SEVERE credit limit decrease HELP

[Anonymous]

+1 donny

[Anonymous]

My comment was about taking responsibility.  If a clear cut decision was made to say screw it, I'm not paying this bill and I'm focusing on my family and pets, then that's understandable, next time just start with that.

I'm glad your family and pets are ok, that is number one of course.

[AverageJoesCredit]

Jesi, hows your husbands credit? Perhaps he can you as an AU. Target is famous for those low limits but there is hope there. Have you though about trying to build credit with a credit union whether it be local, PenFed or Navy. Even if you could get a secured card you could build history and work your way up?

[Anonymous]

There are many, many posts re/ Synchrony and the blue envelope, just search the forums.

Here is one to start:

http://ficoforums.myfico.com/t5/Credit-Cards/What-the-heck-is-going-on-with-Synchrony/td-p/4669682

[Jesi]

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@Anonymous wrote:

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@Jesi wrote:

Long story short I missed a payment on my Synchrony Gap card. My balance is $471 and I missed a payment of $25 on March 8th due to a horrible wind storm a tree fell in my yard and knocked my power out for 6 days. I couldn't move my car for 3 and the closest Gap is over an hour away. There was nothing that could be done. I got a late fee, no big deal. I also noticed that my credit line 8 days later, on March 16th, was lowered to $490. That's not even a number that makes any sense and I KNOW it's because of the account being late. The thing that's aggravating is now my credit score has now decreased quite a bit because my card is now nearly maxed out. They are literally ruining my credit at this point. I called to find out why it was decreased and all they did was remove the late fee, which I wasn't even trying to do. The letter that says why my credit was decreased is vague and all of the reasons were already there when I got the Gap card almost a year ago. "Delinquent account" which is my car loan that was late over 2 years ago, etc. Nothing is new or different, just one late fee, and I've never been late before. I'm disgusted and appalled at this point how I can be treated like a criminal and have my credit ruined over a payment that was only a week late, which wasn't my fault to begin with.

I tried calling credit solutions, I just keep getting bounced around and even getting some of the same representatives and they all say "there's nothing we can do" and that the account was not decreased due to the late payment. If that was the case my 15 other Synchrony cards that all have $5,000 and higher limits would have also been decreased. It's VERY obvious why this was decreased and it would have been lowered to some more even like $500, not $490, that was their way of making my account not over the limit but decreased enough to give me no available credit. I would honestly close the account but I don't have $500 to pay it off today, I also don't want to close it with such a tiny credit limit, but it's ruining my credit now and I was trying to buy a house this summer. I'm sick to my stomach and trying not to vomit because I'm so upset about this. My usage has now also gone WAY up due to the card showing as being basically maxed out. Is there anyone else I can call, I don't know a ton about contacting anyone other than customer service or credit solutions and they all tell me there's no one I can call and nothing anyone can do. I just don't believe that to be true.

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I realize your irritated right now. And I know this isn't what you want to hear.

Why wait until the due date to pay your bill?

I don't get why people pay the bill on the due date. Your the example why you shouldn't. Who knows what will happen.

Does it make sense to pay your bill several days before your due date?

You must pay your bills on time, regardless of the reasons or things like this will happen..

PAY SEVERAL DAYS BEFORE YOUR DUE DATE!!!!

And please stop being rude to people. You came on here and asked for advice. Take what advice you like and don't use what you don't like. Lets not turn this into Romper-Room.

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I chose to feed my kids rather than pay the bill 2 weeks early. Sometimes money gets tight, you must be fortunate to not have to worry about that. Again, I pay my bills on time all the time, this is a one time situation. Pretty asinine to belittle me over this when there's people that max out cards, file bankruptcy, then go and get more. I'm quite well aware that I need to pay several days before my due date and I do WHEN I CAN. And I'd appreciate people to stop being rude to me, I asked about what I can do about Synchrony, not people's opinions on my situation. 

[AverageJoesCredit]

Blue envelope is Synchronys way of asking for income verification that usually results in them closing all accounts even if they get it.

I definitely agree with Donny on trying to pay before due date as it can be beneficial to you if anything sudden arrises. Good tip

[Jesi]

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@AverageJoesCredit wrote:
Jesi, hows your husbands credit? Perhaps he can you as an AU. Target is famous for those low limits but there is hope there. Have you though about trying to build credit with a credit union whether it be local, PenFed or Navy. Even if you could get a secured card you could build history and work your way up?

