cancel
Showing results for 
Search instead for 
Did you mean: 

PayPal credit no longer a hidden tradeline??

Highlighted
Regular Contributor

Re: PayPal credit no longer a hidden tradeline??

Not true.
Any account closed before the transition would not be reported as it would not transfer over to the handoff to synchrony. Anyone with an account now is still on the grandfathered system and any new accounts opened now would be on the new system.
Message 81 of 146
Highlighted
New Contributor

Re: PayPal credit no longer a hidden tradeline??


@atst2000 wrote:
Not true.
Any account closed before the transition would not be reported as it would not transfer over to the handoff to synchrony. Anyone with an account now is still on the grandfathered system and any new accounts opened now would be on the new system.

We will see what happens after June 19th, rather we will face the music or not Smiley Happy

Message 82 of 146
Highlighted

Re: PayPal credit no longer a hidden tradeline??

This is another area that is confusing.  Technically, Synchrony already owns the accounts right?  For all intents and purposes, the "transfer" has been done, the full servicing just hasn't started yet, right?  There is still so much still up in the air it seems.  For those that would be put in a bad position if this account were to start reporting, I would say get out asap.  I'm going to hold out, even though I have over 50% UTI on the account, it really won't affect my overall UTI, and I can focus on throwing more money at this one before it starts reporting.  But Sync is going to have to do something to entice people to keep this account open, THAT will be interesting.  I would guess that most people use PPC because of the special financing offers, or the hidden tradeline... and that it's really easy to get (especially for those that started when it was BML, I'm not sure if it's still as easy as it was back then).  I'm still interesting to see if they keep it as more of a LOC with the special financing, I personally think that would be their wisest move for customer retention. I really wish they would just tell us exactly how this is going to go down Smiley Frustrated

As of 5/8/19
Fico 8: EX 706, EQ 729, TU 739. Vantage 3.0 763 TU/EQ (hoping for a decent increase during 6/2019 update due to large drop in utilization)
Capital One Venture Card- 12500, Discover IT Cash Back- 6500, Ebates Visa - 8500, Chase FU - 2000, American Express Everyday - 3000, Ulta MC - 2800, Lowe's - 15000, Barclaycard - 2200, Amazon - 5000, Paypal Credit - 5400, HSN - 6050, Overstock - 3000, Care Credit - 2000, Discover IT Chrome - 8500, Amex Cash Magnet - 7200
1 installment loan through Enerbank 4,600
Wells Fargo Mortgage for 17 years
Message 83 of 146
Highlighted
Community Leader
Mega Contributor

Re: PayPal credit no longer a hidden tradeline??

Agree @cruisergirl1023 Smiley Happy

How do they entice us to keep the account open. Sure the 6 months promos are nice but not being hidden will that be enough? I hardly use mine as it is and even when i made a purchase or 2 on ebay and selected PPC so i had option to make hidden payments, now its just easier to use my MC 2% instead for some rewards. If you asked me to choose in applying for a MC 2% CB card or a LOC that are both open tradelines, ill take the 2% everday and twice on Sunday. Id imagine in August people will start receiving lots of mailSmiley Wink
Message 84 of 146
Highlighted
Senior Contributor

Re: PayPal credit no longer a hidden tradeline??


@yankees992012 wrote:

@Peazmom wrote:

@atst2000 wrote:

Ok so bad news everyone.  I just called PayPal-Credit and spoke to a CSR.  She was very confident when she gave me this answer by the way.  She said it defintely WILL report to the credit reports starting in August AND will show up as a new account for AAoA and will show only history from June 2019.  So for example it will show on everyone's CR as

 

PAYPALCREDIT/SYNC

Account Opened June 2019

 

Will show history from June 2019-when it report in August 2019 NOT when you opened it (Which for me is 2013).

 

I will be paying off and closing my account before June so not sure what everyone else wants to do, but there you have it Smiley Sad

 

You have until June 19 effectively to close it for it not to report from what it sounds too.


I will definitely shut mine down.  The last thing I want/need right now is a brand new account reporting.  😖


Actually even if you closed the account today, it would still report as new account with most current credit limit. Only difference would be, listed as closed account/paid on your consumer reports. 


Not nessessarily. If they decide to report as new accounts, it could be likely that they would only report open accounts.

