I wouldn't say it was an "emotional" response so much as a "I've been meaning to part ways, thanks for reminding me."
This is what I love about this community. Everyone has their own unique take on something.
I had been considering dropping Wal-Mart for a while. I bought a thing and forgot that I used the Wal-Mart card to pay for it. It's entirely my fault, no doubt about that. I've also had much more positive experinces in scenarios like this from other banks in the past. Combining the two, I feel Synchrony (as far as the Wal-Mart card is concerned) has fallen below the threshold of an acceptable relationship. My CareCredit card is on the list to re-evaluate this year, too, but it's at $12,000 and combined with my Wayfair card at $10,500, those two make up the bulk of my retail card portfolio by $ amount.
My total credit limit is high enough (up in the six digits, now) that the $6,000=>$330 limit drop didn't even effect my scores. Could I have waited it out? Definitely. They CLD'd me back in like 2016 or something, and it grew back up. I don't doubt it would do the same, again.
Synch is terrible. Too many other good financial institutions to do business with.
Let's be fair now. Synchrony has its hiccups as do all lenders. What Synchrony did isn't something that I would deem drastic as most lenders don't take to kindly to late payments. Some lenders would have done worse than Synchrony by simply closing the account. Sure, there are some who will forgive a payment or 2 but that certainly isn't the norm.
Synchrony will never be a daily driver for me but they do indeed have a place in the market and serve a purpose. I've mentioned it before and will do so again here...there are MANY majors that I have that I would happily give up if I had to choose them over my Synchrony backed Lowe's card.
Reward cards typically provide an opportunity for me to escape my daily grind via free air travel and hotels. And while I do enjoy such I realize that it's back to reality afterwards. My Lowe's card has helped turn my house into a home...a place of peace and serenity. I've been able to get the best of what I wanted and have financed thousands and thousands of dollars over the years at 0%, 24 months at a time. There is NO major that will allow me to do so.
So yea...Synchrony may not be for everyone but their partnerships with a lot of these retailers certainly puts them above terrible in my humble opinion.
I did the same thing. Missed my payment date by one day. I was moving and everything was hectic. They CLDed me from $6,000 to $1,600. I paid off the balance and closed the account. Once I closed the account they stopped reporting. Oh well.
I never understand why people respond emotionally to a lenders action that was caused by improper financial management by the user. .
I don't know... I've been asking the same question about my wife.