topic Re: PayPal Credit - Still yet to report in General Credit Topics

Anybody else get an email about Paypal changing terms

Jnbmom — Thu, 11 Apr 2019 09:17:57 GMT

My dh got email, I have not yet but there seems to be some changes coming.

Some highlights:

Late Payment Fee: We are increasing the dollar amount to $28.00 (or $39.00 if you failed to pay at least the Minimum Payment Due by the Payment Due Date in any one or more of the prior six Billing Cycles). See the “Fees” section for more information. Not that we are ever late

Minimum Payment Due: We are increasing the dollar amount used in calculating the Minimum Payment Due for Standard Purchases, Cash Advances, and No Interest if paid in full purchases to $28.00 (or $39.00 if you failed to pay at least the Minimum Payment Due by the Payment Due Date in any one or more of the prior six Billing Cycles). See the “Minimum Payment Calculation” section for more information.

Credit Bureau Reporting: Synchrony Bank may report information about your account to credit bureaus. Please refer to the “Credit Bureau Reporting” section for more information.

Does anything think this means they may start reporting the tradeline? The reason I think this might possible is because it is listed as "changes to your account", I have a feeling these tradelines won't be hidden much longer.

Re: Anybody else get an email about Paypal changing terms

CreditInspired — Thu, 11 Apr 2019 09:51:26 GMT

I got almost the same letter from Macy’s so I do think Lenders are beginning to up the ante. Someone said last week that Disco sent an email about some changes but I haven’t received one from them yet.

Also, I think PayPal will remain a hidden TL. I think it was mentioned so customers know in the case of a default, it will be reported to the CRBs.

Re: Anybody else get an email about Paypal changing terms

Jnbmom — Thu, 11 Apr 2019 10:06:47 GMT

@CreditInspired wrote:
I got almost the same letter from Macy’s so I do think Lenders are beginning to up the ante. Someone said last week that Disco sent an email about some changes but I haven’t received one from them yet.

Also, I think PayPal will remain a hidden TL. I think it was mentioned so customers know in the case of a default, it will be reported to the CRBs.

Thanks I hope so, I just found it odd that it was in bold in regards to they "may" report under synchrony bank, but I do hope you are correct. I just went over my line and got the CLI and intend to pay off with the 0% in six months deal, don't need a max line showing lol.

Re: Anybody else get an email about Paypal changing terms

Anonymous — Thu, 11 Apr 2019 16:41:17 GMT

I got an email last night but whenever I click the link to go to the policy updates page, it shows the ones that went into effect March 29th.

Re: Anybody else get an email about Paypal changing terms

imaximous — Thu, 11 Apr 2019 17:38:13 GMT

I actually wouldn't be too upset if they report my PP Credit account as long as they use the original opening date. I've had that account for a LONG time, so I think it could be a good thing to add an ancient trade line to help balance all my new accounts.

Re: Anybody else get an email about Paypal changing terms

FinStar — Thu, 11 Apr 2019 17:44:33 GMT

Kind of reminds me of similar (inevitable) efforts by BMO Harris with the Diners Club CCs several years ago since those started out as non-reportable tradelines. Similar [statement] disclosure per se.

I suppose we'll find out sooner or later if PayPal Credit starts reporting to the CRAs...or not 😄

Re: Anybody else get an email about Paypal changing terms

CreditCuriosity — Thu, 11 Apr 2019 19:54:53 GMT

That reporting statement has been around for quite some time, that part isn't new.

Paypal Changes!

Anonymous — Fri, 12 Apr 2019 18:09:48 GMT

I just got an email that Synchony is taking over Paypal accounting. In the notice it states that Synchrony will be reporting to CRA's.

No more hidden credit line!

Anyone else get this email?

Re: Paypal Changes!

Jnbmom — Fri, 12 Apr 2019 18:41:56 GMT

DH got email, I posted yesterday about this and it states "it may" so as others have said , this may be referring to how they report if you are late etc.

I guess we will have to wait and see.

Re: Paypal Changes!

MyDataMyChoice — Fri, 12 Apr 2019 20:50:50 GMT

OP Synchrony has been managing for almost a year.

This is most likely for NEGATIVE reporting....

PayPal CREDIT to report in JUNE ???

