topic Re: PayPal CREDIT / SYNCHRONY Info !!! in Credit Cards

The Synchrony Effect

AverageJoesCredit — Tue, 01 May 2018 00:44:24 GMT

Lol, got a paper in the mail today from Comenity concerning my Paypal Credit account which will be turning over to Synchrony Bank .

You know you are feeling the Synchrony Effect when your apr is getting raised from 21% to 25% Pay down those balances boys and girls, dont get caught with your credit pants down around your feet

Re: The Synchrony Effect

UncleB — Tue, 01 May 2018 01:13:55 GMT

@AverageJoesCredit wrote:
Lol, got a paper in the mail today from Comenity concerning my Paypal Credit account which will be turning over to Synchrony Bank .

You know you are feeling the Synchrony Effect when your apr is getting raised from 21% to 25% Pay down those balances boys and girls, dont get caught with your credit pants down around your feet

Ouch, indeed.

Hopefully anybody carrying a balance on Paypal Credit is on a 0% promo anyway.

It will be interesting to see if the account starts reporting; will also be interesting to see if Paypal will start allowing it to be used for backup funding for the Paypal Debit MasterCard (similar to how Smart Connect can be).

Re: The Synchrony Effect

K-in-Boston — Tue, 01 May 2018 01:24:29 GMT

Wow, I need to read Credit in the News more often because I missed that discussion. I'm not sure how I feel about this; I didn't receive a letter yet. If the account is reported and keeps its age, that's another nearly 20 year-old account added in. On the other hand, if it's reported that's another fairly small credit line showing and if I wanted to take advantage of a big purchase, I wouldn't want to try out the typical "exceed your credit limit to get an increase" method.

Re: The Synchrony Effect

Anonymous — Tue, 01 May 2018 01:47:00 GMT

So maybe that’s why I got an email asking me to update income.

Re: The Synchrony Effect

imaximous — Tue, 01 May 2018 01:48:06 GMT

@Anonymous wrote:
So maybe that’s why I got an email asking me to update income.

I got the same email. It totally smelled like synch.

Re: The Synchrony Effect

bizarrocreditworld — Tue, 01 May 2018 01:51:51 GMT

I'm already looking to reduce my exposure to Synchrony in the very near future, so I will likely close my account once they take over.

Re: The Synchrony Effect

K-in-Boston — Tue, 01 May 2018 02:02:17 GMT

I'm looking to increase my exposure with Synchrony, but I'd rather do so on my Amazon card!

Re: The Synchrony Effect

Anonymous — Tue, 01 May 2018 02:06:43 GMT

I don’t know a lot about synchrony but why are you guys leaving them? 😂

Re: The Synchrony Effect

UncleB — Tue, 01 May 2018 02:17:20 GMT

@K-in-Boston wrote:
I'm looking to increase my exposure with Synchrony, but I'd rather do so on my Amazon card!

My two oldest accounts are Synchrony (I have a total of four) and I honestly have no complaints with them.

While I did get a CLD on my Lowe's "back in the day" I was going through a foreclosure at the time so it wasn't exactly surprising. Rather than close the card I basically forgot about it... somehow it didn't get closed for non-use, and today it's 14 years old with a credit line of $20k, so I'm happy.

I get an email seemingly every-other week with an "offer to apply" for Paypal credit, but in my case I just never found a need for it. Now that it's going to Synchrony (and away from Comenity) I actually see that as a positive, since for many (but not all) Comenity has been a mixed-bag.

TL;DR... Synchrony is OK, and if the need comes up I won't hesitate to apply for the "new" Paypal credit.

Re: The Synchrony Effect

simplynoir — Tue, 01 May 2018 02:20:52 GMT

@Anonymous wrote:
I don’t know a lot about synchrony but why are you guys leaving them? 😂

For some it's just the bank themselves for whatever reason whether it's treatment of customers anecdotally and what not. But mainly I think it's to keep their exposure limited with them to prevent any account closures aka the blue envelope.