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 85 of 146
Highlighted
Senior Contributor

Re: PayPal credit no longer a hidden tradeline??

I opened my Paypal Credit Account back in March, and when I got the welcome email, it stated that the account was serviced by Synchrony. It has never been reported to the CRA's, but even if it does later this year, I would sure hope that they report my opening date of March 25th, and for all of you that have been transitioned from Comenity to Synchrony with long account ages.

 

When my eBay MC was never delivered, and Synchrony reissued the card, the new one reported with the original open date as the closed one. I would sure hope they have gotten better with reporting things properly.








Message 86 of 146
Highlighted
Senior Contributor

Re: PayPal credit no longer a hidden tradeline??


@atst2000 wrote:

Ok so bad news everyone.  I just called PayPal-Credit and spoke to a CSR.  She was very confident when she gave me this answer by the way.  She said it defintely WILL report to the credit reports starting in August AND will show up as a new account for AAoA and will show only history from June 2019.  So for example it will show on everyone's CR as

 

PAYPALCREDIT/SYNC

Account Opened June 2019

 

Will show history from June 2019-when it report in August 2019 NOT when you opened it (Which for me is 2013).

 

I will be paying off and closing my account before June so not sure what everyone else wants to do, but there you have it Smiley Sad

 

You have until June 19 effectively to close it for it not to report from what it sounds too.


I think the CSR you spoke too did not give you accurate information. It was "here say" on their part. Several folks had recently spoke with Customer Service and all those CSR told them they did not have any information on how Sync would report these accounts.

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 87 of 146
Highlighted
Senior Contributor

Re: PayPal credit no longer a hidden tradeline??

Im going to keep contacting Sync to get the most updated information on how they will report the accounts.

Here is my logic for Sync reporting the actuial date opened:

  1. It is not a new account, but an aquired or transferred account.
  2. They would have to use the actual date the account was opened in the "Date Open" otherwise it is inaccurate reporting of an account. Can you imagine the amount of disputes the CRA would get, not to mention the complaints the CFPB would receive. Also, not reporting the actual date could be a violation of CRA reporting standards.
  3. Listing/not listing credit history is not the same as "Date Opened".

 

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 88 of 146
Highlighted
Moderator Emeritus

Re: PayPal credit no longer a hidden tradeline??


@AverageJoesCredit wrote:
Agree @cruisergirl1023 Smiley Happy

How do they entice us to keep the account open. Sure the 6 months promos are nice but not being hidden will that be enough? I hardly use mine as it is and even when i made a purchase or 2 on ebay and selected PPC so i had option to make hidden payments, now its just easier to use my MC 2% instead for some rewards. If you asked me to choose in applying for a MC 2% CB card or a LOC that are both open tradelines, ill take the 2% everday and twice on Sunday. Id imagine in August people will start receiving lots of mailSmiley Wink

Two things? 1) what mastercard do you use for 2%? 2) how to keep you using the account? ... a Cow Prod ... screamer.gif

Starting Score: 300
Current Score: 850
Goal Score: 850


Take the myFICO Fitness Challenge
Message 89 of 146
Highlighted
Epic Contributor

Re: PayPal credit no longer a hidden tradeline??

@CreditCuriosity
"It should have to keep its history or can be disputed as if you report you must report "accurately" and if they don't use the correct open date that isn't accurate reporting in my books.
Just cause they acquired it doesn't get them past that unless to explicity say it will be a new account. I see possibly alot of mad people me being one of them if this is true and not take it without a fight if i don't have original open date/history"

+1

 

@ Adkins
"Exactly! I'm going to leave it and I will fight the opening date if they don't back date the account. "

+1

 

I am absolutely in Agreement, If it Reports as a New Account, I will dispute it. if it does not report properly,

I will fie a complaint with the CFPB.

I am keeping My Old Account From BillMeLater open.

 

The Fair Credit Reporting Act (FCRA), 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.[1] Together with the Fair Debt Collection Practices Act (FDCPA), the FCRA forms the foundation of consumer rights law in the United States. It was originally passed in 1970,[2] and is enforced by the US Federal Trade Commission, the Consumer Financial Protection Bureau and private litigants.

Message 90 of 146
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.