Store Credit Cards

My wife talked me into getting store credit cards so we can save and get bonus points on shopping. I have largely avoided these cards in the past but gave in and applied for a few HUGE MISTAKE…

Got both cards in November 2013 while shopping for xmas.

Wal-Mart Card
JC Penney Card

Both managed by Synchrony Bank.

June I stopped using the JC Penney card due to an increasing balance that needed to be paid.
August both cards were paid in full no balance owed.

October received a letter for the JC Penney card that my credit limit was cut in half for lack of use.
November my credit score dropped due to denial of credit (reduction in the JCP card)
November JCP cut my credit limit in half again due to a decrease in my credit score.
December my credit score dropped again due to JCP actions.
I called JCP and Synchrony bank about the issues and their comments were sorry for any inconvenience that is our policy.
Jan 2015 JCP card was canceled by synchrony bank due to credit score being under their lending guidelines.
April Wal-Mark card was canceled by synchrony bank due to credit score being under their lending guidelines.

Thanks to Synchrony banks actions my credit score has gone from a 745 in 2014 to a current score of 555. Actions of a snowball effect for not using the cards enough. Payments were never past due, i was never over my credit limit.

Now to make matters worse my truck is down and needs replaced, nobody will finance a vehicle with a credit score of 555.

I have looked and made phone calls, everything that Synchrony bank and the credit reporting companies did is allowed and legal, I have no recourse over this credit destruction other that to wait out the 6 - 7 months for my score to rebound

I will never own another store credit card…

Tough lesson to learn. Sorry for your predicament.

Credit cards are the devil!!! Don’t be discouraged. Talk to credit reporting companies and explain. Work the problem and be a thorn in their sides.

Credit cards are the devil!!! Mark is right. That being said if you were to cancel the cards yourself before they would have done them then your credit would not have been hurt as bad.