Synchrony CLD to Closure

[jbsilva21]

As a matter the of fact yes on the PayPal and JCP card I did which was declined. No income verification letters ever. Once in a while when I log in it will ask me to update which my income has increased recently.

[AverageJoesCredit]

Ok, if the 30 day late was your only baddie and they saw this its possible when you requested cli and if your balances were high that may have triggered something. At the time of your first decrease could you list what you balances were like on your Sync accounts to see if that might have been a factor. Thanks

[jbsilva21]

TJM $300 CLD to $100 now closed
JCP $300
Walmart $1200 CLD to $1020 after payment
Lowes $500 CLD to $300, $200, $100, now closed
Sams $500 CLD to $200 after payment
Amazon $1000
PP Smart Connect $750

I use the Amazon, Walmart, and PP the most. All of them had balances from 10% to 70% and I have been paying them down. Before CLD this month I was at 75% on th Walmart card and after the CLD, it is now 96%.

[CreditCuriosity]

Deff balance chasing you on severl on those cards...  High utilizastion with a recent late appears to be the case.  Sorry OP

[AverageJoesCredit]

Yeah, unfortunately that appears to be the cause . The late and high utilization probably caused it. When you got approved for these cards, what was your ficos like and what is like now?

[jbsilva21]

Currently mid 600's and when I got the cards they were around the low 600's.

[Anonymous]

This is why I try to teach people not to go and get several credit cards while you are in the 600s.  

1) Low starting lines which can make you go above 30% with relatively little money owed.  

2) High interest rates.

The best way to protect yourself is to not spend money you really don't have.  PIF every month.  I really wish the CC companies would do a better job of educating their customers.  Tell them paying the minimum is never acceptable.  When they list a minimum payment it gives some the right to only pay the minimum and then spend more on the card before the next payment is due.

My credit card in college was a $300 limit.  I sure could have used some basic life skills my parents never taught me.

[jbsilva21]

Yes, another hard lesson learned the hard way. I am getting there and I am gonna make certain it to put myself in such a bind.

[Anonymous]

This 100% has to do with the OP adding a piece of recent negative information to their credit report in the form of a 30 day late.  He could be at 100% utilization on his cards and it wouldn't matter; the 30 day late was the catalyst for all of this IMO.  Plenty of people sit at 100% utilization for months, even a year or longer and never have AA taken against them so long as nothing adverse enters into the Payment History sector of the FICO pie.

All that said, one thing I'd suggest doing if you actually care about any of those Synchrony accounts would be to try and get that 30 day late payment removed ASAP.  Since it's of the weakest severity, assuming an otherwise stellar payment history with whoever the creditor is you stand a strong chance of them removing it.  If they remove it, you could contact Synchrony and try to recon some of the AA taken on your accounts.  You could tell them that the late payment was a mistake and has been removed and you'd hate to see that mistake ruin your favorable relationship with them.  Just a suggestion here.

Prior to this 30 day late payment, when was your last negative?  Mid 600 scores outside of this 30-day late payment suggest that you have a dirty scorecard otherwise, so I'm just wondering what else you have on your report that is adverse?

[Anonymous]

Synchrony strikes again! So sorry this happened to you, OP. It really sucks. Just take a deep breath and make your plan. We all have or have had ups and downs. You can get to your goals if you persevere. Best of luck to you!