Synchrony Lowered Lowes Card Credit Limit?

[Meanmchine]

OP's mortgage hitting his reports was most likely the trigger of his FICO drop. His TU dropped and Synchrony, being a score based lender, took action

[UncleB]

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wrote:

Thanks... next payment I will get it to that 30% mark.

What are the chances Synch. will increase my limit back to what it was? Do you think this will affect my other cards with them getting increases, too?

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My own CLD experience with Synchrony (specifically, Lowe's) was that when my score finally increased they were receptive to CLIs.  The CLIs weren't automatic - I had to manually request them - but I did get my limit back (plus much, much more).

My Lowe's was CLD down to under $600, but today it sits at $20k and is my oldest credit account.

Once your TU bounces back give credit solutions a call. 

[atarvuzdar]

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wrote:

Yes, my mistake, I was typing quickly this morning lol.

The only other card that had a balance increase was my Chase Slate. It increased by about $700. The bulk of the Lowes $2500 purchase was in late Dec/early Jan., so I've only had one payment made since then (Jan 14th) and I paid my min. balance + $50 at that time ($75 total). My intentions were to pay that down to make it under the 30% utilization mark this month when I received a lump sum from my employer.

I still intend to do that, just wondering if this is going to start a domino of all my credit limits decreasing, or if I will be able to build that Lowes limit back up.

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If you are able to pay down the Lowe's to under 30% of the new limit before it reports to the bureaus you should be just fine. If you can't pay it down before it reports then your only risk is if any of the other lenders soft pulls you AND get concerned about the change in your utilization. There's 1) no guarantee that they will soft pull you during the one month the utilization shows on your Lowe's and 2) no guarantee that if they do soft pull you that they would be concerned enough to CLD you.

Take it as a lesson learned, like others have said your limit will probably be back to where it was (or higher) in no time!

[Anonymous]

had a walmart card approved at 700.00 and everything was good for a year.A year later,  I had a different card that was hit for an annual fee that pushed it over the limit. My score dropped 17 points across the board. The very next week,  Synchrony lowered my card to 590.00 immediately after it hit my credit. Happened again the next year and went down to 271 bucks. Both my fualt and i accept that but i was never late after 2 years worth payments. I was pissed at myself but i closed the walmart account asap. Yet my amex platinum is still standing with me through all of this.

Creditors used to look at your credit report and use commonsense regarding such matters. Now its all about the bots . If youre wondering why walmart and sams are seeing business slide, theres nothing worse than your credit card issuer getting stingy. As for your situation, why give a credit limit if you wont let people use it?