Heads Up! Amazon Store Card CLD ($7000 to $100)

[NoMoreE46]

So you have a card with over 90% utility? 

As noted, other issuers don't know that this high utility is being leveraged by you for the 0% rate.  The 90% on this one card is a red flag despite your overall 30%.   You might be able to plead your case to Synchrony after this card gets paid below a certain percentage.

[xenon3030]

Next time, it might be better to use multiple BT offers and distrubute your debt across several CC and on each card, keep the balance <30%. To check the impact, you may use the simulator tools from Experian.

The large Fico8 score drop easily triggers lenders. Anyway, the Fico8 recovery due to utilization ratio reduction is immediate (as soon as the lenders update the balances to the credit bureaus).

[FinStar]

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@xenon3030 wrote:

Next time, it might be better to use multiple BT offers and distrubute your debt across several CC and on each card, keep the balance <30%. To check the impact, you may use the simulator tools from Experian.

The large Fico8 score drop easily triggers lenders. Anyway, the Fico8 recovery due to utilization ratio reduction is immediate (as soon as the lenders update the balances to the credit bureaus).

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But, by the same parallel while that may look pretty on paper for FICO 8 or 9 versions, SYNCB tends to use Vantage 4 (plus their own analytics) and that specific model uses trended data, so they'll be able to see prolonged balances being carried over any given timeframe.

[Remedios]

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@xenon3030 wrote:

Next time, it might be better to use multiple BT offers and distrubute your debt across several CC and on each card, keep the balance <30%. To check the impact, you may use the simulator tools from Experian.

The large Fico8 score drop easily triggers lenders. Anyway, the Fico8 recovery due to utilization ratio reduction is immediate (as soon as the lenders update the balances to the credit bureaus).

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I hate to break your heart but simulator doesn't really work like that, especially when it comes to utilization.

If it did, what would be the point of keeping secret sauce secret?

If one needs a toy, Legos are better and probably more accurate. So are tea leaves. 

[xenon3030]

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@FinStar wrote:

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But, by the same parallel while that may look pretty on paper for FICO 8 or 9 versions, SYNCB tends to use Vantage 4 (plus their own analytics) and that specific model uses trended data, so they'll be able to see prolonged balances being carried over any given timeframe.

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Interesting. Then, it should describe the root cause that SYNCB or some lenders are super sensitive to some changes in the credit profile and start doing AA, while some poeple (including me) rely on Fico8 optimization . 

Anyway, Goldman Saches lost ~1 billion, due to the Apple card buisness and it may reflect the importace of financial risk management to provide CL to some people that may not pay back and do on time and proper AA, if necessary (with or without notice).

[nbnsraz]

During the last credit crunch, I made a big payment to pay off my card. Next thing I knew, they closed the account. It was my highest credit limit at the time and spiked my utilization. Banks were super touchy then, so the next thing that happened was a ton of adverse action on my other accounts since I was making minimum payments on them to payoff the Amazon card. And since I wasn't able to re-secure a full time job after getting laid off from Citi, the adverse action happened at a bad time since paying off Synchrony made me cash poor. They have been on my black list ever since, especially since they never even sent a letter about why they closed it. 

Now I'm older, have more income, and an appropriate emergency fund. Also I know better than to deal with a poorly run subprime lender. Was about to get a Lowes card a while back until I realized it was Synchrony, ran the other direction then. 

[OmarGB9]

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@nbnsraz wrote:

During the last credit crunch, I made a big payment to pay off my card. Next thing I knew, they closed the account. It was my highest credit limit at the time and spiked my utilization. Banks were super touchy then, so the next thing that happened was a ton of adverse action on my other accounts since I was making minimum payments on them to payoff the Amazon card. And since I wasn't able to re-secure a full time job after getting laid off from Citi, the adverse action happened at a bad time since paying off Synchrony made me cash poor. They have been on my black list ever since, especially since they never even sent a letter about why they closed it. 

Now I'm older, have more income, and an appropriate emergency fund. Also I know better than to deal with a poorly run subprime lender. Was about to get a Lowes card a while back until I realized it was Synchrony, ran the other direction then. 

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I don't think you can call them a "poorly run subprime lender." I mean there was a recession at the time, and you were clearly in financial distress. They were just mitigating risk. It's nothing personal. Obviously it's unfortunate that that set off a cascade of AA, but then it seems you learned from your past mistakes since you say you have an emergency fund now.

[TMDSCT]

With all due respect, you're better off without such cards that offer ZERO benefits

[NoMoreE46]

IMHO, 5% back is a pretty good  benefit.

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@TMDSCT wrote:

With all due respect, you're better off without such cards that offer ZERO benefits

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[Anonymous]

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@NoMoreE46 wrote:

IMHO, 5% back is a pretty good  benefit.

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@TMDSCT wrote:

With all due respect, you're better off without such cards that offer ZERO benefits

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Unless @TMDSCT is distinguishing rewards from benefits.   But on an Amazon card, I think rewards are much more important, Amazon itself offers fairly decent protections.