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Synchrony bank just killing people s credit

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Mega Contributor

Re: Synchnoary bank just killing people s credit


@SouthJamaica wrote:

@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 @CWA1984 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.


Oh, I thought your use of "vested interest" might have implied some type of bias in favor of the issuer.  Apparently not.

Message 71 of 92
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Established Contributor

Re: Synchnoary bank just killing people s credit


@SouthJamaica wrote:

@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 @CWA1984 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.


Apropos your "deceiving" point from upthread, you are correct.

 

It's not deception.

 

It's an illusion designed to mask high UTIL of other cards. That's an iron-clad FACT.

 

Let's not sugar coat what many people use high lines of store cards for. How many posts have we read here where people have $15,000-25,000 store lines that they have kept open in the past by buying a soda every six months? The intent is obvious: Pad overall available credit to keep that UTIL % nice and low to bump up FICO scores.

 

What I find a little annoying is all the whining that takes place when these $20k lines are shut down after barely being used for years. Do lenders like Comenity and Sync have an obligation to help folks pad their overall lines and reduce UTIL? Of course they don't.The possibility of mass closure ALWAYS lays in wait. That's the risk you take when using lenders in this fashion. They can yank the rug at any time and you have ZERO say over it.

 

And as I said below: Want that low UTIL back? Pay down those fat balances you were hiding from FICO scoring for so long per those store lines. It's called the responsible use of credit, which should always be a goal of this forum.

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 747 , EX FICO 760, TU 758 FICO scores>
Goal Score: ?
Take the FICO Fitness Challenge
Message 72 of 92
Highlighted
Established Contributor

Re: Synchnoary bank just killing people s credit


@CreditCrusader wrote:

@SouthJamaica wrote:

@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 @CWA1984 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.


Apropos your "deceiving" point from upthread, you are correct.

 

It's not deception.

 

It's an illusion designed to mask high UTIL of other cards. That's an iron-clad FACT.

 

Let's not sugar coat what many people use high lines of store cards for. How many posts have we read here where people have $15,000-25,000 store lines that they have kept open in the past by buying a soda every six months? The intent is obvious: Pad overall available credit to keep that UTIL % nice and low to bump up FICO scores.

 

What I find a little annoying is all the whining that takes place when these $20k lines are shut down after barely being used for years. Do lenders like Comenity and Sync have an obligation to help folks pad their overall lines and reduce UTIL? Of course they don't.The possibility of mass closure ALWAYS lays in wait. That's the risk you take when using lenders in this fashion. They can yank the rug at any time and you have ZERO say over it.

 

And as I said below: Want that low UTIL back? Pay down those fat balances you were hiding from FICO scoring for so long per those store lines. It's called the responsible use of credit, which should always be a goal of this forum.


I think calling it whining is unfair and honestly super rude.  People had credit lines that they depended on (for whatever reason) and lost them without doing anything wrong.  I think people are right to feel wronged by that given the stressful state of things and do not deserve to be ragged on/judged for it.









Message 73 of 92
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Moderator

Re: Synchnoary bank just killing people s credit

The tone here needs to be dialed down a bit. 

Thank you 

07/11/2020 Confession time...sometimes I dont put shopping cart back where it should go, and I stole lipstick when I was 11. Used it for drawing (works better than watercolors).
Message 74 of 92
Highlighted
Established Contributor

Re: Synchnoary bank just killing people s credit


@recoveringfrombk7 wrote:

@CreditCrusader wrote:

@SouthJamaica wrote:

@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 @CWA1984 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.


Apropos your "deceiving" point from upthread, you are correct.

 

It's not deception.

 

It's an illusion designed to mask high UTIL of other cards. That's an iron-clad FACT.

 

Let's not sugar coat what many people use high lines of store cards for. How many posts have we read here where people have $15,000-25,000 store lines that they have kept open in the past by buying a soda every six months? The intent is obvious: Pad overall available credit to keep that UTIL % nice and low to bump up FICO scores.

 

What I find a little annoying is all the whining that takes place when these $20k lines are shut down after barely being used for years. Do lenders like Comenity and Sync have an obligation to help folks pad their overall lines and reduce UTIL? Of course they don't.The possibility of mass closure ALWAYS lays in wait. That's the risk you take when using lenders in this fashion. They can yank the rug at any time and you have ZERO say over it.

