Synchrony Help!

[UncleB]

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@Indycoltsfan wrote:

I called and they removed the late fee of $27 - however, the CS rep could not restore my credit limit.  I paid 2 days after the billing cycle ended, so there is no 30 day mark on my credit.   I am very diligent about my credit monitoring and all three bureaus are above 740.  She cited that they did a credit review and felt that I had too much credit available across all my lines.  Oh well, I will keep trudging on.  Costco is closer anyway!    

Thanks for all of your input - it is greatly appreciated.  I love this forum!

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The info provided by the others is right on the money.

Being CLD'ed to $5600 actually isn't all that bad; I know it's not $20k, but it could have been worse.

The good news is that if you just hang on, once some time goes by they will be willing to grant CLIs again.  You might not (or might?) get back to the full $20k all at once, but you will see increases again.  It will take some time, though.

Hang in there! 

[AverageJoesCredit]

In the new Sync i am finding your entire credit limits seem to becoming a factor in getting more cli from them . Im like 0-10 lol in sll my last Credit Solutions requests.

[UncleB]

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@AverageJoesCredit wrote:
In the new Sync i am finding your entire credit limits seem to becoming a factor in getting more cli from them . Im like 0-10 lol in sll my last Credit Solutions requests.

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Yeah, while still more generous than many others they definitely aren't the candy dish they once were. 

[jbsilva21]

Maybe not in this particular scenario, but I think when it was low hanging fruit people got a bunch of their cards and increased exposure. I am guilty of this as well. I had several of their cards and used them and PIF. Maybe they get scared when they see a lot of available credit just sitting there? I only have 3 accounts with them now instead of 8.

[Anonymous]

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@jbsilva21 wrote:

Maybe not in this particular scenario, but I think when it was low hanging fruit people got a bunch of their cards and increased exposure. I am guilty of this as well. I had several of their cards and used them and PIF. Maybe they get scared when they see a lot of available credit just sitting there? I only have 3 accounts with them now instead of 8.

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Well of course they get scared - there was an article just this morning in fact about how loose lending is starting to show with people not making payments and banks are starting to decline new customers, slash limits, deny CLIs, and close inactive lines as more people start to pay late or not at all. 

They would rather not have people have the ability to charge up thousands of debt then not pay it. 

[jbsilva21]

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@Anonymous wrote:

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@jbsilva21 wrote:

Maybe not in this particular scenario, but I think when it was low hanging fruit people got a bunch of their cards and increased exposure. I am guilty of this as well. I had several of their cards and used them and PIF. Maybe they get scared when they see a lot of available credit just sitting there? I only have 3 accounts with them now instead of 8.

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Well of course they get scared - there was an article just this morning in fact about how loose lending is starting to show with people not making payments and banks are starting to decline new customers, slash limits, deny CLIs, and close inactive lines as more people start to pay late or not at all. 

They would rather not have people have the ability to charge up thousands of debt then not pay it. 

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Which I do understand. For me it was a learning experience. Now I only get cards that I plan to keep.

[Anonymous]

Exactly. When one bank starts to make you feel like you're failing at credit others will give you unexpected cli's and make you rethink your position.😊

[AverageJoesCredit]

My golden rule with Synchrony....PAY IN FULL!. I dont care how much credit limit they have or would give me, anything goes south, ie blue envelope, or cld, or whatever, i want the ability to just cut ties immediately lol.

[Loquat]

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@AverageJoesCredit wrote:
My golden rule with Synchrony....PAY IN FULL!. I dont care how much credit limit they have or would give me, anything goes south, ie blue envelope, or cld, or whatever, i want the ability to just cut ties immediately lol.

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This and the fact that unless you're under some promotional financing their standard interest rates are atrocious.  Exposure or not, carrying a balance with Synchrony will certainly put you on a financial diet as you'll lose all your money in interest to them.

[Indycoltsfan]

Update:  The fall out of the credit decrease has hit my credit reports according to myfico.  My utilization for the card skyrocketed from 22% to 93% and the impact of my credit scores are as follows:

EQ:  decreased 10 points from 743 to 733

TU:  decreased 8 points from 748 to 740

EX:  decreased 16 points from 744 to 728

And note:  the payment was not a 30 day late - getting hit on the utilization %  - can fix that when I pay it off next week and get these points back.

Thank you everyone for your input and advice - you rock!