Consumer complaint received 2024-09-28 00:00:00
Product: Credit card — Store credit card
Issue: Trouble using your card — Credit card company won't increase or decrease your credit limit
Company: SYNCHRONY FINANCIAL
State: PA

Complaint narrative:
Recently, Synchrony Bank took over the handling of Lowes credit cards. In late XXXX, I received notice that they were stopping paper statements being mailed to Lowes customers. I protested this to Synchrony, and said it would cause missed and delinquent payments due to lack of proper notice. This was to no avail. If I did not stop paper statements and go to on-line payments and statements by a date certain, I was to be charged {$1.00} for paper statements if I didnt go electronic payments on-line. This was/is an unlawful extortion cost/tax/interest rate to put everyone on electronic billing under threat of an arbitrary {$1.00} charge. Its not as if Synchrony and/or Lowes doesnt get its blood through 34 % interest ( more than loan-sharking ) on its credit cards. 
As I predicted, it caused me to miss 2 payments on time ( 1-2 days late ) because I was busy or on vacation. I was never late before. I always paid a day or more early because I had the paper statements. I do not use automatic payments because I would wind up paying the minimum and forget to pay larger payment amounts. Normally I paid anywhere between XXXX XXXX XXXX payments per month when I had the extra money. 
I just recently purchased two ( 2 ) toilets from Lowes at over {$700.00}. I also purchased several XXXX XXXX  in fence posts and concrete cinder blocks. Earlier in the year, I had purchased over 100 bags of mulch when they went on sale. My wife goes to Lowes and buys flowers, window blinds, and other home improvement purchases for our house. We bought three ( 3 ) ceiling fans during the summer to replace the old fans. When we moved from New Jersey to Pennsylvania last year ( XX/XX/XXXX ), we purchased over 100 moving boxes and over a dozen large plastic tubs to pack our household items in for the move. I spent close to {$1000.00} for moving materials we purchased from Lowes. As a result of my active purchases with Lowe 's, I received a new card from Lowe 's. The card was a MyLowe 's Rewards credit card with the expiration date of XX/XX/XXXX ( 10 years ). Obviously, they wouldn't give out a 10-year expiration date if I didn't have excellent credit, and conducted a lot of business, with Lowe 's . 
On XX/XX/XXXX, I received a letter from Synchrony Bank saying they were lowering my MyLowe 's Rewards credit card credit limit to {$1900.00} from {$8600.00}. This immediately threw me over the limit since I had just over {$2000.00} in recent purchases on my Lowes card. According to Synchrony Banks computer-generated letter, it is because I missed my XX/XX/XXXX payment. This was the first time I was delinquent ( by only 6 days in over 25 years ) on a payment. Since I did not get notified that payment was coming due within a certain time frame, I missed the payment deadline. 
Synchrony used all kinds of excuses to validate their decision, saying I lacked real estate secured information. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. They also said I had too many accounts with high balance compared to credit limit, too many bankcards with high balance compared to credit limit ( redundant statement ), and delinquent or derogatory accounts. 
None of these issues applied to my Lowes card credit limit. My Lowes card had an {$8600.00} balance with around {$2000.00} in purchases on it. Lowes card IS NOT a bank card. Any delinquency or derogatory account is NOT with Lowes. 
I would also bring to your attention that Synchrony Bank, two days earlier on XX/XX/XXXX, also cancelled my Lumber Liquidators ( LL ) Flooring credit card that had a {$6800.00} credit limit on it. I had no purchases on that card, but they used the same irrelevant, irresponsible excuses to cancel the card. 
One month earlier ( XX/XX/XXXX ), Lumber Liquidators filed for XXXX XXXXXXXX Bankruptcy and closed ALL of its stores because they couldnt find a buyer. The reasons for bankruptcy, LL Flooring cited a number of factors, including a decline in consumer spending on home improvement, decreased discretionary buying, and a shift in how customers spend. The company also cited inflation and rising labor costs. 
Synchrony defamed/slandered/libelled me by cancelling my LL Flooring credit card under a dubious circumstance, and then fraudulently reporting me to the credit reporting agencies as a credit problem. Synchrony ( and by extension, Lowes ) has again fraudulently reported me to the credit reporting agencies as a credit problem. This violates the Federal Fair Credit Reporting Act ( FCRA ), 15 U.S.C. 1681 et seq. and probably violates the Federal Debt Collection Practices Act ( FDCPA ), 15 U.S.C. 1692 et seq.

Presumably, Lowes transferred their credit card accounts to Synchrony Bank several years ago to reduce costs and increase profits. It has resulted in what can only be described as extremely poor customer service by both Lowes and Synchrony. Given that many Lowes customers use a Lowes Rewards Card, such as myself, Sychronys actions harmed me.

I was in the process of looking at purchasing a new stove, as well as other high end appliances. I was considering making a purchase of a riding lawnmower in the spring XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. This has all been shot down by Synchrony Banks arbitrary and capricious lowering of my credit line with no valid rhyme or reason, through a computer-generated notice-letter. 
I have heard complaints by other customers, friends and family, about this arbitrary reduction in credit limits, especially when attempting to purchase a large appliance, building materials, riding lawnmowers, snowblowers, etc. This arbitrary, capricious act will result in this XXXX year customer to shop elsewhere and report this problem on social media. During these financially difficult times, companies are closing up, downsizing, and are seeking any way to increase their bottom line. Synchrony 's actions are the antithesis of that. 
I am respectfully requesting that you or someone you direct, having authority to deal with and contact Synchrony Bank, contact them to reinstate my Lowes credit limit of {$8600.00}. Arbitrarily lowering my limit to {$1900.00} harmed me credit wise and threw me over the limit on my Lowes account. In addition, it damaged my credit rating.

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