Synchrony Bank keeps cutting credit line.

[kayb]

This is very frustrating...I had another similar post where they outright closed an account after paying it to zero.

i had perfect credit...Ran into a major credit issue over 3 years ago. Score went from high 700s to low 500s due to late mortgage payments, defaults.

late everything EXCEPT for Syncrony products. Walmart, Chevron Visa, Lowes and Chevron gas.

The reason I wasn’t late on those cards is because the minimum was small and since I could afford the small payments, I kept them current knowing I’d need to rebuild credit.

I've NEVER been late on any Syncrony product.

The first thing I noticed was one of my accounts was closed (Lowe’s) by them immediately with credit issues.

Then over the last 3 Plusvyears If I make any substantial payment, my credit line gets lowered.

The only thing I have been late on the last 3 plus years is my mortgage which was really a rolling 30 day late. Recently I sold the property and paid off the mortgage.

Selling my Home allowed extra money to me so I started paying off debt. Sybcrony either closed my account or cut credit lines as a result.

I need those accounts to rebuild and ai don’t understand their reasoning at this point. I’ve had my Syncrony accounts for over 8 years and again NEVER late on any of them.

i can’t even talk to anyone at Syncrony about this.

Im trying to get back to where I was but now am afraid to make any sizable payment.

Any one looking at my current credit can see my desire and ability to pay on time.

any advice? Calling them directly gets no where. I can just speak to customer service.

I thought by paying down my cards I’d have more available credit thus a higher score by Syncrony is cutting lines as fast as I pay down. 

Frustrated!

[ChessChik47]

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@kayb wrote:

This is very frustrating...I had another similar post where they outright closed an account after paying it to zero.

i had perfect credit...Ran into a major credit issue over 3 years ago. Score went from high 700s to low 500s due to late mortgage payments, defaults.

late everything EXCEPT for Syncrony products. Walmart, Chevron Visa, Lowes and Chevron gas.

The reason I wasn’t late on those cards is because the minimum was small and since I could afford the small payments, I kept them current knowing I’d need to rebuild credit.

I've NEVER been late on any Syncrony product.

The first thing I noticed was one of my accounts was closed (Lowe’s) by them immediately with credit issues.

Then over the last 3 Plusvyears If I make any substantial payment, my credit line gets lowered.

The only thing I have been late on the last 3 plus years is my mortgage which was really a rolling 30 day late. Recently I sold the property and paid off the mortgage.

Selling my Home allowed extra money to me so I started paying off debt. Sybcrony either closed my account or cut credit lines as a result.

I need those accounts to rebuild and ai don’t understand their reasoning at this point. I’ve had my Syncrony accounts for over 8 years and again NEVER late on any of them.

i can’t even talk to anyone at Syncrony about this.

Im trying to get back to where I was but now am afraid to make any sizable payment.

Any one looking at my current credit can see my desire and ability to pay on time.

any advice? Calling them directly gets no where. I can just speak to customer service.

I thought by paying down my cards I’d have more available credit thus a higher score by Syncrony is cutting lines as fast as I pay down. 

Frustrated!

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Sorry you're going thru this.  How long have you had a balance on your account(s)?  Looks like you are being balance-chased.  Even though you've never been late on a Syncrony account, creditors have access to all of your credit report (SP pulls during account reviews), if you've had late payments/defaults  in the past with your mortgage, banks see that as a risk even though you may still be making payments on other accounts timely.  What's your credit looking like now?  Do you have other accunts outside of Syncrony?  You said your score dipped 3 years ago, what is it now?

[Loquat]

OP, the situation sucks.  There's no other way to put it.  I'm not going to lecture you about your past as you already know to an extent what they're doing and why.  It doesn't matter if it's fair or not as we have no control over what Synchrony is going to do.

The main reason I wanted to chime in is because you mentioned that you're afraid to make sizable payments out of fear that they're going to continue to balance chase or flat out close the card.  To that I will say this, regardless of what they may or may not do, if you have the ability to pay the cards down or even off, do it.  Don't let the fear of what Synchrony is going to do cause you to pay any more in interest than you're already doing and have done.

