Credit Line Catch-22

[Remedios]

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@Anonymous wrote:

Disputing two-weeks versus thirty days.

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Make sure to provide supporting documents with this dispute.

Provide them with the statement showing due date, and the date you made payment/payment was withdrawn from your bank.

I don't know if you did this already, but usually first step is direct dispute which is with Synchrony. If that doesn't work, it's CRA. If that doesn't work CFBP if that really wasn't 30 day late. 

[Anonymous]

Appreciate the straightforward response and good info, thanks. Was surprised Synchrony did this - problem arose when Lowe's promised to reverse a charge for an undelivered item, then didn't. I thought they had, bill didn't get paid on time, and here we are. Still fighting with Lowe's.

[Anonymous]

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@Anonymous wrote:

Here's the issue - I got into a spat with Lowe's over a botched delivery and delayed paying that puny balance of $100 two-weeks past the due date. Synchrony Bank, those charmers, reported the late payment. I closed the account - the credit line was minimal and I ain't shopping at Lowe's no more, so no big deal EXCEPT how that impacted my Chase Freedom account. 

Any and all advice is welcome. 

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Since you mentioned any and all advice here is just a tip. Setup autopay on all your credit cards. They sometimes make this feature hard to find online or in app so if you can't figure it out definitely give the creditor a call to activate it. Should save some headaches. 

[Anonymous]

Thanks. Being a freelancer/gig worker, autopay presents its own risks since income is variable, so I use payment reminders instead. That wasn't an option with this card, though. No matter, the account is closed now. 

One of the posters mentioned balance chasing, which I'd never heard of. Did a bit of research on that topic which has me wondering if my Synchrony issues are totally unrelated to Chase's actions and just happened to overlap. I haven't used my Chase Freedom card in about a year - locked the card and just started heaving payments their way. This might explain why my CL has been systematically reduced on this card and not my other Chase cards, which I use to pay regular small bills (gas, Norton subscription, LinkedIn subscription, etc.). 

So, those of you in the know - would it break the cycle to unlock that card and use to make small charges? Or is it a lost cause at this point? 

[Remedios]

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@Anonymous wrote:

Thanks. Being a freelancer/gig worker, autopay presents its own risks since income is variable, so I use payment reminders instead. That wasn't an option with this card, though. No matter, the account is closed now. 

One of the posters mentioned balance chasing, which I'd never heard of. Did a bit of research on that topic which has me wondering if my Synchrony issues are totally unrelated to Chase's actions and just happened to overlap. I haven't used my Chase Freedom card in about a year - locked the card and just started heaving payments their way. This might explain why my CL has been systematically reduced on this card and not my other Chase cards, which I use to pay regular small bills (gas, Norton subscription, LinkedIn subscription, etc.). 

So, those of you in the know - would it break the cycle to unlock that card and use to make small charges? Or is it a lost cause at this point? 

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They are related. 

If your Chase cards are maxed or near maxed, it was inevitable, however the presence of new late hastened that a bit. 

The way they see it is that you're struggling to pay your cards off, and now you've defaulted. 

Just because CLD happened on one card doesn't mean they wont go after the other ones. You have a perfect storm brewing, so your best bet is really to keep paying as much as you can while working on that late. 

You cannot stop balance chasing, it will continue till limit is either at a place where lender is comfortable or till closure (hopefully not) 

[Anonymous]

I'll take your response under consideration and wait and see how the dispute plays out - it was a "perfect storm," as you put it, last year and would have made sense then, but now the clouds have cleared and the balances are falling at a fast clip courtesy of a new job. The only negative impact on my CRs has been credit utiIization. I'm curious to see how the Lowes/Synchrony thing plays out. 

If that was the tipping point, then I'll keep going as I've been. The plan is to get rid of all of it, and I'm making great strides in that direction. Again, they'll all be paid off by September. I'll wait another six months for the dust to settle, then reassess what's worth keeping, or not, and move toward a card offered through my Fidelity brokerage account. 

Cheers!

[Anonymous]

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@Anonymous wrote:

I'll take your response under consideration and wait and see how the dispute plays out - it was a "perfect storm," as you put it, last year and would have made sense then, but now the clouds have cleared and the balances are falling at a fast clip courtesy of a new job.

Cheers!

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I think the "perfect storm" (a cliche I dislike, but ok!) Remedios is referring to was because of the reported late.    So with lasting high utilization, it's as if the issuers put you on a watch list.    As you start paying off, they may not choose to balance chase as the situation isn't negative enough.   But as soon as the late is reported, that's the evidence they need, this person is probably in some trouble, let's protect ourselves.....

[Remedios]

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@Anonymous wrote:

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@Anonymous wrote:

I'll take your response under consideration and wait and see how the dispute plays out - it was a "perfect storm," as you put it, last year and would have made sense then, but now the clouds have cleared and the balances are falling at a fast clip courtesy of a new job.

Cheers!

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I think the "perfect storm" (a cliche I dislike, but ok!) Remedios is referring to was because of the reported late.    So with lasting high utilization, it's as if the issuers put you on a watch list.    As you start paying off, they may not choose to balance chase as the situation isn't negative enough.   But as soon as the late is reported, that's the evidence they need, this person is probably in some trouble, let's protect ourselves.....

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You're such a bitter pill to swallow sometimes, but it's possible you woke up on a wrong side of the bed, got your knickers in a twist, saw writings on the wall,  and experienced gut wrenching pain. 

As a peace offering, I give you this silver lining since you love emojis more than life itself  🥴🤯🥰🧐🙄🥺😬🤐🤯🤕😱👺👻💘

[Anonymous]

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@Remedios wrote:

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You're such a bitter pill to swallow sometimes, but it's possible you woke up on a wrong side of the bed, got your knickers in a twist, saw writings on the wall,  and experienced gut wrenching pain. 

As a peace offering, I give you this silver lining since you love emojis more than life itself  🥴🤯🥰🧐🙄🥺😬🤐🤯🤕😱👺👻💘

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Where are the mods to steer a conversation back on topic!   Oh yes.   But thanks.   As my (rather insane) grandfather used to say "Better to have an emoji and not need it, than need an emoji and... um, can I have another drink?"