topic Re: Synchrony bank in General Credit Topics

Synchrony bank - resetting the clock on closed settled account?

Anonymous — Wed, 21 Jul 2021 16:29:49 GMT

So this bank has been closing my zero balance cards. All in good standing. They also lowered my Target limit to half with no explanation. This was all last year. I had PayPal credit that was late 60 days. I ended up settling for less than the balance so they closed this account in September 2020. I recently called to see if I can delete the PayPal account. Well this bank closed my zero balance care credit! Then recently reported my PayPal account closed this was 9 months after the original closing! This tanked my credit 29 points! I need help all my other credit is excellent. I feel like this bank targets certain people. I paid them my accounts NEVER charged off. They always got their money what do they have to gain by this type dealings? What can I do to remove this PayPal totally?

Re: Synchrony bank

Flfico — Wed, 21 Jul 2021 15:44:19 GMT

It will stay on your report for 7 years. If your PayPal account was 60 days late, this would not be considered good standing

Re: Synchrony bank

Anonymous — Wed, 21 Jul 2021 15:58:58 GMT

I understand that but I settled the account and it was closed. They had no right to report to the credit bureaus recently as this past June as this all took place in September 2020 and they reported it closed then. Also they deleted a good standing card I had with them

Re: Synchrony bank

800wannabe420 — Wed, 21 Jul 2021 16:04:22 GMT

I believe your Target card is serviced by TD Bank, not Synchrony.

Re: Synchrony bank

Anonymous — Wed, 21 Jul 2021 16:10:01 GMT

Possibly It was awhile ago. But My real issue is with the recent reporting on a closed account and the deletion of a good standing care credit

Re: Synchrony bank

Flfico — Wed, 21 Jul 2021 16:10:19 GMT

Unfortunately, if they are reporting accurate information, there's not much you can do but wait for it to fall off. If they are reporting something inaccurately you can dispute it but if it comes back verified it will refresh on your report as if it just happened. Synch has been balance chasing, CLD's and closures for much less.

https://ficoforums.myfico.com/t5/Credit-Cards/Master-Synchrony-Account-Closure-Thread/m-p/6119157#M1741075

Re: Synchrony bank

Anonymous — Wed, 21 Jul 2021 16:15:06 GMT

Yes but the account is settled for less and closed. So that's why I'm confused. If they keep reporting on this account It will be detestation to my credit. They even taxed me on the remainder of the settlement. There should be nothing left to pay

Re: Synchrony bank

Sandman771 — Wed, 21 Jul 2021 16:18:20 GMT

You're saying that is is reporting. So you're saying on your June Report it showed up and then in July it showed again with a current date? If I'm understanding you settled the debt. Anytime a tradeline is ended it will report for a certain number of years. 7 for credit cards. So it will be there for a number of years but the date last reported should remain the same so it gets aged and eventually hurts less and less until it falls off.

Re: Synchrony bank

Anonymous — Wed, 21 Jul 2021 19:41:58 GMT

@Sandman771 wrote:
You're saying that is is reporting. So you're saying on your June Report it showed up and then in July it showed again with a current date? If I'm understanding you settled the debt. Anytime a tradeline is ended it will report for a certain number of years. 7 for credit cards. So it will be there for a number of years but the date last reported should remain the same so it gets aged and eventually hurts less and less until it falls off.

Right it was settled and closed in September 2020 June 2021 it was reported closed again. I will try to upload a screenshot shot.

Re: Synchrony bank

Anonymous — Wed, 21 Jul 2021 19:42:22 GMT

@Sandman771 wrote:
You're saying that is is reporting. So you're saying on your June Report it showed up and then in July it showed again with a current date? If I'm understanding you settled the debt. Anytime a tradeline is ended it will report for a certain number of years. 7 for credit cards. So it will be there for a number of years but the date last reported should remain the same so it gets aged and eventually hurts less and less until it falls off.

Basically it would have less affect on my credit a year out but the reported on it again basically resetting the clock on this closed settled account.

Re: Synchrony bank

Remedios — Wed, 21 Jul 2021 16:35:53 GMT

@Anonymous wrote:
Yes but the account is settled for less and closed. So that's why I'm confused. If they keep reporting on this account It will be detestation to my credit. They even taxed me on the remainder of the settlement. There should be nothing left to pay

I am a little bit confused here

You said above "never charged off" so how are you settling if there never was a charge off?

Settlements can only be made on COs, not late payments. If you were past due at 60 days, didnt pay past due and never brought it to current, that's a charge off

Re: Synchrony bank

Sandman771 — Wed, 21 Jul 2021 17:01:19 GMT

@Anonymous wrote:
Right it was settled and closed in September 2020 June 2021 it was reported closed again. I will try to upload a screenshot shot.

