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So- my credit file has not significantly changed in a long time (and I qualified for long-term zero% auto loan back in April).

 

I do carry significant balances on my credit cards, but always pay (auto-pay) significantly more than minimum payments. 
 

but something triggered an odd cascade in the last few weeks. 
 

I got notice one of my Synchrony accounts had suddenly had the credit limit dramatically reduced. I contacted them and they said they periodically check credit report and make changes. The letter they sent indicated high balances to limit on cards. 
 

a day later ai get another letter from Synchrony- for a second account with them was having the limit reduced...

 

we all know this impacts your credit score, as it messes up your utilization %.
 

today, I got notice from a different bank- that, due to higher credit utilization rates, they dramatically reduced my limit in that card - 

 

Which of course now even further rips my credit score...

And this afternoon, I get notice from Synchrony that my Automotive account (that has never had particularly high balance can limit) was having a limit reduction down to the current balance!

 

What’s going on?  I have NEVER been late, never payed just the minimum payments on any accounts... 

 

Is there some massive banking “surprise” on the horizon?

 

I did recently put a credit freeze on all 3 bureaus due to someone filing for unemployment with my name/SS# and I filed a police report on that. 
 

I have paid credit monitoring service- and there is nothing new or odd on my CR...

 

So what’s going on?

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19 hours ago, TheBattman said:

we all know this impacts your credit score, as it messes up your utilization %.
 

today, I got notice from a different bank- that, due to higher credit utilization rates, they dramatically reduced my limit in that card - 

 

So what’s going on?

You just answered your own question.

As well as that other perennial question, "Why do you people need a million dollars in credit lines?".

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20 hours ago, TheBattman said:

 

I got notice one of my Synchrony accounts had suddenly had the credit limit dramatically reduced.

 

20 hours ago, TheBattman said:

a day later ai get another letter from Synchrony- for a second account with them was having the limit reduced...

 

20 hours ago, TheBattman said:

And this afternoon, I get notice from Synchrony that my Automotive account (that has never had particularly high balance can limit) was having a limit reduction down to the current balance!

These are the result of a single decision by Synchrony to cut their exposure with you. 
 

Others have reported similar experiences.
 

 

Edited by cv91915
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