Congratulations on no CLD! You want to put a charge on them every 6 months or so to avoid closer for non-activity.
@SouthJamaica wrote:
@user979797 wrote:These last few weeks I have sadly seen a few posts about banks closing or decreasing credit limits during our time of need in a true crisis. I would hope that all banks and credit unions could and would stand with it's customers at a time of crisis and emergency. Some are doing this and some aren't.
I have also seen a few posts of customers noticing which credit cards are getting slashed or cancelled for no reason and which aren't (at least so far) and this really struck a chord with me. I personally will be watching to see which ones help or hurt customers during a crisis. I call cancelling a customers credit card or even reduing their limit when they have been a loyal interest paying card swipe fee getting customer NOT RIGHT. It's even worse when the customer has to find out by logging into online banking. Not so much as a phone call to talk about it or see if that is downright going to hurt the customer during a pandemic? In my opinoin this is NOT RIGHT.
I know some will agree and some will disagree. That is OK we are all in this together no matter what we think I just had to post this because it pesonally makes me annoyed to see "big bullies" on the playground during a crisis taking actions that can hurt a persons financial health even more by taking away credit lines that we prove responsible enough to obtain to begin with.
I just feel any customer who has always paid on time and never exceeded their credit limit and has always shown good faith in the past should not be punished during a crisis for whatever reason. I personally will remember what banks did this and in the future I will not be banking in any form with these institutions.
Thanks to all of you who are posting your experiences and please keep posting on the boards about these banks and credit unions that take these actions.
Sorry to all of you who have experienced a credit limit decrease or a closed credit card account during this time of uncertainty. Hang in there
I agree with you 100%.
There are many factors that go into choosing a financial institution. One factor we should consider is dishonorable behavior and disloyalty towards its good customers.
For Synchrony to close accounts which are in good standing and have always been maintained in good standing, at a time when the Federal Reserve has made trillions of dollars available to financial institutions and slashed Federal Reserve borrowing rates virtually to zero, solely for the sake of decreasing its credit reserves, is dishonorable and disloyal.
A real black mark on Synchrony's name.
I have a hunch that in the end it will come back to bite the cowardly executives who embarked on this program of cannibalizing the bank's customers.
It isn't the first time this has happened, and it won't be the last. They've done it when the economy was good. Then there was the blue envelope sweeps. Nothing is going to happen to the execs. It's more of an outrage now than normal because of what's going on.
@Brian_Earl_Spilner wrote:
@SouthJamaica wrote:
@user979797 wrote:These last few weeks I have sadly seen a few posts about banks closing or decreasing credit limits during our time of need in a true crisis. I would hope that all banks and credit unions could and would stand with it's customers at a time of crisis and emergency. Some are doing this and some aren't.
I have also seen a few posts of customers noticing which credit cards are getting slashed or cancelled for no reason and which aren't (at least so far) and this really struck a chord with me. I personally will be watching to see which ones help or hurt customers during a crisis. I call cancelling a customers credit card or even reduing their limit when they have been a loyal interest paying card swipe fee getting customer NOT RIGHT. It's even worse when the customer has to find out by logging into online banking. Not so much as a phone call to talk about it or see if that is downright going to hurt the customer during a pandemic? In my opinoin this is NOT RIGHT.
I know some will agree and some will disagree. That is OK we are all in this together no matter what we think I just had to post this because it pesonally makes me annoyed to see "big bullies" on the playground during a crisis taking actions that can hurt a persons financial health even more by taking away credit lines that we prove responsible enough to obtain to begin with.
I just feel any customer who has always paid on time and never exceeded their credit limit and has always shown good faith in the past should not be punished during a crisis for whatever reason. I personally will remember what banks did this and in the future I will not be banking in any form with these institutions.
Thanks to all of you who are posting your experiences and please keep posting on the boards about these banks and credit unions that take these actions.
Sorry to all of you who have experienced a credit limit decrease or a closed credit card account during this time of uncertainty. Hang in there
I agree with you 100%.
There are many factors that go into choosing a financial institution. One factor we should consider is dishonorable behavior and disloyalty towards its good customers.
For Synchrony to close accounts which are in good standing and have always been maintained in good standing, at a time when the Federal Reserve has made trillions of dollars available to financial institutions and slashed Federal Reserve borrowing rates virtually to zero, solely for the sake of decreasing its credit reserves, is dishonorable and disloyal.
A real black mark on Synchrony's name.
I have a hunch that in the end it will come back to bite the cowardly executives who embarked on this program of cannibalizing the bank's customers.
It isn't the first time this has happened, and it won't be the last. They've done it when the economy was good. Then there was the blue envelope sweeps. Nothing is going to happen to the execs. It's more of an outrage now than normal because of what's going on.
You may be right. Only time will tell.
@pooragain wrote:As we can all see, Synchory more then many other issuers seem to be doing more closures/CLD then anyone else. We have to remember that they are also the one who has been giving out credit lines that are way out of line with any reasonable expectation. Why would anyone need or want a $30,000 store card. I understand padding for utilization purposes, but that is just a way for the comsumer to falsly improve his/her credit score if they are carrying balances. At some point, I feel like the banks look beyond the beloved FICO score and simply look at dollars owed as opposed to % owed vs reported income, and as many people that have reported closures/CLD have stated, they have 5 or 6 times their annual income in credit lines. That leads me to the bigger question being not why they are closing them now, but why they ever approved such lines in the first place.
You're right. They shouldn't be giving out those kind of credit lines unless they're being regularly used. They obviously should be held accountable for that, but they don't go around giving auto 30k increases. Unfortunately, this isn't the first time it's happened and it doesn't look like they're going to learn any time soon.
@user979797 wrote:
I know some will agree and some will disagree. That is OK we are all in this together no matter what we think I just had to post this because it pesonally makes me annoyed to see "big bullies" on the playground during a crisis taking actions that can hurt a persons financial health even more by taking away credit lines that we prove responsible enough to obtain to begin with.
I just feel any customer who has always paid on time and never exceeded their credit limit and has always shown good faith in the past should not be punished during a crisis for whatever reason. I personally will remember what banks did this and in the future I will not be banking in any form with these institutions.
Leading up to the 2007-2008 credit crisis, I had taken growing cash advances and balance transfers from multiple banks, leading to significant outstanding balances as high percentage of credit limits. I never missed a payment, I didn't exceed any credit limits.
Citi, Chase, and BofA proceeded in various combinations to CLD, balance chase or close the accounts I had with them. They were very justified in doing so. I had no right to expect them to maintain $20k to $30k credit limits while I had nearly that much owed on each account in a time when defaults were rampant.
As has been noted by others, banks are not in this to give people free money, and we do not have a right to credit. Accounts that get closed or CLD have a trigger reason the bank is responding to. We don't always get all the story here, but each story has reasons for the bank action to reduce risk.
