Consumer complaint received 2024-05-12 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Problem with personal statement of dispute
Company: SYNCHRONY FINANCIAL
State: ID

Complaint narrative:
I have been working to get my Credit Utilization Rate ( CUR ) under 30 %. I recently paid off 2 credit cards this past month and also paid others down. My credit score DROPPED XXXX points. 

I paid off my home in XXXX  and my credit score dropped over a XXXX points which caused me to not be able to purchase another home because my score was too low. This is very unfair. 

When I contact the credit bureau I am told.well you paid off your oldest account and there is nothing we can do about it. 

NOW I am paying down my Synchrony Lowes account ( 2 days ago my CUR was at 21 % ) and I received a letter yesterday stating they are lowering my limit, which is going to, AGAIN!!, make my credit score go down. XXXX XXXX XXXX was at 21 % CUR. Now my score will drop AGAIN because my CUR is now going to be at 96 %. My balance on the card is {$360.00} and they lowered my limit to {$380.00}. The limit prior to this letter was {$2000.00}. I have NEVER had a late payment on ANYTHING on my credit reports. My XXXX is 14 %. 

This is just a way for XXXX XXXX to make additional money off consumers to raise interest rates higher because I can never get my score up. 

I am a XXXX XXXX XXXX for a bank! 

Consumers are being punished financially but there is no wrongdoing on the part of the consumer! The letter I have attached states one of the reasons is " The percentage of times payment was greater than the amount due on this account over the last 12 Months is too low. '' Well I have proof I Since I have used my card ALMOST every payment was much great than the minimum payment required. There are also several months that I made more than one payment. 

The letter also states Key factors that adversely affected your XXXX XXXX : No Open Real Estate Secured Loans In Your Credit File Too Many Bankcards With High Balance Compared To XXXX XXXX. Well how am I going to get a XXXX XXXX XXXX when I penalized for paying stuff down or off?? My score is so low due to paying stuff down that I cant even get a real estate loan. XXXX many bankcards with high balance compared to credit limit!! They literally just lowered my limit so I am at 96 % Credit Utilization rather than the 21 % I was JUST AT. This is ridiculous. How can anyone move forward if they keep changing the limit or lowering your score for no apparent reason! 

When will XXXX XXXX and Credit Bureaus be regulated so they cant do this?! Where are the guidelines for our credit scores? I see nothing anywhere about a guideline for score increases and decreases. It should be a point system. Such as..do this your score will go up this amount of points or down this amount. 

The credit bureaus are just doing whatever they want with no rhyme or reason and consumers are paying for it ..literally! 

There needs to be regulation. THIS IS UNFAIR!!!!! 

I am a single woman raising my grandson alone. How can I ever get ahead.!?! 

When will something be done to help consumers who are moving in a positive direction and haven't done anything wrong???

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation