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Synchrony Bank CareCredit CLD

racole82
New Member

Synchrony Bank CareCredit CLD

Hello,

I had a Care Credit card with a credit limit of $7,800. The balance was maxed out but I paid it to $0 over a month ago. When I logged in today its showing my credit limit as $250. This is going to hurt my credit score I'm assuming. Right now I have 3 credit cards (2 Cap One & 1 Navy Fed) with a total the total available credit of $3500. What card do you suggest I go with to raise my available credit? My credit scores are as follows

Experian fico score 8

Experian 631
Equifax 625
Transunion 621


My fico score 8
Experian 596
Equifax 612
Transunion 621

Message 1 of 16
15 REPLIES 15
FinStar
Moderator

Re: Synchrony Bank CareCredit CLD

Hi @racole82 and welcome to the forums.

 

What is your total utilization across all of your accounts at the moment?  Have you been carrying any balances (besides CareCredit) for a prolonged period?  What's holding your scores down?

 

Message 2 of 16
racole82
New Member

Re: Synchrony Bank CareCredit CLD

I don't carry balances over. I pay all my cards down to 0%-3% every month. I went through a divorce last year OCT20-JAN21 and my credit took a hit for missed payments. I disputed some things, paid ALL my debts off, and my credit recently jumped 60 points. So I'm trying to get back on track now.

Message 3 of 16
gdale6
Moderator

Re: Synchrony Bank CareCredit CLD


@racole82 wrote:

I don't carry balances over. I pay all my cards down to 0%-3% every month. I went through a divorce last year OCT20-JAN21 and my credit took a hit for missed payments. I disputed some things, paid ALL my debts off, and my credit recently jumped 60 points. So I'm trying to get back on track now.


First thing is to make sure your cards are showing 0 balance at the CRAs with one reporting no more than 9% of its CL, you certainly dont want these reporting maxed each month as it can result in AA as it happened here. Once you have done this then I would call Credit Solutions and ask that your original CL be reinstated. You should also be getting a letter from Synchrony on why they did what they did so those things would need to be satisfied as well. For the missed payments you would want to request a GW forgiveness for them.

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

Message 4 of 16
Bradac56
Valued Member

Re: Synchrony Bank CareCredit CLD

That's not unexpected.  One of two things happened. 

 

1.) They see you as a high risk and chased your limit down to something they think is manageable.

2.) The system reduced your limit due to non-use but high utilization automagicly. 

 

The second one is becoming very common in the industry. 

The next step is to ether wait and see if the limit increases in the next couple of weeks or charge something small on the card, pay it off and see if your limit rises that can also take a week or so.


Message 5 of 16
trvlscmmr
Valued Member

Re: Synchrony Bank CareCredit CLD

Synch did exact same thing to me with the Norwegian Airlines Reward MC less than a year ago. 

 

Card was opened with $4,400 cl late 2019 when this card was first launched by Synch.

The account was not being used regularly. My overall UTI did increase to around 30% for a few months. 

 

I used the card for a small purchase after months of non-use and when the transaction posted I noticed my limit was lowered to $250. I asked for reconsideration to no avail.

 

Last month Synch closed the Norwegian product to all customers because Norwegian Airlines ceased operations in US. Synch closed my account, no offer to switch to another Synch product. Didn't expect that since I wasn't using the account. Goodbye $250 limit mastercard lol

Message 6 of 16
firefox100
Established Contributor

Re: Synchrony Bank CareCredit CLD


@racole82 wrote:

Hello,

I had a Care Credit card with a credit limit of $7,800. The balance was maxed out but I paid it to $0 over a month ago. When I logged in today its showing my credit limit as $250. This is going to hurt my credit score I'm assuming. Right now I have 3 credit cards (2 Cap One & 1 Navy Fed) with a total the total available credit of $3500. What card do you suggest I go with to raise my available credit? My credit scores are as follows

Experian fico score 8

Experian 631
Equifax 625
Transunion 621


My fico score 8
Experian 596
Equifax 612
Transunion 621


 

Question is Care caredit card account from Synchrony bank for medical bills such as dendist or eye doctors in that case would you not put a large charge on the account and then get no intrest for some then most likly pay off the balance at some point. This is reason why I have been holding off from going for the Paypal mastercard or Venmo don't trust Synchrony bank. Please don't think I am hypocrite for recommending Paypal mastercard from time, Synchrony can let your credit limit grow and that can help you get higher limits when you apply for other new accounts. I think in the long run banks who pull this crap hurt them self's by saying this account holder just paid down the line now he may use the account in the future get will more revenue. This account can only be used for medical charges at doctor's office.

Message 7 of 16
FinStar
Moderator

Re: Synchrony Bank CareCredit CLD


@firefox100 wrote:

 


Question is Care caredit card account from Synchrony bank for medical bills such as dendist or eye doctors in that case would you not put a large charge on the account and then get no intrest for some then most likly pay off the balance at some point. This is reason why I have been holding off from going for the Paypal mastercard or Venmo don't trust Synchrony bank. Please don't think I am hypocrite for recommending Paypal mastercard from time, Synchrony can let your credit limit grow and that can help you get higher limits when you apply for other new accounts. I think in the long run banks who pull this crap hurt them self's by saying this account holder just paid down the line now he may use the account in the future get will more revenue. This account can only be used for medical charges at doctor's office.


Actually, the last statement is not entirely accurate @firefox100.

 

While CareCredit can be widely used at some medical, dental or veterinary service providers, it is also accepted at places like Walgreens, RiteAid and Walmart (for qualifying in-store purchases).  So, it's not exclusive to medical service providers.

Message 8 of 16
firefox100
Established Contributor

Re: Synchrony Bank CareCredit CLD

Ok I don't know much about this type of account, only what I read not away I would finance large medical bill. I want to be incontrol with doctor not have the doctor say I can get you financing. Back in 2016 when I did major dental work which was over 27K put it on my Discover card over couple months and paid it off each month got 2% back.

What I was saying people who go this way need the medical work and don't have money on hand so they use card like this to get the medical work done then if they ay off the account then banks kick them in the pants in stead of helping them, it keeps them down.

Message 9 of 16
Remedios
Moderator

Re: Synchrony Bank CareCredit CLD


@firefox100 wrote:

Ok I don't know much about this type of account, only what I read not away I would finance large medical bill. I want to be incontrol with doctor not have the doctor say I can get you financing. Back in 2016 when I did major dental work which was over 27K put it on my Discover card over couple months and paid it off each month got 2% back.

What I was saying people who go this way need the medical work and don't have money on hand so they use card like this to get the medical work done then if they ay off the account then banks kick them in the pants in stead of helping them, it keeps them down.


 

No, @firefox100 . While it's not be under realm of possibility that some people may not be afford whatever procedure they're having, a lot of people take advantage of interest refinancing for a certain period of time. 

 

Since she said you don't know much about this type of account, you can go to their website, and learn something about this account. 

 

I know this is not the case for you since you aren't incurring these expenses, but a lot of people struggle with high deductibles, coinsurances, and at times what insurance may determine is an "elective" procedure. 

 

It's not okay to go with "people don't have money but want stuff, bank bad" without taking facts into consideration. 

When someone asks you *What's wrong*, and you're not sure if you want to start listing it in alphabetical or in order of importance.
Message 10 of 16
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