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PayPal Extras MC

Mega Contributor

Re: PayPal Extras MC

Hopefully it wont be a new account. It would be a first for me seeing Synchrony close the store card and open a credit card and not creating a new account. Front line customer service has been known to be clueless in the past, hopefully not this time!
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $13.5k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 11 of 17
New Member

Re: PayPal Extras MC

I'm very upset. After having been repeatedly told it would not be a new account, low and behold, IT IS. My credit report now shows my account as closed, and another opened. This dropped my average account age and my credit score. I'm in disbelief.

 

Would closing this account now make a difference in my credit report? Would it still report as a recently opened account even if it was closed by the next report update? Do closed accounts relect on the overall account age? I wish I didn't have to ask these questions because of this 'upgrade'.

Discover IT $17500 | Capital One Quicksilver $6250 | Capital One Spark Business $5500 | Amex $21000 | PayPal EMC $2000

FICO Score 8: TransUnion 773 / Experian 787
VantageScore 3: TransUnion 780 / Equifax 769
Message 12 of 17
Established Contributor

Re: PayPal Extras MC


Skillz wrote:

I'm very upset. After having been repeatedly told it would not be a new account, low and behold, IT IS. My credit report now shows my account as closed, and another opened. This dropped my average account age and my credit score. I'm in disbelief.

 

Would closing this account now make a difference in my credit report? Would it still report as a recently opened account even if it was closed by the next report update? Do closed accounts relect on the overall account age? I wish I didn't have to ask these questions because of this 'upgrade'.


What report are you looking at?  Your AAoA should not drop from a closed acct (it still stays on FICO for ten years, I have heard conflicting information on what Vantage does).  Likewise, closing the new acct won't undo any damage done, and could cause any actual damage done with the new acct (there could be many, unrelated reasons for a score drop, and they might have nothing to do with Paypal)  Also, anything related to new accts is temporary.

 

Message 13 of 17
Mega Contributor

Re: PayPal Extras MC

Some non Fico credit reports don't include closed accounts. True Fico will continue to report closed accounts for ten years. The new account will ding your credit report, after 6 months it should start to recover. The benefits of having a card that can be used most places and the easy explanation on manual review, for me out weighs any short term score drop.
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $13.5k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 14 of 17
Super Contributor

Re: PayPal Extras MC


Skillz wrote:

I'm very upset. After having been repeatedly told it would not be a new account, low and behold, IT IS. My credit report now shows my account as closed, and another opened. This dropped my average account age and my credit score. I'm in disbelief.

 

Would closing this account now make a difference in my credit report? Would it still report as a recently opened account even if it was closed by the next report update? Do closed accounts relect on the overall account age? I wish I didn't have to ask these questions because of this 'upgrade'.


It is new account. But pay attention. You have same opening date as old account and same payment history. It means nothing. That's the problem when not looking at fico. Many upgrades. Including lost cards.  They close old and open new. But the history is same as old. No effect whatsoever ever on your report. And for sure not your AAoA. Always newbies panic. 


Message 15 of 17
Super Contributor

Re: PayPal Extras MC

The new account is "new" in that it wasn't there before but it should reflect the original opening information.

 

Even if it didn't, none of the damage is undone by closing it, so either way, may as well keep it.

Message 16 of 17
Mega Contributor

Re: PayPal Extras MC

My Walmart store card was a new account with a new opening date when upgraded. They are listed as two different accounts. The closed store card had the CL at $3.300 and my MC is at $8.000 and open.
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $13.5k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 17 of 17