 

And as I said below: Want that low UTIL back? Pay down those fat balances you were hiding from FICO scoring for so long per those store lines. It's called the responsible use of credit, which should always be a goal of this forum.


I think calling it whining is unfair and honestly super rude.  People had credit lines that they depended on (for whatever reason) and lost them without doing anything wrong.  I think people are right to feel wronged by that given the stressful state of things and do not deserve to be ragged on/judged for it.


And you are well within you right to feel that way, but my post was factually accurate.

 

By definition, whining is a synonym of complaining. I wasn't trying to be rude, but rather include proper descriptions based on what I have read.

 

I get that you do not think what happened is fair, but please realize that "fair" is very subjective...and that discussion forums are designed to encourage discussion. Sometimes that means reading views contrary to you. Try not to take that personally. Goodness knows plenty of people disagree with what I say Smiley Happy

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 747 , EX FICO 760, TU 758 FICO scores>
Goal Score: ?
Take the FICO Fitness Challenge
Message 75 of 92
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Established Contributor

Re: Synchnoary bank just killing people s credit


@Remedios wrote:

The tone here needs to be dialed down a bit. 

Thank you 


You're right. I apologize for dialing it up.

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 747 , EX FICO 760, TU 758 FICO scores>
Goal Score: ?
Take the FICO Fitness Challenge
Message 76 of 92
Highlighted
Regular Contributor

Re: Synchnoary bank just killing people s credit

I have 2 cards with Comenity, Both CL north of $20k. Just waiting for that shoe to drop..  No biggie though my other cards are all paid up so it won't hurt anything. 





Message 77 of 92
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Frequent Contributor

Re: Synchnoary bank just killing people s credit


@Rogue46 wrote:

I have 2 cards with Comenity, Both CL north of $20k. Just waiting for that shoe to drop..  No biggie though my other cards are all paid up so it won't hurt anything. 


I would have joked whether it were a DSW shoe but I do not see that in profile.

Message 78 of 92
Highlighted
Regular Contributor

Re: Synchnoary bank just killing people s credit

1) Any bank that offers you a line of credit is doing so based on the information they have at the moment in time you are asking for it. As things change, their opinion on the offer changes. Imagine you have a buddy that you lend money to for lunch because he never has cash, but he always pays you back. Now imagine that buddy stops coming to work half the time, and you find out he is doing meth. You'd be a little more leery of lending him money. Or lets say that nothing in his life changes, but you lose your job. Still buying his lunch? Situations change.

 

2) Getting a credit line closed or lowered only hurts your score if you have high utilization elsewhere. On my budget spreadsheet, I have all my cards, their balances, and the %utilization. I never aim for a TOTAL utilization under 4%, I keep all of my cards INDIVIDUALLY at under 4%. In this way, even if half my cards (or more) are suddenly chopped tomorrow, my utilization is still 4%.

 

There are many people who think that since they have 100k in credit, they can put 4k on a card whenever they want and not worry about utilization. If you can't pay off the 4k quickly, though, then you shouldn't put it on the card (unless there is a very good reason). I have a 5 card rotation right now, there are a few more cards I plan on getting that will inevitibly make 2 or 3 of my current cards sock-drawer material. I'll throw a few bucks at them once in a while to try and keep them open, but I will not count them in my utilization because once they hit the sock drawer, for all intents and purposes, I have all but cancelled them myself.

Message 79 of 92
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Frequent Contributor

Re: Synchnoary bank just killing people s credit

Don't know  if I 100% agree with the blanket statement of why people have sought high limits. Personally,  in the earlier days of my journey, I rather enjoyed the then "newfound" capability of achieving that task. Later on I tried to use common sense. 

 

As a business owner my charges can fluctuate month over month into a different universe so it definitely helps, however all of my limits make sense to me for my level of usage. Although I will say my highest limit is only 16k.

 

"Only" 16k. Man we have problems here 🤣🤣🤣

FICO 8:  EQ:687  TU:728  EX:735
Message 80 of 92
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