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got the Synchrony letter

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Dhani76
New Contributor

got the Synchrony letter

Walmart account CL reduced from $1200 to $850. I was planning on paying off my account when I receive my tax return in early February. Do you think they will close my account once I have it paid off?

Starting Score: 621
Current Score: TU 685 EQ 687 EXP 699
Goal Score: 700


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11 REPLIES 11
AverageJoesCredit
Legendary Contributor

Re: got the Synchrony letter

What kind of balance were you carrying and for how long?
Message 2 of 12
Anonymous
Not applicable

Re: got the Synchrony letter

Probably balance chasing you, how much do you currently owe on the card and what have your recent payments been like?

 

Did you miss any payments with Synchrony recently (even if just a day or two) or have a payment to them be rejected by your bank?

 

Do you have high utilization on any other credit cards from other banks?

Message 3 of 12
drboxing
Established Contributor

Re: got the Synchrony letter

Synchrony most likely will cancel the card. Ive had multiple Synchrony cards that were closed for no reason, some with no balance, others with less than $100 balance. They canceled a Lowes card, had a limit of $1500, balance of less than $100, was going to purchase a mower but I checked my account prior to going to Lowes, account was closed then got a letter in the mail. So I promise myself that I would never take another Synchrony card, don't need them




Message 4 of 12
BungalowMo
Senior Contributor

Re: got the Synchrony letter

It's so odd how some banks love ya, and others hate ya.

For me, Syncrony shows me love.

 

Cap 1 & BOA absolutely hate me!!  Great scores & low balances & they denied me every time.  No rhyme or reason to it cuz I've seen others in a worse spot financially...instant approval.

 

If you can get into a good Credit Union...that's where the LOVE is!

BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 5 of 12
drboxing
Established Contributor

Re: got the Synchrony letter

its strange, when my numbers weren't that good, synchrony showed me love, then seems when my numbers got better they began closing my accounts, most I wasn't using at all,




Message 6 of 12
xenon3030
Valued Contributor

Re: got the Synchrony letter

When I read these types of issues, I rethink whether I should finally go a head and close my Walmart/Synchrony card sometime soon. I barely use my card due to its very low CL and I prefer to use other CCs with similar cashback at Walmart. I don't know the reasons to issue a card with sub-1k CL and whether such CC would be useful for a customer.


Fico8: EX~EQ~TU~810 (12 month goal~840).
BOA (CCR, UCR), Chase (CFF, CSP, Amazon, CIC, CIU), US Bank (Cash+, AR, Go, Ralphs), Discover, Citi (CCC, DC, SYW), Amex (BCP, HH, Biz Gold, BBC, BBP), Affinity CR, Cap1(Walmart), Barclay View.
Message 7 of 12
Dhani76
New Contributor

Re: got the Synchrony letter

I won't lie...things have been tight since the summer so I am a "slow pay." Utilization is high, as well. Been hunkering down & waiting for the tax return hoping to pay off some balances before those type of letters came. I currently have Walmart, Amazon, Chevron & TJX Rewards with Synchrony. All are pretty high with the exception of the last. Sounds like if they do close me out I am not missing out on much based on what I have read here so far. Not to sound flip about having an account closed by a creditor but I have better cards that I can rely on now.

Starting Score: 621
Current Score: TU 685 EQ 687 EXP 699
Goal Score: 700


Take the myFICO Fitness Challenge
Message 8 of 12
Anonymous
Not applicable

Re: got the Synchrony letter

If you think they will close it the. I believe it would be better if you close it first and don’t really need it. Just my experience 🙂
Message 9 of 12
AverageJoesCredit
Legendary Contributor

Re: got the Synchrony letter

Cool you got better cards but having issues with Sync can have trickle down affects with other creditors. If you have really high util on your Sync accounts, other creditors will see this when they sp your accounts periodically. . .
Message 10 of 12
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