Complaint Review: Walamrt
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I was approved for a Walmart Credit Card via Synchrony Bank (credit limit $300) over a year ago. With it, I subsequently made purchases in-store over time, paying the monthly bill on time every month. Several months ago, I was even approved for a $750 credit limit increase. Last month, however, I discovered that Walmart/Synchrony Bank lowered my Walmart Credit Card limit back to $300.
I contacted Walmart Corp. at the beginning of Oct. 2017 for an explanation, at which point they initiated a review of their own. Yesterday, I received a letter stating that the lower credit limit was due to adverse "key factors" on my credit report, and that my credit score will not "likely change significantly."
Wrong! When Walmart/Synchrony Bank sent the letter (dated Oct. 12, 2017), my credit score was already 50 points higher (and still climbing) then when I requested the initial explanation, and the acct had paid down to a $0 balance. It appears that Walmart/Synchrony Bsnk did not take any of this into consideration, because if they had, they would have discovered that I have a 630 credit score, and all my other revolving accts (6) have been paid down to $0. Instead, they relied on older informastion: from Sept. 7, 2017 according to the info detailed in the letter they sent.
Once the purchase of my house is complete, I'm going to cancel this acct as I believe it will be a detriment to my credit health moving forward.
This report was posted on Ripoff Report on 10/24/2017 07:31 PM and is a permanent record located here: https://www.ripoffreport.com/reports/walamrt/nationwide/walmartsynchrony-bank-lowered-credit-line-despite-credit-score-increase-nationwide-1408382. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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