Credit Cards Start Cutting Limits

[recoveringfrombk7]

Sorry if previously posted.  Mods, please feel free to delete if this is a duplicate.

Article: https://finance.yahoo.com/news/credit-cards-start-cutting-limits-100007311.html

Discover

"Discover Financial Services just became the largest lender yet to acknowledge it’s begun reining in lines of credit. In a regulatory filing late Wednesday, the firm said it’s also easing off efforts to sign up new customers and that it expects to take a hit from programs letting existing borrowers skip payments or delay the accrual of interest."

Synchrony Financial

"The announcement came a day after Synchrony Financial, the company behind cards for J.C. Penney Co., Gap Inc. and American Eagle Outfitters Inc., said it will try to stem losses by closely managing customers’ accounts. In a conference call with analysts Tuesday, Chief Financial Officer Brian Wenzel said the firm is using its own vast trove of data, as well as information from credit bureaus, to “dynamically reevaluate a customer’s creditworthiness.” That means some may be allowed to spend more, but others less."

[blindambition]

Thanks for sharing! Not surprising, but to see acknowledged certainly reinforces.

[RickNATL]

Major U.S. credit-card issuers are starting to lower customer spending limits as the coronavirus pandemic leaves millions of Americans jobless and struggling to keep up on loans.

https://www.bloomberg.com/news/articles/2020-04-23/credit-cards-start-cutting-limits-for-people-faci...

[M_Smart007]

@recoveringfrombk7, Thanks for posting!

Fingers crossed, so far I have had no AA/CLD from either lender >> "YET" ...

[M_Smart007]

I believe this was posted here ...just an FYI

https://ficoforums.myfico.com/t5/Credit-in-the-News/Credit-Cards-Start-Cutting-Limits/m-p/5996559#M2...

[kilroy8]

So, somebody should restart the "Sync Risk Thread" that AJC started.

Looks like it will get longer.

[Anonymous]

Buckle up, folks!

[Flint]

https://finance.yahoo.com/news/credit-cards-start-cutting-limits-100007311.html

I've been considering an app spree this year and am wondering what's happening with credit approvals and limit increases overall. I see the occasional article like the one above in my news feed but when I explore these forums, it seems like plenty of people are still going on app sprees and getting approvals.

So I'm curious to have anyone's input here, have credit card issuers tightened up much already? And maybe more importantly, what's your outlook for rest of the year on credit approvals and credit limit increases, or sudden credit limit decreases?

[AllZero]

Thanks for sharing the information!

[Anonymous]

Horrible news considering my 7th statement is coming in a week-ish for discover secured...wonder if they are pausing all graduations for time being...