Lesson learned not to use Synchrony cards for large purchases

[Vegas4Play]

I wonder what their reasoning is behind the mid,.. whenever you make a purchase, ... hurry up and report the balance is all about. It is like they are trying to make you look bad to other lenders.

[glamchick]

Good question Vegas!   Seems like its just more work for them to report so often.  But I am glad I started this thread to warn others about how they report.   I feel bad for someone getting ready to buy a house or a car that month and they charge on a Synchrony card not knowing they are going to loose points because they immediately report balances

[ryox03]

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@glamchick wrote:

I know Synchrony can be funny the way they report but this just upset me.   My statement balance was $25 on my Stash Rewards Card.   The statement cut last Friday and was posted on Saturday "statement balance $25".   I used the card for a large purcchase on Sunday, the charge posted on Tuesday and I was going to pay it in full today.   Well I received an alert that my new balance was $700 on my credit reports!!!  What?  It wasnt even on my card for maybe a day.   anyways lesson learned never to use this card for a large purchase because they will report you again with the new balance!  Which messes up my utilization.  I am sure once I pay it in full they will not report it again

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Personally, this is only really a concern if you plan on applying for new credit. It's not a permanent scar on your credit report. Now it is definitely something you can keep in mind going forward though!

[Anonymous]

fortunately I have only one card through synchrony which should arrive soon (walmart store card). It seems Ive heard alot of horror stories about them. Mainly complaints of them lowering limits drastically after customers pay off huge balances. 

fico 677 TU---660-EQ---665EX

amex BCE 2000$--cap1 QS 1500$--Dicover it 7500$--BOA rewards 500$--BECU 2500$--Chase FRedom unl. 2000$ Walmart store card approved 1100 CLI 3500 same day 

[Anonymous]

Don't be scared by the comments made on Synchrony accounts.

I've had two account with them for a long time - Walmart and Amazon - and I've never had a problem, as long as I do my part and remember to pay them on time.

Yes, they do mid-cycle reporting if you use your card for a large amount, but as mentioned above, it's a temporary thing that causes no lasting damage to a credit score (assuming it gets paid off anyway) and for a lender who was willing to open accounts for me when my score was low, and who has steadily increased my limits since then until now they are waaaay more than I'd ever spend at either place in a year or more, never mind in a month, I'm okay with their oddball practice of midcycle reporting.  I'll deal with a few point here or there if and when it happens.  

[ryox03]

It cuts both ways. I just paid off my walmart card to zero and they reported it days later. I did not have to wait until the next statement.

[ladybug2016]

So glad to see this post.  I was wondering about this as I recently got a Walmart card, statement cut 2 days after I used it for just $15 so it reported $15, no big deal. Then 2 days later or so I used it to charge $40 and they reported it again. I thought that was so odd.  Small amount but still odd that they report like that. I'll pay it and see if they report it right away......