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Should I proactively ask Synchrony to cut my credit limits?

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Established Contributor

Should I proactively ask Synchrony to cut my credit limits?

I was 2 days late on my HSN earlier this year and they cut my limit from $8,000 to $330. It was because they changed my due date when it transitioned from Comenity to Synchrony. 

 

I also have my Marvel it is maxed out and they have been forgiving my payments since I am out of work due to COVID

 

I have still been making the payments on my other Synch cards.

My Belk sits at $8,000 with a $150ish balance

My AEO sits at $10,000 with a $0 balance

My Paypal is what it is. It started with Comenity.

 

If I lower the limits my utilization will shoot from 60% to about 90%

AAOA 15 months Fico 08's 714 717 678 11% Utilization
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Community Leader
Super Contributor

Re: Should I proactively ask Synchrony to cut my credit limits?

No, not IMHO. If they want to cut them. They'll cut them. 

With all of what has been going on lately. You may be allowed to keep them. As long as you can pay them down over time, without missing any more payments.

 

 



My most prized tradeline.
Message 2 of 5
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Established Contributor

Re: Should I proactively ask Synchrony to cut my credit limits?

Synchrony isn't a lender I'd personally care about to proactively ask for CLD for their sake. If they give you high limits, and that helps utilization, why not keep it? They can slash it at anytime regardless, but if you were to lose it and your other lenders see your util spike with a drop in score, that will bring even more AA.

 

I see that you've made multiple posts regarding different high util accounts, yet don't want to declare BK.

 

You can recover/rebuild from BK, and come back even stronger with that 50000 high interest debt off your shoulders.

 

Of course the choice is yours and I understand the feeling of personal responsibility; 50K debt when unemployed is one very tough spot, though.

 

There are always other routes and options, like personal loan (although with that level of debt/dti it may be hard to approve), charge off, BT.

 

Charge safely.


Smiley Embarassed
Message 3 of 5
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Regular Contributor

Re: Should I proactively ask Synchrony to cut my credit limits?


@depdep8 wrote:

I was 2 days late on my HSN earlier this year and they cut my limit from $8,000 to $330. It was because they changed my due date when it transitioned from Comenity to Synchrony. 

 

I also have my Marvel it is maxed out and they have been forgiving my payments since I am out of work due to COVID

 

I have still been making the payments on my other Synch cards.

My Belk sits at $8,000 with a $150ish balance

My AEO sits at $10,000 with a $0 balance

My Paypal is what it is. It started with Comenity.

 

If I lower the limits my utilization will shoot from 60% to about 90%



Proverbially shooting yourself in the foot isn't a guarantee they won't take some sort of action with your account now, or in the future. "This isn't Passover" is becoming one of my favorite phrases. 

I don't understand this type of behavior. There's so much suspense waiting for the other shoe to drop, you take what you think is the right action, but what if you're wrong? You take a maybe bad thing / maybe not as bad as you thought, and turn it into a certain bad thing, with no guarantee the lightning won't strike twice. 

 

What if you ask for a CLD but they never would have otherwise done it? There's no indication on your reports if a CLD was initiated by the borrower or lender, unlike an account closure. 

Worse yet, what if they never would have done another CLD, but you request it, and now they want to close your account because you're no longer at 60% UTIL but 90%? 

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Community Leader
Super Contributor

Re: Should I proactively ask Synchrony to cut my credit limits?


@Dumbee wrote:

Synchrony isn't a lender I'd personally care about to proactively ask for CLD for their sake. If they give you high limits, and that helps utilization, why not keep it? They can slash it at anytime regardless, but if you were to lose it and your other lenders see your util spike with a drop in score, that will bring even more AA.

 

I see that you've made multiple posts regarding different high util accounts, yet don't want to declare BK.

 

You can recover/rebuild from BK, and come back even stronger with that 50000 high interest debt off your shoulders.

 

Of course the choice is yours and I understand the feeling of personal responsibility; 50K debt when unemployed is one very tough spot, though.

 

There are always other routes and options, like personal loan (although with that level of debt/dti it may be hard to approve), charge off, BT.

 

Charge safely.


TBH, $50K debt while employed is one tough spot to be in. 

 

OP, I agree with GMood--I wouldnt ask Sync to reduce CLs, especially considering it would negatively impact your UT.  IMO, this could cause a domino affect with your other lenders. They could all start  either slashing your limits or close your cards. If Sync wants to perform AA, they will without you initiating self-AA. 

 

Just hang in there and continue doing the best you can. 

 

GL2U


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

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