Re: The Synchrony Effect

AverageJoesCredit — Tue, 01 May 2018 02:55:59 GMT

Lol, I LOL'd when I read the ask to update income and it smelled like Sync

When I got that email I actually checked my PayPal but as of yet didnt see where you can update income .

I think I good rule to adopt with Synchrony is just pif . Any account closures or silly putty and you can be on your way. I can't berate them, they've given me my best limits . Interesting times ahead indeed

Re: The Synchrony Effect

Anonymous — Tue, 01 May 2018 10:38:32 GMT

@AverageJoesCredit wrote:
Lol, I LOL'd when I read the ask to update income and it smelled like Sync

When I got that email I actually checked my PayPal but as of yet didnt see where you can update income .

I think I good rule to adopt with Synchrony is just pif . Any account closures or silly putty and you can be on your way. I can't berate them, they've given me my best limits . Interesting times ahead indeed

Oh heck ... give it a shot

Re: The Synchrony Effect

Anonymous — Tue, 01 May 2018 11:18:30 GMT

@K-in-Boston wrote:
I'm looking to increase my exposure with Synchrony, but I'd rather do so on my Amazon card!

I like my Amazon card too - I got it CLI'ed to $6k last month and I may ask for another one later this year (after I combine my two QS'es). As far as overall Synchrony goes, I still want the Marvel MC but that can wait until this summer. I wasn't able to get my PayPal Credit reinstated last month (when it was still Comenity) because of the 2014 BK it was included in, and they told me at the time I probably wouldn't be able to get a new account for at least the next while either; I don't know if that'll change now that it's under Sync, but right now I don't feel any great urgency to try.

Re: The Synchrony Effect

Anonymous — Tue, 01 May 2018 11:26:37 GMT

@UncleB wrote:
@AverageJoesCredit wrote:
Lol, got a paper in the mail today from Comenity concerning my Paypal Credit account which will be turning over to Synchrony Bank .

You know you are feeling the Synchrony Effect when your apr is getting raised from 21% to 25% Pay down those balances boys and girls, dont get caught with your credit pants down around your feet
Ouch, indeed.

Hopefully anybody carrying a balance on Paypal Credit is on a 0% promo anyway.

It will be interesting to see if the account starts reporting; will also be interesting to see if Paypal will start allowing it to be used for backup funding for the Paypal Debit MasterCard (similar to how Smart Connect can be).

Considering probably alot of users leave very large balance because of hidden tradeline. I hope Synchrony bank treat this type of credit line as "Visa Signature" type where they dont report credit line and balance. I am one of those who probably will be caught "pants down" in terms of credit. I just made a very large purchase on a 6 months promo. Can anyone verify if Synchrony bank willing to keep the Paypal Credit as it is?

Re: The Synchrony Effect

LCC_mk14 — Tue, 01 May 2018 12:13:19 GMT

You have got to be kidding me. I don't like Synch and I surely don't like when they could be messing with my hidden tradeline.

Re: The Synchrony Effect

K-in-Boston — Tue, 01 May 2018 14:53:01 GMT

@LCC_mk14 wrote:
You have got to be kidding me. I don't like Synch and I surely don't like when they could be messing with my hidden tradeline.

They are serious. And don’t call them Shirley.

Re: The Synchrony Effect

redpat — Tue, 01 May 2018 15:08:18 GMT

AJC, I have to say your pants were already around your feet at 21% interest.......@ 25% they wanted you to bend over......

Re: The Synchrony Effect

AverageJoesCredit — Tue, 01 May 2018 16:25:11 GMT

Haha Redpat, indeed. But the good thing with it being hidden if I used it for anything less than a 6 month promo, I'd just pif. Still can't beat their $99 6 month 0% deal. It will be sad to see that go.

Re: The Synchrony Effect

Anonymous — Tue, 01 May 2018 18:40:04 GMT

@redpat wrote:
AJC, I have to say your pants were already around your feet at 21% interest.......@ 25% they wanted you to bend over......

AJC ... catch this one Note, were not talking about "moon beams"

Re: The Synchrony Effect

AverageJoesCredit — Tue, 01 May 2018 20:20:33 GMT

Me and Sync gonna dance to "Roni" by BB .