Anonymous — Mon, 15 Apr 2019 23:49:26 GMT

Hey folks - been awhile since I have been on these forums ! I just wanted to get people to weigh in on this, as I just recieved an email from PAYPAL CREDIT stating new changes comnig as of the end of JUNE 2019, as a result of Synchorny's buyout! Check your emails, PayPal Credit holders ... They list:

* Increase in late fee from $38 - $39

* Credit Reporting: "We MAY report account acitvity to credit bureaus, etc etc ..." !!! I called PayPal Credit and the agent stated that this may occur for only late payments, or may be all account activity - they are not yet aware. I was wondering if anyone else phoned in about this yet to see what answers they received (as we all know, every new rep = new answer!) She stated that while PayPal has never reported account activity, they may do so now that Synch has fully taken over, but this is not set in stone and may only occur on delinquent accounts.

If anyone has any further info or input, please weigh in -- this could really rattle a lot of people's profiles, especially if it reports as revolving credit card vs. a loan etc. Any information would be greatly appreicated!

Re: PayPal CREDIT to report in JUNE ???

Strogen — Tue, 16 Apr 2019 03:27:23 GMT

I also just saw this email and came here to get more info.

Re: PayPal CREDIT to report in JUNE ???

AverageJoesCredit — Tue, 16 Apr 2019 12:13:46 GMT

This email has been discussed recently. Too early to tell if it will report but many of us believe its just to let you know if you default it can be reported to the bureaus. I dont see it reporting seeing as Sync has alot of Paypal accounts that do but one never knows til it happens

Re: PayPal CREDIT to report in JUNE ???

DaveInAZ — Tue, 16 Apr 2019 13:36:20 GMT

Even when it was Comenity I always figured that if you ever went into default the "hidden tradeline" wouldn't be so hidden pretty quickly. It's an "honor among theives" kind of thing - "Hey other lenders! This guy is a deadbeat!"

Re: PayPal CREDIT to report in JUNE ???

Anonymous — Tue, 16 Apr 2019 13:48:02 GMT

Agree so far with you all — PayPal credit cant seem to tell me if it will or if it won’t. Some of our accounts are years and years old so if it reports as new, will also affect AAoA which nobody wants. I certainly hope it doesn’t for one - anybody who calls and gets a more direct answer, or emails, report back ... of course there is little way to know with the frontline reps!

Either way, this thread should yield some interesting posts from fellow PayPal credit people !

PayPal Credit going to Synchrony Bank???

bichonmom — Tue, 16 Apr 2019 19:13:55 GMT

Did anyone else get an email this morning saying that their PayPal credit line was going to Synchrony Bank?

***

We are writing to let you know that Synchrony Bank, the Lender for your PayPal Credit account, will now be servicing your account and is also updating the account terms, which include the Account Agreement, E-SIGN Consent and Privacy Policy applicable to your account. Please read this communication and the associated documents carefully and in their entirety as they contain important information for your account, and keep these important documents for your records.

***

It looks like it is no longer going to be a hidden line of credit, among other changes.

My payment was late by half an hour the other day, so I'm wondering if this is the result of that or if this is being done across the board.

Re: PayPal Credit going to Synchrony Bank???

Anonymous — Tue, 16 Apr 2019 19:22:03 GMT

It’s been with Synchrony for a while now.

As for the hidden tradeline, every time a new update in terms is sent out, the discussion renews on if it will remain a hidden tradeline. In the end, no one really knows what Synchrony will do with it in the future.

Re: PayPal Credit going to Synchrony Bank???

bichonmom — Tue, 16 Apr 2019 19:25:46 GMT

Well, this is the email I received this morning. They are making changes, which were in the email. So I'm wondering if this is happening across the board or if this is because I made my last payment just after midnight, so it was late.

Re: PayPal Credit going to Synchrony Bank???

bichonmom — Tue, 16 Apr 2019 19:30:28 GMT

Here's some of what was in the email:

Other Changes to Your Account Agreement

Unless otherwise specified, the changes listed below will be effective on your account as of June 23, 2019 and are reflected in the Account Agreement found here.

Credit Bureau Reporting: Synchrony Bank may report information about your account to credit bureaus. Please refer to the “Credit Bureau Reporting” section for more information.

Bill Me Later: Bill Me Later, Inc. will no longer be a party to your agreement. All references to “Bill Me Later, Inc.”, “us and/or Bill Me Later, Inc.”, “we and/or Bill Me Later, Inc.” will be replaced with “we”, “us”, or “our”. Consistent with your account terms, “we”, “us”, and “our” will continue to refer to your lender, which is Synchrony Bank.

Re: PayPal Credit going to Synchrony Bank???

Dilbert934 — Tue, 16 Apr 2019 19:35:13 GMT

Guess I'd better pay off those 0% deals. LOL