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PayPal credit no longer a hidden tradeline??

Highlighted
Epic Contributor

Re: PayPal credit no longer a hidden tradeline??

"IF" PayPal Line of Credit should Report Wrong;

 

any thoughts from the Experts on incorrect reporting?

what would be our recourse on incorrect Reporting?


Could This Fall Under the FCRA?

"The Fair Credit Reporting Act, 15 U.S.C. § 1681,
is U.S. Federal Government legislation enacted to promote the accuracy,
fairness, and privacy of consumer information contained in the files of consumer reporting agencies.
It was intended to protect consumers from the willful and/or negligent inclusion of inaccurate information in their credit reports.
To that end, the FCRA regulates the collection, dissemination, and use of consumer information, including consumer credit information."

 

Does anyone know, How Their New Account is Reporting?,

is it Reporting as "Revolving Credit"? or A "Line of Credit"?

 

"if" (The Big "IF") it reports as a line of Credit, This could Be Benificial For Some.

Trying to look at the Positive Side of This, now that i am awake.

Message 51 of 146
Highlighted
Super Contributor

Re: PayPal credit no longer a hidden tradeline??

It’s a revolving line of credit, it should report as one and thus affect utilization and other revolving factors shouldn’t it?



Message 52 of 146
Highlighted
Senior Contributor

Re: PayPal credit no longer a hidden tradeline??


@M_Smart007 wrote:

"IF" PayPal Line of Credit should Report Wrong;

 

any thoughts from the Experts on incorrect reporting?

what would be our recourse on incorrect Reporting?


Could This Fall Under the FCRA?

"The Fair Credit Reporting Act, 15 U.S.C. § 1681,
is U.S. Federal Government legislation enacted to promote the accuracy,
fairness, and privacy of consumer information contained in the files of consumer reporting agencies.
It was intended to protect consumers from the willful and/or negligent inclusion of inaccurate information in their credit reports.
To that end, the FCRA regulates the collection, dissemination, and use of consumer information, including consumer credit information."

 

Does anyone know, How Their New Account is Reporting?,

is it Reporting as "Revolving Credit"? or A "Line of Credit"?

 

"if" (The Big "IF") it reports as a line of Credit, This could Be Benificial For Some.

Trying to look at the Positive Side of This, now that i am awake.


I thought "Revolving Credit" and "Line of Credit" were the same. What matters most to me is the "Open Date".

American Express: Platinum Charge, Optima, Business Gold, Delta Business Platinum
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture VS
Chase: Freedom U VS, CSR VI
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity VS
Credit Union: Rewards Visa
FICO 08: (8.12.20) EX: 835 / EQ: 846 / TU: 834
Message 53 of 146
Highlighted
Regular Contributor

Re: PayPal credit no longer a hidden tradeline??

It can't see it on my MyFico report yet because it hasn't updated since I opened the acct but on my other monitoring site it's listed as "revolving charge account"

Message 54 of 146
Highlighted
Epic Contributor

Re: PayPal credit no longer a hidden tradeline??


@sjt wrote:

@M_Smart007 wrote:

 

 

"if" (The Big "IF") it reports as a line of Credit, This could Be Benificial For Some.

Trying to look at the Positive Side of This, now that i am awake.


I thought "Revolving Credit" and "Line of Credit" were the same. What matters most to me is the "Open Date".


Yes, you are correct, i was thinking Installment Loan, which would report different.

so totally my goof up. (Very Long Day Yesterday)

 

Mine was initially Bill Me Later Account Originally, opened long time ago.

Mine Changed From Bill Me Later on or around Sep 28, 2014 at 6:42 AM (email)

"How a Personal Line of Credit Can Impact Credit Scores

Like a credit card account, a personal line of credit is a form of revolving credit in which a lender authorizes you to borrow against an approved credit limit and make repayments in variable amounts over time. Also like a credit card account, your management (or mismanagement) of a personal credit line can have a major impact on your credit scores.

Both the FICO® Score and VantageScore® credit scoring systems give significant weight to your handling of revolving credit. More specifically, they are sensitive to credit utilization—the percentage of your borrowing limit that you owe at any given time. Most credit scoring experts recommend keeping utilization below 30%—on each revolving account individually and on all of them combined—to avoid lowering your credit score. For more information on credit utilization, including detailed instructions on how to calculate it, see "What Is a Credit Utilization Rate?"

