@CCrew wrote:Beware, Amex is at it also. Nothing new, other than a few old inquiries fell off my report, no recent utilization, I purchased parts for my RV online which was a $439 purchase on a 3yo card with a $10k limit and a $0 balance. Immediately got a message that they slashed my $10k to $1300 and my Magnet card that also had a $0 balance from $3k to $1k. Guess they're paring their exposure. That sucks.
Sorry to hear about your Amx @CCrew hopefully you'll get your limits back when the dust settles.
A few things I've noticed..
Synch seems to not like it when people have tons of cards and credit with them, and have 0 balance.
There was a comment about diversifying - yes, this makes sense. Why would you want all that credit and not use it?
I am just trying to find reasoning behind Synch's behavior when things are seeming going well with a customer.
This is also why I have ONE Synch account and won't get another.. I don't want to be overexposed with with them.
@DoctorWily wrote:A few things I've noticed..
Synch seems to not like it when people have tons of cards and credit with them, and have 0 balance.
There was a comment about diversifying - yes, this makes sense. Why would you want all that credit and not use it?
I am just trying to find reasoning behind Synch's behavior when things are seeming going well with a customer.
This is also why I have ONE Synch account and won't get another.. I don't want to be overexposed with with them.
With the exception of my Lowe's card, all of my cards were used regularly. Some I'd carry a balance for a short time, but at 29.99% on a large swath of their cards it's financial suicide to run a constant balance.
I was a slow learner, I changed my way of using cards after looking closely at my Walmart card (originally issued by Synchrony, now with Capital One) and seeing of the $150 a month I was paying, $132 a month was interest!
Since that realization, I have diligently attempted minimize my interest payments.
@chiefone4u wrote:
@DoctorWily wrote:A few things I've noticed..
Synch seems to not like it when people have tons of cards and credit with them, and have 0 balance.
There was a comment about diversifying - yes, this makes sense. Why would you want all that credit and not use it?
I am just trying to find reasoning behind Synch's behavior when things are seeming going well with a customer.
This is also why I have ONE Synch account and won't get another.. I don't want to be overexposed with with them.
With the exception of my Lowe's card, all of my cards were used regularly. Some I'd carry a balance for a short time, but at 29.99% on a large swath of their cards it's financial suicide to run a constant balance.
I was a slow learner, I changed my way of using cards after looking closely at my Walmart card (originally issued by Synchrony, now with Capital One) and seeing of the $150 a month I was paying, $132 a month was interest!
Since that realization, I have diligently attempted minimize my interest payments.
I once had bad CC debt.. now that I am out of it.. I don't ever want to pay interest - CC's pay ME to use them now!
My backup plan for myPaypal card (in case this happens to me!) is the FNBO Cashback Rewards Visa.
I have to laugh... just received an email telling me I can use my Chevron Visa at restaurants to earn extra savings on gas purchases; and for every purchase I make at restaurants, Synchrony will donate $1 to a charity (world food organization? Maybe? I deleted the email before deciding to share the irony of it all).
Insult to injury... close accounts, then email perks of using the card you closed! Lol... way to kick a fella when he's down Synchrony! All that's missing now is the knife twist.