I can't think of any Synchrony card that has an interest rate less than high teens to mid 20's unless you're under some sort of promotional offer.

So, with that being said...pay them down or off if you can.  You can't and won't be able to stop Synchrony in what they're going to do...the only option you have is to continue to let them make lots of money off you in interest and they'll probably still axe you in the end, or take the money you have and stop the bleeding of unnecessary interest and then let the Synchrony chips fall where they may.  Best of luck to you.

[Anonymous]

Everything everyone has said is sound and true—I know from experience.

When my credit started tanking, Synchrony balanced-chased me until I hit $150 on all my cards...yeah.

The best thing you can do is let Synchrony continue with what they are doing. You will be able to get back with them in the future once your finanaical situation eases and credit score starts rising. Just make sure to keep paying so that you are good with Synchrony in the future should you want to apply for their cards.

[Anonymous]

Don't fret over Sync many have reported being balance chased and accounts closed... Look at the bright side if they close your card it's one less to deal with and there are much better cards/banks...

[HeavenOhio]

@kayb, you did a great job describing your situation in detail. Unfortunately, late payments plus paying only the minimum for an extended period will create a balance-chasing scenario.

I'd try to get the late payments removed from your report via goodwill letters. The fact that you have a "rolling" 30-day late might make them look at your request favorably.

Take a look at BBS's thread:

The Saturation Technique: Best GW adjustment odds

[kayb]

Thanks...I’m aware that they monitor other credit. I have ZERO concern at this point about the interest rate on these cards. They all now have less than 1K credit lines. I don’t want them closed because I want to maintain credit. Paying them down while they cut the line doesn’t help my credit score at all. 3 years from now, open credit lines that show a longer average age on my history is worth far more to me. These lines are minimum 8 years old which is why this is really bothering me to have such older credit lines at jeopardy when I’m 80% past the credit issues that I had.I just paid off my home and it’s been late for a while as a rolling 30 day. That should help credit.

I have an auto loan...no issue..never any issue on student loans or vehicles. Just a rolling 30 day late on Mortgage and charge offs < BAD on credit cards I couldn’t pay. We took it hard and went through all of our savings. 

Its been 3 1/2 years since credit card charge offs = the only thing bad on credit except for late Mortgage payments that has just been paid off a few months ago.

Current credit

4 past auto loans paid no lates

current 2 year old auto loan no lates

Bank of America card no lates $3500 credit line..Just paid off now I’m worried Bank of America may do the same thing now since I carried a large balance so long.

4 cards with Syncrony never late always carried balances they have chased balances down as I’ve paid,

2 student loans never late.

Admit I was over loaded with credit cards from before. Didn’t carry a balance but eventually used those as we were having major fininacial issues and eventually turned to charge offs.

I guess now that I’ve laid out my current credit above...I really don’t need to worry to much about Syncrony. I just hate to lose 8+ year old credit lines.

its a little hard to understand why when it’s clear credit issues have passed and you have never been late that on that particular card that creditors wouldn’t see large payments as a good thing vs time NOW to end the relationship.

[Anonymous]

I never understand that, either. But I would not worry about that so much—Synchrony will welcome you back with open arms once you pay those cards off and improve your credit rating. I was in your shoes, but as my credit slowly started improving, I got back in with Synchrony with a Gap card. There's hope.

[Meanmchine]

There is  good news to this.  If your closed Synchrony accounts have a zero balance and not a chargeoff, your account will remain on your credit reports for an additional 10 years giving you positive scoring.

GW letterwriting is definately an option you should avail yourself of.  Maybe they can remove half of them if they wont do all.

Also remember that Synchrony relies heavily on your FICO8 TU score.  Concentrte on cleaing up that report and raising your score . Worse comes to worse, if they close your account you can reapply  because Synchrony is very forgiving.  Years ago they approved me for a Walmart and SamsClub store cards even though I had prior chargeoffs from those stores still reporting on my CR.

GL

[Anonymous]

Sound advice!