topic Re: wow synchrony is worse than I thought in Credit Cards

wow synchrony is worse than I thought

mfinsmi1 — Sat, 22 Oct 2022 17:52:50 GMT

i have a paypal mc and the statement close date is 10/10 - i had a reporting negative balance aka a $0 balance in the eyes of the CRA's. but instead of reporting what was on my statement , NO they reported the balance of my card on 10/16 - 6 days after the statement closed and when i had used the card. what is the deal with this - that is some MAJOR BS

Re: wow synchrony is worse than I thought

OmarGB9 — Sat, 22 Oct 2022 18:05:43 GMT

Yea it's been fairly well-documented that they often do off-cycle reporting.

Re: wow synchrony is worse than I thought

mfinsmi1 — Sat, 22 Oct 2022 18:14:48 GMT

@OmarGB9i never saw that before - is it random off cycle reporitng or do they report off cycle around the same time every month?

Re: wow synchrony is worse than I thought

CreditCuriosity — Sat, 22 Oct 2022 19:06:08 GMT

@mfinsmi1 wrote:
@OmarGB9i never saw that before - is it random off cycle reporitng or do they report off cycle around the same time every month?

usually they don't if like a smaller charge of say 50$, but several hundred type of charge/balance they will tend to report sometimes that is at least my exerience with them for off-cycle

Re: wow synchrony is worse than I thought

Jordan23ww — Sat, 22 Oct 2022 20:13:09 GMT

I'm so sorry to hear this happened to you! Something kinda similar happened to me. I have a closing date of the 17th each month. I have the Sam's Club card. I spent almost $1000 on 4 new tires and they reported my balance on the 10th of the month. It was my plan to pay it off before the closing date but they didn't give me a chance. I had higher utilization and lost a few points to my Fico scores. Thankfully after calling them they reassured me that they would report again on the 17th. Ended up paying the tires off completely immediately and got the utilization back to 0% and my reports got updated and I regained all those lost points. Hoping things bounce back for you soon like they did in my situation!

Re: wow synchrony is worse than I thought

SouthJamaica — Sun, 23 Oct 2022 11:52:36 GMT

@mfinsmi1 wrote:
@OmarGB9i never saw that before - is it random off cycle reporitng or do they report off cycle around the same time every month?

I think it's random.

There are various theories in this forum, trying to make sense of it.

But IMHO it makes no sense and there is no discernible pattern.

Re: wow synchrony is worse than I thought

mfinsmi1 — Sat, 22 Oct 2022 22:52:43 GMT

@SouthJamaica they put security freezes on my payments they randomly report to the CRAs - one more strike and their OUT lol

Re: wow synchrony is worse than I thought

805orbust — Sun, 23 Oct 2022 03:28:35 GMT

Wow that's crazy... I mean less so when you consider the source, however what @CreditCuriosity said makes it seem pretty low. I mean what is the point from an internal standpoint?

Re: wow synchrony is worse than I thought

Shooting-For-800 — Mon, 24 Oct 2022 02:48:41 GMT

How much does this actually affect you?

Re: wow synchrony is worse than I thought

mfinsmi1 — Mon, 24 Oct 2022 05:52:09 GMT

@Shooting-For-800 well seeing as im doing AZEO it affected that because now i have a second card reporting a balance

Re: wow synchrony is worse than I thought

Iusedtolurk — Mon, 24 Oct 2022 05:53:44 GMT

@mfinsmi1 wrote:
i have a paypal mc and the statement close date is 10/10 - i had a reporting negative balance aka a $0 balance in the eyes of the CRA's. but instead of reporting what was on my statement , NO they reported the balance of my card on 10/16 - 6 days after the statement closed and when i had used the card. what is the deal with this - that is some MAJOR BS

Yeah I hate when that happens you pay your balance down to Zero see your statement cut use your card a few days later and that balance gets reported.

Only happened a couple of times over the years and even Disco did it to me once no rhyme or reason.

Re: wow synchrony is worse than I thought

Shooting-For-800 — Mon, 24 Oct 2022 13:43:07 GMT

@mfinsmi1 wrote:
@Shooting-For-800 well seeing as im doing AZEO it affected that because now i have a second card reporting a balance

But how much does it affect you?

How many points did you lose?

Does it really matter if you are still under 9% utilization?

Re: wow synchrony is worse than I thought

Pway — Mon, 24 Oct 2022 16:26:48 GMT

@Shooting-For-800 wrote:
@mfinsmi1 wrote:
@Shooting-For-800 well seeing as im doing AZEO it affected that because now i have a second card reporting a balance
But how much does it affect you?
How many points did you lose?
Does it really matter if you are still under 9% utilization?

This ^^^^^, I agree.

