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Just a word of advice for care credit holders! I personally do a lot of shopping at Walgreens recently (convenience) and once a month I put a charge on my care credit card. It does not have to be for prescriptions or anything like that and it can be used at the regular counter. I used it to buy soda and some snacks and notebooks the other day. Just a way to keep some recurring charges on it as I really don't want it to close and it seems to have worked for me. I realized in March my last payment was made on my account in November and I felt waiting it out until I could use it again for medical purposes was definitely too far out for comfort. Now I might use my Ashley card for work from home supplies since who knows when I'm going back!
@Loquat wrote:
@SouthJamaica wrote:
@lakerfan2011 wrote:what is there deal anyways no other bank is doing this i never misssed payment in my credit in years and years and years
IMHO they are hurting financially and this is a fast and easy (but stupid) way to pretend that their balance sheet isn't as bad as it actually is.
@SouthJamaica While I'm not disagreeing with you, but couldn't the same thing be said for consumers who use Synchrony (and high limits on cards they really don't use) as a way of pretending that their credit debt isn't as bad as it is?
Synchrony is mostly used around these here parts as a means of disguising the debt that one is actually carrying by showing lower utilization because they have north of 50k on cards they hardly (or never) swipe.
Honestly, I don't understand why people are trying to get so much credit with sync and comenity as buffers. They're not fooling anybody. Like @SouthJamaica said, lenders can see your reports and being at 5% aggregate means squat when you have 4 cards at 95% utilization. I get we're on a forum centered on credit scores, but people focus too much on them. And really, having all that unused credit helps nothing but your score.
Honestly think South Jamaica is spot on with this one. Says MUCH more about the bank than us consumers.
@SouthJamaica wrote:
@Loquat wrote:
@SouthJamaica wrote:
@lakerfan2011 wrote:what is there deal anyways no other bank is doing this i never misssed payment in my credit in years and years and years
IMHO they are hurting financially and this is a fast and easy (but stupid) way to pretend that their balance sheet isn't as bad as it actually is.
@SouthJamaica While I'm not disagreeing with you, but couldn't the same thing be said for consumers who use Synchrony (and high limits on cards they really don't use) as a way of pretending that their credit debt isn't as bad as it is?
Synchrony is mostly used around these here parts as a means of disguising the debt that one is actually carrying by showing lower utilization because they have north of 50k on cards they hardly (or never) swipe.
I don't think so.
A consumer who has large unused credit limits isn't deceiving anyone; it's all there in the credit report.
A lender with publicly traded stock which (a) suddenly closes a large number of its least risky accounts, (b) while remaining stuck with its more risky accounts, (c) in order to quickly reduce its loan loss reserves (d) so as to camouflage its waning profitability, is misleading the investing public unless it were to disclose what it has been doing. I seriously doubt that it disclosed to the investing community that it was closing perfectly sound accounts, for which it paid plenty in customer acquisition costs, in order to cook its books.
As an investor you should be aware of what the companies you invest in are doing...if you are not aware of what they are doing because you don't pay attention to them you shouldn't be investing in them in the first place.
As a shareholder of synchrony financial I'm aware of what they are doing here in regards to closing some of these accounts and honestly I don't care.
A lot of people on here posting about there credit lines getting cut have store credit cards at places like furniture stores with around 50k limits and they aren't hotel owners constantly replacing furniture...no it's there for padding there utilization. Synchrony cutting credit limits and closing those accounts because they might be worried about people running up debt on those cards due to losing there jobs because of government shutdowns honestly doesn't bother me. I don't ask for credit limit increases because I don't care about padding my utilization because I pay in full. A lot of people with Synchrony cards request credit limit increases just for the sake of getting a credit limit increase. Synchrony use to be fine with this but due to economic problems due to government shutdown they are looking at customers who are potential risks and some of them they are closing there accounts. Synchrony isn't the only one who does this sort of thing either.
I know I'm going to get some hate for what I just said but honestly I'm just not sympathetic to the credit limit increase for the sake of credit limit increase crowd getting there limits reduced or there accounts cancelled.
@Anonymous
Definitely a good point. Since March I have stopped offering net terms to my clients. We've got a national chain with 500 locations plus a few others that we've kept on net terms, but everyone else can pay with cc. Let Chase or BOA hold their paper.
We're a small business, not a bank who lends at 0% interest.
@Anonymous wrote:
@SouthJamaica wrote:
@Loquat wrote:
@SouthJamaica wrote:
@lakerfan2011 wrote:what is there deal anyways no other bank is doing this i never misssed payment in my credit in years and years and years
IMHO they are hurting financially and this is a fast and easy (but stupid) way to pretend that their balance sheet isn't as bad as it actually is.
@SouthJamaica While I'm not disagreeing with you, but couldn't the same thing be said for consumers who use Synchrony (and high limits on cards they really don't use) as a way of pretending that their credit debt isn't as bad as it is?
