PayPal credit limit decrease

[Mike360]

Hello,

Received a notice today from Experian that one of my accounts the limit had been decreased. Logged in to find out PayPal Credit decreased my limit from $10,000 to $1,500 without any notification. When calling them the only thing they would do was submit a soft inquiry to increase the limit again. It was approved this time for only $2,300. Went ahead and told them to cancel the account since I'm not using the account anyways. Just sucks losing a $10K line of credit that I've had for over a decade. I have no collections on my credit and I  PIF my accounts monthly.

[FeeBear]

Hey Mike,

        Sorry to hear that. I am beginning to think we are on a death watch seeing credit limit die a little everyday.

Fee

[SouthJamaica]

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@Mike360 wrote:

Hello,

Received a notice today from Experian that one of my accounts the limit had been decreased. Logged in to find out PayPal Credit decreased my limit from $10,000 to $1,500 without any notification. When calling them the only thing they would do was submit a soft inquiry to increase the limit again. It was approved this time for only $2,300. Went ahead and told them to cancel the account since I'm not using the account anyways. Just sucks losing a $10K line of credit that I've had for over a decade. I have no collections on my credit and I  PIF my accounts monthly.

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Synchrony seems to be hurting.

[chuckwood]

It sucks they decreased you limit but consider it a blessing that they left it open and just lowered the limit. It gave you the option to get it increased or cancel the card becuase alot they are just closing without valid reasoning.

[GApeachy]

@Mike360   Sorry to see this. Past few months of posts about cld's and closures, I was wrestling with keeping open an acct. (care credit 15k) that I didn't need or just going ahead and closing it.  I closed it due to the fact I was spending needlessly to keep it alive, didn't need the extra padding.  I closed it; had a few regrets tbh. 

Now when I read these "kick rocks" posts I'm like "good riddance"...not worth the worry and/or potential hassle of trying to use it and find out the hard way it's doa.

At least you got the limit back up a little before closing it...it'll look better I suppose (maybe?) to have a little extra $ tacked on it.

Is this your only Synchrony product?  If not, what was your overall exposure?

Rip Synch

[Anonymous]

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@Mike360 wrote:

Hello,

Received a notice today from Experian that one of my accounts the limit had been decreased. Logged in to find out PayPal Credit decreased my limit from $10,000 to $1,500 without any notification. When calling them the only thing they would do was submit a soft inquiry to increase the limit again. It was approved this time for only $2,300. Went ahead and told them to cancel the account since I'm not using the account anyways. Just sucks losing a $10K line of credit that I've had for over a decade. I have no collections on my credit and I  PIF my accounts monthly.

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If you are not using the account, when was the last time that it was used?

[Iusedtolurk]

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@Mike360 wrote:

Hello,

Received a notice today from Experian that one of my accounts the limit had been decreased. Logged in to find out PayPal Credit decreased my limit from $10,000 to $1,500 without any notification. When calling them the only thing they would do was submit a soft inquiry to increase the limit again. It was approved this time for only $2,300. Went ahead and told them to cancel the account since I'm not using the account anyways. Just sucks losing a $10K line of credit that I've had for over a decade. I have no collections on my credit and I  PIF my accounts monthly.

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It does seem like age and good behavior would elicit some type of loyalty from the creditor but bottomline they 99% act on risk assessment and they are only here to make money off you.  I see an increase in accounts receiving a CLD and closures due to non-usage being a common factor.

[M_Smart007]

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@Mike360 wrote:

Hello,

Received a notice today from Experian that one of my accounts the limit had been decreased. Logged in to find out PayPal Credit decreased my limit from $10,000 to $1,500 without any notification. When calling them the only thing they would do was submit a soft inquiry to increase the limit again. It was approved this time for only $2,300. Went ahead and told them to cancel the account since I'm not using the account anyways. Just sucks losing a $10K line of credit that I've had for over a decade. I have no collections on my credit and I  PIF my accounts monthly.

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Sorry for your CLD,  ...The way they do business is beyond sad!

[Anonymous]

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@Mike360 wrote:

Hello,

Received a notice today from Experian that one of my accounts the limit had been decreased. Logged in to find out PayPal Credit decreased my limit from $10,000 to $1,500 without any notification. When calling them the only thing they would do was submit a soft inquiry to increase the limit again. It was approved this time for only $2,300. Went ahead and told them to cancel the account since I'm not using the account anyways. Just sucks losing a $10K line of credit that I've had for over a decade. I have no collections on my credit and I  PIF my accounts monthly.

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I understand the annoyance, but by closing you have lost all of it rather than the $2.3K you could have kept.

[firefox100]

By closing your account with Synchrony you cut your nose off to spite your self. First they gave you some increase when you ask for it, you could have some spend each month on the credit card each month then every three months ask for credit line increase over year or so you most likely would have got back to your original credit limit of 10K.