Victoria's Secret CLD

[Anonymous]

THIS! I am so livid.  They did the same thing to me last month.  I missed one payment (was an accident) and have had this card for years with no problems whatsoever.  The month after I miss one payment - even after I realized it and paid it - my limit is reduced by 250.  This lowered my score because it brought my credit utilization up some.  Thankfully I do not owe a whole lot on it and just going to pay it off and not use it again.  It was a Victoria's Secret card by the way.  

[Anonymous]

Why not pay it off and close it for something better?  Missing a payment date is a big deal for most cards but, the servicer accounts like Comenity and Sync will hammer your CL down for it while others give you a bit more leeway if it's only a couple of days.

[Remedios]

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@Anonymous wrote:

THIS! I am so livid.  They did the same thing to me last month.  I missed one payment (was an accident) and have had this card for years with no problems whatsoever.  The month after I miss one payment - even after I realized it and paid it - my limit is reduced by 250.  This lowered my score because it brought my credit utilization up some.  Thankfully I do not owe a whole lot on it and just going to pay it off and not use it again.  It was a Victoria's Secret card by the way.  

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Hi and welcome to the forums 

Sorry this happened to you, but CLD following late payment is not unusual. The lender does not "know" you simply forgot. To a computer, you did not have the money to pay it, so they are basically reducing their risk 

You should pay the card anyway, so you're not needlessly paying interest but there is no need to close in anger. You may regret this decision later. 

Instead, use it when it makes financial sense and let some time pass. 

In time, they will come around and most likely increase your limit again, probably not in the first year, though. 

Anyway, good luck with whatever you decide to do 

[Remedios]

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@Anonymous wrote:

Why not pay it off and close it for something better?  Missing a payment date is a big deal for most cards but, the servicer accounts like Comenity and Sync will hammer your CL down for it while others give you a bit more leeway if it's only a couple of days.

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So, Comenity and Synch reacting to late payment is unusual? 

I wonder if Amex, Chase, Cap One would just let it slide, give CLI and ask if you wanted additional products with them. 

[wasCB14]

We don't have many details of OP's credit. Issuers may possibly be slower to take AA against a longtime customer with excellent credit, particularly one with high spend.

How often does someone with 825 scores miss a payment on a Comenity card? That's not a data point we often get to allow comparison.

[CreditInspired]

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@Anonymous wrote:

THIS! I am so livid.  They did the same thing to me last month.  I missed one payment (was an accident) and have had this card for years with no problems whatsoever.  The month after I miss one payment - even after I realized it and paid it - my limit is reduced by 250.  This lowered my score because it brought my credit utilization up some.  Thankfully I do not owe a whole lot on it and just going to pay it off and not use it again.  It was a Victoria's Secret card by the way.  

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Okay, I'm confused. Are you saying you missed two due dates? What does "they did the same thing to me last month" mean?

I know you're upset right now, but please understand that missing a payment is a biggie for all CCCs. Late payments account for 35% of one's FICO score. Once a payment is missed, CCCs reassessed their risk. Yes, things do happen. So, I suggest maybe setting up autopay so it won't happen again. 

[Anonymous]

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@CreditInspired wrote:

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Okay, I'm confused. Are you saying you missed two due dates? What does "they did the same thing to me last month" mean?

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Sounds like the OP missed one due date, and is being balance chased (two CLDs so far).

The missed payment triggered a risk algorithm leading to the balance chasing/CLDs.  Once the card is fully paid off, the limit will settle down at wherever it ends up.  Keep up with on-time payments from here on out, and you may be able to get a CLI again in the future.

When you realized you missed a payment did you immediately pay it?  How late was it?  Did you catch up to get current (i.e. paid the past due plus the current amount due?)  Mistakes happen and how you respond sometimes will change how the bank responds... but in this case, they went the cautious route and balance chased.

Your best bet is to continue making on-time payments each month, and keep using the card (rather than paying it to zero and letting it sit unused).  Show them that you are reliable and that it was a one time mistake rather than some indication of an issue that leads to more missed payments down the road.

[Anonymous]

Making a guess here but it seems like OP’s post was broken out of another thread dealing with something similar that happened to someone else, to avoid clouding the thread.

OP it definitely sucks to get your line dropped. Make it a lesson though and set up autopay as a backup, as well as a spreadsheet to track all your accounts and compare it to your cards by logging in and justifying it a few times a week at least. I even have all my due dates entered into my phone’s calendar with alerts a week before a payment is due and a day before, as an additional backup. Missing an entire month’s worth of monitoring an account to end up in this predicament means you need to watch more often - setting up the alerts and spreadsheet and actively looking often will prevent it from happening again. Happening once can bite you as Comenity is showing. Trust me, you don’t want to see the AA across the board that’s likely if it happens again.

[Anonymous]

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@Remedios wrote:

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@Anonymous wrote:

Why not pay it off and close it for something better?  Missing a payment date is a big deal for most cards but, the servicer accounts like Comenity and Sync will hammer your CL down for it while others give you a bit more leeway if it's only a couple of days.

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So, Comenity and Synch reacting to late payment is unusual? 

I wonder if Amex, Chase, Cap One would just let it slide, give CLI and ask if you wanted additional products with them. 

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The reaction time for S&C to perform AA against someone is more stringent than the big banks whereas, if you miss the date by a minute you're prone to a CLD vs the big banks giving you a bit of leeway of a couple of days before they take action on your account.  Some even have designed accounts that feature no penalty for a late pay.  Of course if we're talking 30+ then not only would the lender take action but  you also get the hit on your scores.  

[Remedios]

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@Anonymous wrote:

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@Remedios wrote:

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@Anonymous wrote:

Why not pay it off and close it for something better?  Missing a payment date is a big deal for most cards but, the servicer accounts like Comenity and Sync will hammer your CL down for it while others give you a bit more leeway if it's only a couple of days.

---

So, Comenity and Synch reacting to late payment is unusual? 

I wonder if Amex, Chase, Cap One would just let it slide, give CLI and ask if you wanted additional products with them. 

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The reaction time for S&C to perform AA against someone is more stringent than the big banks whereas, if you miss the date by a minute you're prone to a CLD vs the big banks giving you a bit of leeway of a couple of days before they take action on your account.  Some even have designed accounts that feature no penalty for a late pay.  Of course if we're talking 30+ then not only would the lender take action but  you also get the hit on your scores.  

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That's one card, and the "selling" feature for that card. 

Some may waive the fee first time it happens like Discover, but again, try it with Chase and Amex. Be late by one day and see what happens.

While nothing happening is a possibility, so are penalty APRs, CLDs, fees, future denials on CLI requests etc 

It would certainly provide the community with some interesting data points 

We have no idea what OPs profile looks like, but they do mention being late by a month (so, we're not talking about a day or two) and also indicate they carried a balance. 

Riskier consumer is more likely to encounter harsher AA, regardless on who the issuer is. 

As far as why Synch and Comenity tend to be a bit more reactive, look at their delinquency rates and net charge off rates, compared to most major lenders.  

Unless OP comes back and provides  more data, bottom line is same as it always was, don't be late.