Synchrony Cacelled Lowe’s Card for Returned Payment

[Anonymous]

Hi there, I’ve got a dilemma. I had a Lowe’s card with Sychrony, with an 8k limit. We just recently purchased a new entry door, lock, etc. so the current balance is $3k. I messed up and had my bank return a payment in Dec., but then I made another payment immediately, well within the payment due date.

I also had a returned payment in July, but also covered that one immediately. I’ve purchased and paid for $4k worth of purchases in the last 18 months with them.

I’m wanting the account reinstated. Has anyone had luck doing so with Synchrony? If I can’t, will my credit score take a huge hit due to $3k balance and no available limit because they canceled the card making the utilization ratio bad?

Help truly appreciated here. Thank you!

[CreditInspired]

1 returned check, I would have suggested grovelling to the Lowe’s gods. But 2? I don’t think you’ll be reinstated. Returned checks are just a big NO-NO no matter how soon after you make the payment. Hopefully you don’t have any other Sync-backed cards.

I suggest whatever is causing this to occur to use another payment method so it won’t occur ever again on any of your CCs.

Depending on your across-the-board UT, yes there will probably be a significant score drop because now the card will be maxed out instead of with 38% UT. I suggest paying that balance off ASAP.

[AverageJoesCredit]

Probably best to BT the balance away to a different open card. 2 returned payments , as stated, is credit card death no matter the reasons. Creditors dont like that at all. Might try to get Lowes later down the road, Sync usu as lly forgives just not right away.

[imaximous]

Did you make those purchases using a financing promo? If so, I'd also ask if this action is penalized by removing any promo offers like 0% financing, and hitting you with the highest APR.

As mentioned above, your score could take a hit if you don't have other CLs to pad your overall UTIL. If you do, I wouldn't worry too much about that. I made a $5k purchase when I first got my Lowe's card with a $5k CL. I rode a 24-month no interest promo for a long time making about $200 payments a month. My scores moved very little because of other TLs.

[Anonymous]

Hi and thanks for the adevice. I’ll
Call this am and speak to them. The first missed payment was due to my employers payment landing in the wrong account, and I can show that. I paid it the very next day, for what it’s worth. The second was just on Dec. 24, and that was just plain poor planning on my part; again paid the very next day.

If they won’t reinstate, I’ll pay the balance down over the next few months and take hotninnthe meantime I guess.! I do have multiple other tradelines paid and timely, so I’m not sure how big a hit this will be. I’ll report back.

Thank you for the advice.

[Anonymous]

Please let me know if they do reopen your account. They cancelled my account too after two rejected payments after PayPal csr screwed putting my bank info. Best of luck!

[Anonymous]

Will do! My boyfriend and I are discussing if we even want to have it reinstated. Lowe’s has been really hard to deal with on the customer service fronr. So, I may just pay it off and live without it. But I’ll def let you know if I pursue reinstatement.

[pizza1]

Im going to agree with everyone. They won't re-instate for a history of 2 returned payments. To a lender, that sets a future tone of financial issues.

Advise paying it off asap, because now your cc will show closed with a balance and maxed, and you will get dinged bad from FICO for that. Once its paid off, then your scores will rebound.

[Anonymous]

As noted above, I can show that one of the returned payments was due to a payroll error by my employer. But we shall see- there is no harm in asking, if I decide I even want to ask. I may just let the account t stay closed and pay it off, understanding that until I do, my score will be impacted on The utilization score front. It will be interesting to see just how much it’s impacted by a 3k balance. Stay tuned!

[Anonymous]

Is it just the utilization that will cause the FICO ding I wonder?