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His credit is worse than mine and we're AU on each other's cards already to try and help that.

I'm with a credit union now, but for banking they won't give us any cards because of too many inquiries. Not sure what PenFed or Navy are but we aren't in the military... He got a secured card through BofA and it was a $500 limit, it's not longer secured but they won't increase the limit.

[Jesi]

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@AverageJoesCredit wrote:
Blue envelope is Synchronys way of asking for income verification that usually results in them closing all accounts even if they get it.

I definitely agree with Donny on trying to pay before due date as it can be beneficial to you if anything sudden arrises. Good tip

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I always pay before the due date, my husband's job isn't bringing in the hours that it normally does, nothing anyone can do about that, when the work is there we have more money, when the work isn't there the hours are less and we have to pay bills closer to their due date and choose food over credit card bills being paid early. It's not a salary job.

[Jesi]

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@Anonymous wrote:

Fifteen Synchrony cards?!

I agree with happypill - that's way too many. In fact, having 15 cards at all is probably too many, but then I'm playing it conservatively these days when it comes to credit, having learned some hard lessons from my past mistakes. I only have one Synchrony card (Amazon Store Card), because I buy a lot of stuff there; I was considering getting CareCredit (also Synchrony) but decided against it because I've seen too many negative stories about that card here and elsewhere.

But we're really not talking about me. I do understand that you faced serious issues with your power being off for 6 days and the nearest Gap store where you could pay being an hour away, but again, I have to ask; wasn't there any other way you could have gotten online - gone to a friend (I understand you have no family living nearby) or neighbor who did have electricity and was willing to let you log on to their computer or power up to use your own device, or done the payment from work if you had access to a computer there and your work wasn't too sticky about personal use? I genuinely am having a hard time seeing how you had no alternatives whatever in this situation.

P.S. I also understand you're upset and under stress, but there's no need to be snippy with people who are trying to help you...

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Fifteen is probably an exaggeration, my husband and I are authorized users on each other's cards as well. I see several people with signatures of cards showing they have 20 or more. Gotta build credit somehow and this was how we were able to buy our car, we had a lot of cards with no balance on them and high credit limits.

[Anonymous]

"Seems I'm stuck in a vicious circle" No you are not.No one is unless they believe so.  i started with 500 cap one and TONS of inquries. now in two years my available credit is 80000$. not that my wellbeing is dependent on it but i do enjoy bonuses, rewards , perks and emergency help that credit cards offer.i started this when i did not have a job  and now i do have a job  . so what works here?I am learning and playing the game knowing the rules that work in this credit system . thats it.

Here are few things that help to improve credit score and report.

Paying in full before the statement cuts for most cards except few showing small balances. that shows small utilization . if you have a 500$ limit card. pay 475 before the statement cuts. time your due dates and statement closing dates according to when you get paid. i have timed most of my statement closing dates two days after i get paid on 5th and 20th. that way i always pay in full for most cards but a few in which i by my choice want to show a small balance. that way your statement balnce is not out of control.

Making payments on time (ofcourse when there are out of control situation like yours then one cannot pay on time but such situations are 1 in 1000 may be?) so frequency of such situations are very less. but when they happen its perfectly OK.Life happens .you take a step back and continue to build your credit profile  positively inspite of the setbacks. its like One step back and two steps forward

Building AAOA.

BTW right now all your synch cards are OK. thats the reality. Dont believe or project that you wil receive some blue envelope because it has not happened at all. its a probability which need not be a reality. focus on the fact that they have given you good limits , and even after this one late payment they did not lower limits of their other cards with you , but only for the gap card they have lowered the limit. they must be liking the way your have been handling their accounts. so no need to worry about blue envelope and even if it happens its not the end of the world . just continue to make payments for gap card , and be open to the possibility that they may increase it back. also try to keep the balances under control for your other synch cards. thats it.  Remember all is well and will be well no matter how it appears. the tricky part is how we respond to any situation defines our peace of mind. are we going to be victims or are we going to trust what IS is what we need in the moment and see what we can learn about our strengths in any situation? Good day to you!