Synch may very well be looking at accounts differently now and be unwilling to commit additional capital to accounts that are rarely used. If you are granted the CLI they have to increase their investment into your account as well by increasing loan loss reserves. This bank isnt a Chase or BoA with offices all around to take in lots of deposits they are in fact a small operator in todays world and likely lack the resources to fund more and more loan loss reserves for someone who rarely uses their cards with the limit they have already been assigned. Im sorry this happened to you.
For disclosure I have closed all my accounts with Synch and only retained the Lowes, I have not asked for an increase on it in years and never will.
Synch is just doing Synch things... Honestly, they're the most hair trigger lender when it comes to AR. Sometimes it makes sense, other times like in your case, there appears no rhyme or reason for it.
Sorry about your closures, but you can do better with other lenders that will appreciate your spend while being much more dependable.
@Goos wrote:
@Anonymous wrote:Well aware of the past Synchrony Closuregeddon and was wondering if they usually do these in waves or is it a one-off situation? With the Holidays upon us and Economy acting squiddish I think we may start to see a resurgence in CLDs once again. Massive CLI's recently with PPMC may have caught some attention I feel.
The economy is not slowing at all , not sure what you mean . The shortages are due to demand being so huge and bottlenecks as a mass amount of goods are being shipped in . If anything I would think they may loosen up . Unemployment is at 4.7% . Most anyone has a job and Americans are not slowing their spending or demand for credit to do it .
That's not true at all. The unemployment rate is smoke and mirrors and doesn't take into account the number of people that have left the work force and are not currently looking for employment. The press always uses the U-4 number for unemployment because it's always the optomistic number, you need to look at the U-6 number which is: Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force. And that number is 8.1% and that still doesn't take into account the people not looking for work. And there are currently more than 10 million open and unfilled jobs in the United States. Every single place is hiring, people just don't want to work.
I work in manufacturing, the bottleneck isn't demand, it's the fact that there aren't enough employees to be working to supply the current demand. And because of this and the fact that inflation is the highest it's been in 20 or more years, pricies are skyrocketing. The grocery stores don't have empty shelves because for some reason everyone wants milk right now, it's because the supply chain is hobbled by the lack of people in the workforce. There are times my shipments of raw materials are delayed because either the steel mills are behind or there are no truck drivers, national or local, or the local distribution house has no employees to fill current orders and get them shipped out to customers. Things I used to get in 1 to 3 days now take 1 to 3 weeks to get, if not longer. Some aluminum product I buy is out of stock until 2022. This is not because of some phantom huge demand in the economy. It's because people don't want to work. The fastest growing sub on Reddit is the Antiwork sub. That's what's wrong with the supply chain in this country. It's not because we have low unemployment or some increased demand for goods.
Before things veer off topic, especially with the last couple of comments...
If you want to discuss the economy, manufacturing, supply chain, unemployment rates, etc. (without delving into politics or the 5 Things We Don't Talk About), there's the SmorgasBoard section dedicated for such topics. Thank you.
