@Remedios wrote:
@pacem_et_libertatum wrote:Hello All ~
Just discovered my Amazon Prime store card received a CLD from 7000 CL to 100, without any warning.
I'm assuming once it's paid off, they will probably close it.
I've been a loyal Prime customer spending a TON on Amazon, however, other cards have better perks, so I've not used the store card often.
Thought I'd send this out so you can make a purchase on your card (or other Synchrony accounts) to possibly avoid CLD/account closure.
On that note ~ Happy New Year!
Why do you think it's closed for non-use?
You mentioned "paid off", so clearly card has seen some use, and with some use, CLD typically wouldn't be that drastic.
Did you get a letter explaining why?
Thanks for reminding me that I did in fact receive a letter explaining their reasoning *DOH!*.
High balances in relation to credit limit on a handful of cards (due to 0% BT) among a few other reasons I can't recall (I don't have access to the letter at the moment), but they are the same reasons that IF I were to apply for a new card, I would not be approved.
My agg UTI was under 30% at time.
Basically once my balances are paid off, my score will be well over 720 but I guess my spend and my balances on other cards were enough for a massive CLD.
@SweetCreditObsession wrote:
@pacem_et_libertatum wrote:Hello All ~
Just discovered my Amazon Prime store card received a CLD from 7000 CL to 100, without any warning.
I'm assuming once it's paid off, they will probably close it.
I've been a loyal Prime customer spending a TON on Amazon, however, other cards have better perks, so I've not used the store card often.
Thought I'd send this out so you can make a purchase on your card (or other Synchrony accounts) to possibly avoid CLD/account closure.
On that note ~ Happy New Year!
That's drastic! Could you share DPs on your usage? This will help others to gain insight from your experience and hopefully they can avoid this.
Best wishes!
Thanks! I did update with more info that I think will be helpful. I haven't included month-by-month DP, but the amount spent monthly warrants more than the $100 CL I was given. As mentioned, I'd been paying off all charges BEFORE my statements cut, so may have prompted an AR (or maybe it was just the luck of the draw). The letter mention my high balances on a few cards (compared to CL - I am over 90% due to BT offers I took advange of). The more I think about it, as long as the card doesn't get closed, I will be in a good position to ask for CL increase in the near future once my balances are paid down. So that's the plan.
@pacem_et_libertatum wrote:
@Remedios wrote:
@pacem_et_libertatum wrote:Hello All ~
Just discovered my Amazon Prime store card received a CLD from 7000 CL to 100, without any warning.
I'm assuming once it's paid off, they will probably close it.
I've been a loyal Prime customer spending a TON on Amazon, however, other cards have better perks, so I've not used the store card often.
Thought I'd send this out so you can make a purchase on your card (or other Synchrony accounts) to possibly avoid CLD/account closure.
On that note ~ Happy New Year!
Why do you think it's closed for non-use?
You mentioned "paid off", so clearly card has seen some use, and with some use, CLD typically wouldn't be that drastic.
Did you get a letter explaining why?
Thanks for reminding me that I did in fact receive a letter explaining their reasoning *DOH!*.
High balances in relation to credit limit on a handful of cards (due to 0% BT) among a few other reasons I can't recall (I don't have access to the letter at the moment), but they are the same reasons that IF I were to apply for a new card, I would not be approved.
My agg UTI was under 30% at time.
Basically once my balances are paid off, my score will be well over 720 but I guess my spend and my balances on other cards were enough for a massive CLD.
I figured that was the case.
Your scores are in upper 600s and since your BK just dropped off (unless you have other negatives) that's 100 or so points lost solely due to utilization.
You need to accelerate pay down before other lenders decide to jump on this waggon.
Also, while BK is off your reports, lenders have the ability to retain info from previous pulls, it's for the best if you don't give them impression you're heading towards re-run.
@pacem_et_libertatum wrote:
@SweetCreditObsession wrote:
@pacem_et_libertatum wrote:Hello All ~
Just discovered my Amazon Prime store card received a CLD from 7000 CL to 100, without any warning.
I'm assuming once it's paid off, they will probably close it.
I've been a loyal Prime customer spending a TON on Amazon, however, other cards have better perks, so I've not used the store card often.
Thought I'd send this out so you can make a purchase on your card (or other Synchrony accounts) to possibly avoid CLD/account closure.
On that note ~ Happy New Year!
That's drastic! Could you share DPs on your usage? This will help others to gain insight from your experience and hopefully they can avoid this.
Best wishes!
Thanks! I did update with more info that I think will be helpful. I haven't included month-by-month DP, but the amount spent monthly warrants more than the $100 CL I was given. As mentioned, I'd been paying off all charges BEFORE my statements cut, so may have prompted an AR (or maybe it was just the luck of the draw). The letter mention my high balances on a few cards (compared to CL - I am over 90% due to BT offers I took advange of). The more I think about it, as long as the card doesn't get closed, I will be in a good position to ask for CL increase in the near future once my balances are paid down. So that's the plan.
Nope, it wouldn't be due to paying down to zero before statement cut. That's irrelevant because you're still spending with them. The letter is accurate. They're spooked by high balances on other non-sync accounts. I/ you/we know they're for taking advantage of BT offers, but they don't know that.