If you use more than about 30% of the borrowing limit on a personal LOC, you can expect your credit scores to go down and to stay somewhat depressed until you repay enough of the balance to get utilization back below 30%".

 

so yes, it would be all about Utilization and Most important, "The Date Opened"

Utilization Has No Memory, so that can be rectified easily.

 

it will be interesting so see how they report The Account opened date.

Message 55 of 146
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Established Contributor

Re: PayPal credit no longer a hidden tradeline??

It sounds to me like for now there are two PayPal Credit systems, the Comenity system and Synchrony system. Anyone that recently applied is now put directly on the Synchrony system along with the associated new line reporting. Anyone that applied in the past before applications were switched over is still on the Comenity system. In September the Comenity systems accounts will be moved over to Synchrony and at that time all of them will begin to report. Considering that Synchrony has a habit of marking one account closed and making a new line of credit report when fraud occurs I am going to go out on a limb and say that it will probably report with the current date of the switch. I can see all of the people expecting to app for Chase at 4/24 getting a surprise that PayPal Credit finally showed up.

TU:758 06/19/20 Bank of America--EX: 776 06/10/20 Experian--EQ:810 09/25/18 Citi--Gardening since 07/02/20
Active:
Bank of America (Better Balance Rewards M, Cash Rewards WM, Cash Rewards VS), Blispay V, Capital One (Quicksilver VSC, Walmart WMC), Chase(AARP VSC, Amazon Prime VSC, Freedom VSC, Slate VC), Citi Dividend MC, Citizens GreenSense MC, Discover It C, FedEx Employee Credit Association V, FNBO Ducks Unlimited VS, HSBC Cash Rewards WMC, PenFed Platinum Rewards VSC, Synchrony Bank(PayPal Credit, PayPal 2% Cashback M), UMB Bank Simply Rewards V[Milford Federal], US Bank (Altitude Go VSC, Cash+ VSC)
Wishlist: AOD Signature, Bellco Colorado Rewards, EBates, Marvel, Nusenda Platinum Cash Rewards, PenFed Pathfinder, Security Service Power Travel Rewards, Vantage West Connect Rewards, Wells Fargo Propel
Message 56 of 146
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Frequent Contributor

Re: PayPal credit no longer a hidden tradeline??

I just got a alert on credit karma that my syncb/pay pal credit changed to pay pal smart connect credit



MAJOR BANK CARDS


Amex BC 15k, Amex CM 1500, Amex Delta 1k, BBT Travel 4500, BBVA 6900,
CAP1QS 2600, DIscover 3300, Marvel MC 6000, Wells Fargo CR 4500
Blispay 2k
CREDIT UNION CARDS Dcu 2k , Robbins 10k ,united1st 5k
STORE CARDSAmazon 10k , HomeDepot 5k , Pay pal 4k , Wal mart 6k ,Lowes 12k


Message 57 of 146
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Regular Contributor

Re: PayPal credit no longer a hidden tradeline??


@howellco2 wrote:
I just got a alert on credit karma that my syncb/pay pal credit changed to pay pal smart connect credit

Is that for Paypal credit or the Paypal card?

Message 58 of 146
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Moderator Emeritus

Re: PayPal credit no longer a hidden tradeline??


@slither43 wrote:

@howellco2 wrote:
I just got a alert on credit karma that my syncb/pay pal credit changed to pay pal smart connect credit

Is that for Paypal credit or the Paypal card?


Yeah that doesn't sound accurate since the PPC portfolio hasn't fully transitioned.  Typically, most PayPal Smart Connect accounts are converted to a standard PayPal MC Extras product IIRC. 

Message 59 of 146
Highlighted
Valued Contributor

Re: PayPal credit no longer a hidden tradeline??

This is starting to sound like another Synch account I'll be putting on the chopping block... The only reason I went for it in the first place was the hidden line. I'll pay mine off next month and see what happens in the coming months.

Amex PRG (NPSL), Amex Blue Cash ($24K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($22.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($15K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K), PenFed PCR ($3500), Bank of the West CB MC ($3K)
Message 60 of 146
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