Report: #1408382

Complaint Review: Walamrt

  • Submitted: Tue, October 24, 2017
  • Updated: Tue, October 24, 2017
  • Reported By: B52gwhiz — Stockton California USA
  • Walamrt


Walmart/Synchrony Bank Lowered Credit Line Despite Credit Score Increase Nationwide

*Consumer Comment: Sad but true

*Consumer Comment: Typical

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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: 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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#1 Consumer Comment

Sad but true

AUTHOR: MacaroonZ - (USA)

Creditors have the right to increase or decrease their credit limit without a reason. They are the one who will be in the hole if you don't pay back. You on the other hand, could attempt to file bankrupcy and that would get rid of the debt. That's why there is no law forcing them to ensure that they must increase credit limit to their customers.

Asides from that, how do you check your credit score? If you are using "Credit Karma" to check, then it is not really accurate. The company uses a much more linient way to calculate a score. Also, the company simply predicts what you have been doing (in a short period of time) and gives you a very generous score to encourage you to keep doing what you are doing. It is a type of psychological game which could result in a positive way.

You should keep working on what you are doing -- no debt. Also, do not ask for more credit cards. A normal and healthy financial person would have at most 4 credit cards (3 is a common number). Eventually, you would be offered a higher credit limit.

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#2 Consumer Comment


AUTHOR: Robert - (USA)

Typical "Entitlement" attitude that somehow the line of credit is YOUR money and how dare they take away this money from you. To you this is no different than them holding a gun to your head and taking the money right out of your wallet...right?

WRONG...This is THEIR money they are allowing you to borrow. Just like they can increase the amount of money they are willing to allow you to spend, they can decrease  it as well. The only difference is that no one ever seems to complain about a credit line increase. When you opened the card you gave them the right to periodically review your credit at any time. They decided to review it on September 7th, and that is what they will use as their basis.

Now, there are many different scoring models, and with most of them anything below 600 is considered a "High Risk". If you had a 630 AFTER an increase of 50 points, that means you were down in the 580's in the beginning of Octoboer. So who knows what you were at in September, but unless your score is a Yo-Yo it was probably well below the 580 mark. Oh and if it is a Yo-Yo, you have either a very thin file, or some extreme negatives that are causing some pretty bad swings.

Looking say you now have all 7(SEVEN) credit cards at a $0 balance, and if that is the case it's good they are paid off, but could be bad in having 7 as that could be seen as a higher risk if you decided to all of the sudden max every one of them out.

But let me bring a bit of reality in this for you. If you have 0$ used out of a $300 credit limit what is your Credit Utilization? Now, what would be your utilization if you have $0 used on a $750 credit limit. Hint..They are the exact same value 0%. So in terms of your credit score it does not matter what your limit just matters how well you work within that limit.

One final item, Now I am sure you are convinced you will be in a house by the end of the year. After all with the rate your score is going up you will be at an 800 credit score by December. Oh if that is only how it works. If we take out that you already have the Downpayment taken care of, and have the income to make a mortgage payment, let's go back to credit. Mortgage brokers like to see at least 2 years of POSITIVE credit history and with a verified(by your own words)  Sub-600 score in the last two weeks you are going to be a bit short of that...well 1 year and 50 weeks short.

Good Luck..


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