Is Synchrony still lowering available credit and closing accounts (lowe's)

[Superduper2014]

I have a lowe's Synchrony card and I just made a purchase with them rather large and put it on 0% apr for 24 months. 

What is triggering Synchrony to lower of close the card?

I know we are going through a pandemic and all, but wanted to know if there is anything in particular that you guys have seen that makes them close or lower limits. 

I would like to use this card a bit more for their 24months zero percent deals via lowe's so I am not sure if I need to hurry to get this done before they get spooked or I have time. 

Thanks for any insight on this. 

[Anonymous]

The only real unifying things I've seen among those with closures was high aggregate limits with Synch over several cards, sitting largely unused. That may or may not be the trigger but it does seem to be common among the victims.

[Superduper2014]

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@Anonymous wrote:

The only real unifying things I've seen among those with closures was high aggregate limits with Synch over several cards, sitting largely unused. That may or may not be the trigger but it does seem to be common among the victims.

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Thank you. 

You mean they had multiple Synch credit cards and they were being used. 

Do they check usage on other creditor's cards via soft credit pulls and decide that way as well? I am more concerned about reduction in credit limit now that I am planning on using this card for some renos and have their 24 month at zero. So I need to plan preemptively to avoid any reductions. 

Thanks again

[Anonymous]

No, a lot of people had 4, 5, 6 cards with cumulative lines approaching $100,000, just sitting there unused and padding their utilization percentages. Think along the lines of four cards with anywhere from $25-35k each, being used for $30/month or less. Things like that.

I would be surprised if Synch wasn't SPing other lenders to make sure someone isn't in a rising debt spiral - most do so in order to try and spot trouble coming.

Best way to do it is diversify your lenders, use your cards, and pay well over the minimums. That should mitigate risk to the extent possible.

[Anonymous]

I think Lowe's is a different beast across the Synchrony line.  I mean, you've got a card with 0%/24mo capability that can easily have a very high credit limit and is used for home improvements, many of which can be very costly.  I think they would almost expect a high utilization balance at some point that's sustained at that due to 0% being available.  My point is that I don't believe heavy usage on a Lowe's card matters at all in and of itself.  No doubt they look at the rest of your file via SPs and use that information in their lending decisions.

[Superduper2014]

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@Anonymous wrote:

I think Lowe's is a different beast across the Synchrony line.  I mean, you've got a card with 0%/24mo capability that can easily have a very high credit limit and is used for home improvements, many of which can be very costly.  I think they would almost expect a high utilization balance at some point that's sustained at that due to 0% being available.  My point is that I don't believe heavy usage on a Lowe's card matters at all in and of itself.  No doubt they look at the rest of your file via SPs and use that information in their lending decisions.

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This is interesting. I do have a high credit line with them and didn't think of using much of it until now. 

I am worried that they may lower my credit limit and then I won't be able to finish some projects I rather charge on that card since I get 2 years at zero. 

I am trying to keep my utilization the same as they have know it (if they have checked via sp) for the past couple of months. 

I have other cards I used for cash flow and they too have zero aprs but I am being cautious in charging more on them and even thinking about paying them off so they don't report and spook Sync lowe's card. Is my concern valid here? Do they periodically check via SP and if I have a increased balance they may reduce my limit to protect themselves? Just trying to make things work out. Thanks

[Anonymous]

What's your current limit?  If not $35k, why not try bumping up to that first as to keep your utilization as low as possible on the card once that purchase hits.

[Superduper2014]

I have 15k limit, but I have taken advantage of some other offers and my scores are not that hot right now. So i don't know if I do that now and request before the purchases, they may say, wait a minute and lower my 15k to half. I do have the funds to pay off the other cards to improve the scores, but I would have lost money paid for the transfers. 

Do they do a soft pull or hard pull when you request a higher limit and would worse case scenario they say no? or may backfire at this point?

Thanks for any suggestions. 

[Anonymous]

Limit increases are SP and decisions are instant. Worst case, they say no. Best case, they give what you ask for. In between is your requesting too high an amount and they counteroffer with what is comfortable to them.

[calyx]

I don't know how much my DP would help, since it's not specifically Lowe's, but I have a synchrony card (just one) at a 25k limit.
I opened it in Feb 2018 with a 48 mo 0% deal, and I've just been chipping away at it $60 at a time.  It currently has a balance of 1,320.   Sync soft pulls me throughout the month, and they haven't done anything.

So, I know I got it before the pandemic, but I think if you're using it for a simple 0% deal, and aren't spiraling into debt (and I let my balances naturally report, plus I have an AU that doesn't think twice about posting some balances that would make many MFers cry), you're probably fine.

In summary: I have a single Sync, reporting 1320/25000 on that card (with a 0% deal), and I regularly report 8-10 balances, some well over 40% and sync, while soft pulling the heck out of me, hasn't done anything to the card.     If you aren't doing anything hinky or just sitting on a bunch of high limit sync cards, you're probably fine.