash or Discover.

Message 6 of 10
Regular Contributor

Re: Chevron Shyncrony

Yes agree on that aspect for sure. Thanks again.
Capital One Platinum 5k
5/3 Truly Simple 5k
5/3 Trio 10k
Barclay Apple 1k
Citi Rewards+ 5k
Citi Double Cash 10k
Citi Simplicity 5k
Home Depot 2k
Discover 8k
Fico 8 Scores EQ=716 EX=660 TU=670 AAoA=7yr6months AoOA=17yrs
Message 7 of 10
Moderator

Re: Chevron Shyncrony


@SFLSpotter9210 wrote:
I’ve had this account since GE as well just don’t use it due to the CL decrease. I just may keep it around who knows. Thanks for your feed back.

If the scores in your siggy are correct you might be able to get a CLI now.  Have you tried to request one from the website?

 

You might be pleasantly surprised.  Smiley Wink

Message 8 of 10
Regular Contributor

Re: Chevron Shyncrony

Also, if in the future Synchrony has some card that appeals to you, the Chevron card will let you build history with Synchrony while not itself putting you at maximum exposure for Synchrony.

 

General guidance is not to add store cards, but if someday you find yourself beyond 5/24 for Chase and have max revolvers for Amex, Synchrony Amazon store card could be worth having. Absent those conditions, the Chase / Amex Amazon cards are better though.

Message 9 of 10
Regular Contributor

Re: Chevron Shyncrony

Well I don’t have a good relationship with AMEX, Chase due to CO in 2007. But I did apply with Chase in 2017 and got declined due to not sure what the reasons were. I actually didn’t investigate cause I didn’t think I was ready credit score wise and truthfully back then didn’t really care about credit my mentality was if I can’t pay cash for it I shouldn’t be buying it. I’ve slowly been app for credit now since majority of my negative stuff has finally completely fallen off. Just a FYI when I appd for Chase they declined me and I saw they HP my EX. So I believe I’m not on their blacklist? Thanks for your reply.
Capital One Platinum 5k
5/3 Truly Simple 5k
5/3 Trio 10k
Barclay Apple 1k
Citi Rewards+ 5k
Citi Double Cash 10k
Citi Simplicity 5k
Home Depot 2k
Discover 8k
Fico 8 Scores EQ=716 EX=660 TU=670 AAoA=7yr6months AoOA=17yrs
Message 10 of 10