It should report every month but the date should remain the same. In other words it is going to say June 2021 for 7 years.

Re: Synchrony bank

Anonymous — Wed, 21 Jul 2021 19:40:15 GMT

@Sandman771 wrote:
@Anonymous wrote:
Right it was settled and closed in September 2020 June 2021 it was reported closed again. I will try to upload a screenshot shot.
It should report every month but the date should remain the same. In other words it is going to say June 2021 for 7 years.

No it hasn't reported since 9/20 now it shows 7/21. It was 60 days late in August 2020. I paid the non interest balance as a settlement and they closed the account with the note " settled for less" I was never in collections. I paid it before it got that far. The account was one of those no interest if paid by. I past my dye and the accrued interest was due. I got sick and unfortunately this account suffered. I still paid. I just don't understand the recent reporting on a closed account that is settled. It seems malicious as it dropped my credit

Re: Synchrony bank

Anonymous — Wed, 21 Jul 2021 19:40:42 GMT

@Remedios wrote:
@Anonymous wrote:
Yes but the account is settled for less and closed. So that's why I'm confused. If they keep reporting on this account It will be detestation to my credit. They even taxed me on the remainder of the settlement. There should be nothing left to pay
I am a little bit confused here
You said above "never charged off" so how are you settling if there never was a charge off?
Settlements can only be made on COs, not late payments. If you were past due at 60 days, didnt pay past due and never brought it to current, that's a charge off

It was paid currant at 60 days. They agreed to let me settle for the interest it was never charged off. I paid the full non interest due. The account was closed.

Re: Synchrony bank

Anonymous — Wed, 21 Jul 2021 17:51:07 GMT

If I knew this would be such an issue I'd would have paid for deletion or at least tried

Re: Synchrony bank

Yasselife — Wed, 21 Jul 2021 19:03:48 GMT

I used to have a collection resetting the clock multiple times, and selling the debt to other Co agencies, my Vantage score showed as new while my fico reports maintained the same clock and shown when it would be deleted.
Is this the situation you're in? Fico is what counts and what major lenders use. It'll be deleted in 7yrs, do not worry.

Re: Synchrony bank

Anonymous — Wed, 21 Jul 2021 19:41:14 GMT

@Yasselife wrote:
I used to have a collection resetting the clock multiple times, and selling the debt to other Co agencies, my Vantage score showed as new while my fico reports maintained the same clock and shown when it would be deleted.
Is this the situation you're in? Fico is what counts and what major lenders use. It'll be deleted in 7yrs, do not worry.

I understand but it's literally Synchrony resetting it. I honestly don't have 7 years. Especially if they keep resetting it. That in fact should be illegal for any debt. I am considering paying $1000 interest for a complete deletion. They even sent me a tax bill for the interest they wrote off in 2020. I don't know what to do

Re: Synchrony bank

FinStar — Wed, 21 Jul 2021 19:45:31 GMT

@800wannabe420 wrote:
I believe your Target card is serviced by TD Bank, not Synchrony.

Correct.

@Anonymous- Target was never serviced or managed by SYNCB (or previous predecessors). Before it was part of TD Bank, it was handled by Retailers National Bank -- no affiliation to SYNCB. Whatever CLD decision they made was separate from SYNCB's Adverse Action decision -- just FYI.

Re: Synchrony bank

Remedios — Wed, 21 Jul 2021 19:49:30 GMT

Nothing is being reset.

Based on what you typed, that account is a charge off now, even if it didn't start as one.

It's just them reporting account remains unpaid.

If you are interested in when it will be removed, pull copies of free annual credit report. You will be able to see either DOFD (add seven years to it to get approximate removal time), or it will have "on the record until" which tells you when the removal will occur.

The fact CO reports monthly doesn't change removal date, nothing does.

Unlike removal of positive accounts, removal of negatives is legally mandated.

Re: Synchrony bank

Anonymous — Fri, 23 Jul 2021 02:01:39 GMT

@FinStar wrote:
@800wannabe420 wrote:
I believe your Target card is serviced by TD Bank, not Synchrony.
Correct.

@Anonymous- Target was never serviced or managed by SYNCB (or previous predecessors). Before it was part of TD Bank, it was handled by Retailers National Bank -- no affiliation to SYNCB. Whatever CLD decision they made was separate from SYNCB's Adverse Action decision -- just FYI.

I figured that out from the last poster. I am only having a synchrony bank issue I mistakenly added them to the bunch