Re: wow synchrony is worse than I thought

mfinsmi1 — Tue, 25 Oct 2022 06:23:33 GMT

sure it doesnt affect me much as the cards credit limit can not even touch my overall utilization even if it were to report a maxed out credit limit BUT its still a little rediculous to do off cycle reporting when every other company reports what is on the statement - thats all im saying . yes it may seem very silly but its still an annoyance at least to me - i love to see all $0 balances across the board

Re: wow synchrony is worse than I thought

UncleB — Sun, 30 Oct 2022 18:31:11 GMT

@mfinsmi1 wrote:
@Shooting-For-800 well seeing as im doing AZEO it affected that because now i have a second card reporting a balance

Yeah, it can be tricky to do AZEO if you're actively using Synchrony cards.

They're well-known for reporting out-of-cycle, to the point that the idea of a "cycle" is nearly pointless with them.

Re: wow synchrony is worse than I thought

Remedios — Sun, 30 Oct 2022 19:47:20 GMT

AZEO, ruining lives since someone started propagating that nonsense

I'm sorry you're finding this unacceptable, but the big picture is, card reported. That's it. Nothing happened, you aren't applying for a house, your score didn't go into negative, it's literal non-event, and yet, we are at "I'm gonna close if this happens again"

It's going to happen again, so might as well close now if something like balance being reported is such a big deal.

It's not that I don't have sympathy for you, I really do as someone who long time ago bought her way into AZEO cult and the only thing that it did for me is total balance neurosis and feeling like sky 'bout to fall over reported balance.

Sky didn't fall, took forever to stop sweating balance and feeling like I'm being stalked by a lender over $20.00.

AZEO doesn't really make you look better from lender's perspective, if all of them are getting paid, they are fine. That's how "normal" world works and one would think that goal would be to emulate people who constitute 99% of cardholders who do not hang out at forums dedicated to credit cards.

Re: wow synchrony is worse than I thought

mfinsmi1 — Sun, 30 Oct 2022 23:24:24 GMT

@Remedios like i said its rly not that big of deal, very small compared to other issues people may have...the title of this post was for dramatic entertainment lmao, but i was just stating this as another minor greivence i have with sycnhrony (they have been placing holds on my large payments i make each month as well) ....but i never said i was gonna close it - theres no way i would, i use paypal for ALOT of my online purhcaes - that 3% cash back adds up fast!!!

Re: wow synchrony is worse than I thought

Jnbmom — Sun, 30 Oct 2022 23:28:15 GMT

💯 with @Remedios

I literally cringe after time I see AZEO other than trying to squeeze every point for a mortgage approval . Way too much time and focus on that method and way too much time worrying about it .

Re: wow synchrony is worse than I thought

Anonymous — Sun, 30 Oct 2022 23:28:17 GMT

@mfinsmi1 wrote:
@Remedios like i said its rly not that big of deal, very small compared to other issues people may have...the title of this post was for dramatic entertainment lmao, but i was just stating this as another minor greivence i have with sycnhrony (they have been placing holds on my large payments i make each month as well) ....but i never said i was gonna close it - theres no way i would, i use paypal for ALOT of my online purhcaes - that 3% cash back adds up fast!!!

OK, I think @Remedios was influenced by

they put security freezes on my payments they randomly report to the CRAs - one more strike and their OUT lol

and the tone behind the title of the thread.

Your last comment makes it seem as if the title should be "wow synchrony is worse than I thought, but the card is still amazing!"

Re: wow synchrony is worse than I thought

Remedios — Mon, 31 Oct 2022 00:18:13 GMT

@Jnbmom wrote:
💯 with @Remedios

I literally cringe after time I see AZEO other than trying to squeeze every point for a mortgage approval . Way too much time and focus on that method and way too much time worrying about it .

Worst part, Fico 8 is meh at most when it comes to AZEO, plus "AZEO" for Fico 8 depends on the number of cards one has

It works for old scoring models (2,4 and 5) because those dinosaurs were placed on the marked when people had 1-2 cards, cards had no rewards, so for typical consumer, two out of two reporting meant debt, just debt, and nothing but the debt

Fico 8 rectified it to certain extent but the joke is on us...scoring model everyone gawks at doesn't care about AZEO (unless 3 points are that important).

So, if everyone wants to pretend like they are buying a house every day of their lives, if they want to lose on rewards because they have to stop using cards before they close, if they want to waste hours "managing" payments, if simple act such as reporting off cycle causes anguish, so be it.. but how is that supposed to be a good thing in terms of managing finances?

You could ask "What time is it" and at least one response will be "practice AZEO"

Another example, recent Comenity issues.

A lot of people's AZEO got runied, some has rather large balances, and nothing happened. Instead of going "Hey look-nothing happened, maybe I should stop tormenting myself and my checking/savings account" many went with "Oh noes! Report already so I can AZEO"

For those who have a lot of spend, willingly giving up grace period is financial loss. Keep your money where it's making you money untill it's time to pay. If you're paying thousands 25 days early (or longer) over the course of year, that adds up.

So you kept 3 points and lost money you could have had if lived in different account a bit longer.

But, okay 🤯