Synchrony is mostly used around these here parts as a means of disguising the debt that one is actually carrying by showing lower utilization because they have north of 50k on cards they hardly (or never) swipe.
I don't think so.
A consumer who has large unused credit limits isn't deceiving anyone; it's all there in the credit report.
A lender with publicly traded stock which (a) suddenly closes a large number of its least risky accounts, (b) while remaining stuck with its more risky accounts, (c) in order to quickly reduce its loan loss reserves (d) so as to camouflage its waning profitability, is misleading the investing public unless it were to disclose what it has been doing. I seriously doubt that it disclosed to the investing community that it was closing perfectly sound accounts, for which it paid plenty in customer acquisition costs, in order to cook its books.
As an investor you should be aware of what the companies you invest in are doing...if you are not aware of what they are doing because you don't pay attention to them you shouldn't be investing in them in the first place.
As a shareholder of synchrony financial I'm aware of what they are doing here in regards to closing some of these accounts and honestly I don't care.
A lot of people on here posting about there credit lines getting cut have store credit cards at places like furniture stores with around 50k limits and they aren't hotel owners constantly replacing furniture...no it's there for padding there utilization. Synchrony cutting credit limits and closing those accounts because they might be worried about people running up debt on those cards due to losing there jobs because of government shutdowns honestly doesn't bother me. I don't ask for credit limit increases because I don't care about padding my utilization because I pay in full. A lot of people with Synchrony cards request credit limit increases just for the sake of getting a credit limit increase. Synchrony use to be fine with this but due to economic problems due to government shutdown they are looking at customers who are potential risks and some of them they are closing there accounts. Synchrony isn't the only one who does this sort of thing either.
I know I'm going to get some hate for what I just said but honestly I'm just not sympathetic to the credit limit increase for the sake of credit limit increase crowd getting there limits reduced or there accounts cancelled.
Thank you for your honesty in disclosing that you are a Synchrony shareholder.
As a Synchrony shareholder you have a vested interest in Synchrony's attempting to prop up its plummeting stock price.
And no, investors are not expected to know what a company is doing unless the company discloses it in its SEC filings.
Any of us who own total stock market index mutual funds or S&P 500 index mutual funds in our retirement accounts or non-retirement accounts are indirectly shareholders in Synchrony and most of the other banks we discuss on this forum.
@SouthJamaica wrote:Thank you for your honesty in disclosing that you are a Synchrony shareholder.
As a Synchrony shareholder you have a vested interest in Synchrony's attempting to prop up its plummeting stock price.
And no, investors are not expected to know what a company is doing unless the company discloses it in its SEC filings.
OR @Anonymous could merely be expressing an honest opinion about the matter, both the need (or otherwise) for large unused CLs and syncs actions (whether viewed as cooking the books, or prudent financial response)
@longtimelurker wrote:
@SouthJamaica wrote:Thank you for your honesty in disclosing that you are a Synchrony shareholder.
As a Synchrony shareholder you have a vested interest in Synchrony's attempting to prop up its plummeting stock price.
And no, investors are not expected to know what a company is doing unless the company discloses it in its SEC filings.
OR @Anonymous could merely be expressing an honest opinion about the matter, both the need (or otherwise) for large unused CLs and syncs actions (whether viewed as cooking the books, or prudent financial response)
I'm sure it's an honest opinion. I didn't say it was otherwise.
@Brian_Earl_Spilner wrote:
@Loquat wrote:
@SouthJamaica wrote:
@lakerfan2011 wrote:what is there deal anyways no other bank is doing this i never misssed payment in my credit in years and years and years
IMHO they are hurting financially and this is a fast and easy (but stupid) way to pretend that their balance sheet isn't as bad as it actually is.
@SouthJamaica While I'm not disagreeing with you, but couldn't the same thing be said for consumers who use Synchrony (and high limits on cards they really don't use) as a way of pretending that their credit debt isn't as bad as it is?
Synchrony is mostly used around these here parts as a means of disguising the debt that one is actually carrying by showing lower utilization because they have north of 50k on cards they hardly (or never) swipe.
Honestly, I don't understand why people are trying to get so much credit with sync and comenity as buffers. They're not fooling anybody. Like @SouthJamaica said, lenders can see your reports and being at 5% aggregate means squat when you have 4 cards at 95% utilization. I get we're on a forum centered on credit scores, but people focus too much on them. And really, having all that unused credit helps nothing but your score.
To add to that at least one bank is denying people with "too many revolving accounts" on manual review.
Taking that at face value, the slew of Sync / Comenity tradelines may come back to haunt people... as apparently even a bunch of national bank cards and credit union accounts can do the same.
I don't know we have cautioned people against FUD on this one, but that surprise AR denial has me rethinking a few things even if it doesn't matter to me long term there are other products which might.