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The Synchrony Effect

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Anonymous
Not applicable

Re: PayPal CREDIT / SYNCHRONY Info !!!


@Anonymous wrote:

Hey all Mazumps!

 

Have not posted probably in 1.5 years, but I wanted to post and let everyone know that I spoke to a PayPal Creidt Superviosr on Friday, who informed me that they will still NOT BE REPORTING this LOC to credit even with Synchrony's takeover. Interest rate is changing, and no more "no minimum payment" promos, because, well, Synchorny is a FLART! Smiley Very Happy 

 

If anyone cares to follow this up and call as well, let me know if you get the same answer! But so far, I was told that PayPal will still be a hidden TL - here is HOPING !!!


I hope this is true. Im MAX to my Paypal Credit limit and enjoyed hidden TL and 6 months interest free.. Cross my fingers!

Message 61 of 88
Anonymous
Not applicable

Re: PayPal CREDIT / SYNCHRONY Info !!!


@Anonymous wrote:

@Anonymous wrote:

Hey all Mazumps!

 

Have not posted probably in 1.5 years, but I wanted to post and let everyone know that I spoke to a PayPal Creidt Superviosr on Friday, who informed me that they will still NOT BE REPORTING this LOC to credit even with Synchrony's takeover. Interest rate is changing, and no more "no minimum payment" promos, because, well, Synchorny is a FLART! Smiley Very Happy 

 

If anyone cares to follow this up and call as well, let me know if you get the same answer! But so far, I was told that PayPal will still be a hidden TL - here is HOPING !!!


I hope this is true. Im MAX to my Paypal Credit limit and enjoyed hidden TL and 6 months interest free.. Cross my fingers!


Same here, looks like there are conflicting answers in this fourm. If Paypal actually keep this hidden tradeline great, otherwise it would tank my credit score deeply.  Did you know that if you did go over the limit, Paypal could give you CL increase. 

Message 62 of 88
Anonymous
Not applicable

Re: PayPal CREDIT / SYNCHRONY Info !!!

I hope his is true I enjoy it hidden would be a shame it reveals I’m holding a balance lol
Message 63 of 88
Credit_hawk
Established Contributor

Re: PayPal CREDIT / SYNCHRONY Info !!!

I noticed some on here and PayPal’s Facebook have mentioned their interest rate will be increasing to as much as 26%.

How were you notified? I posted my letter that I received from PayPal on this thread and it never mentioned a rate increase. Did they send out two letters? Does this mean it’s not a blanket increase for everybody but rather it’s based on your credit factors and some will retain the 19.99%?
FICO- Experian: 797, TransUnion: 781, Equifax: 804 (Updated Monthly)
Message 64 of 88
AverageJoesCredit
Legendary Contributor

Re: PayPal CREDIT / SYNCHRONY Info !!!

Looks like some will retain their original rate. Maybe those who actually use it alot? I hardly use mine but I've adopted a pif mentality whenever possible. In the 700 across the board so not sure how my scores would push to higher apr alone.
Message 65 of 88
Anonymous
Not applicable

Re: PayPal CREDIT / SYNCHRONY Info !!!


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

Hey all Mazumps!

 

Have not posted probably in 1.5 years, but I wanted to post and let everyone know that I spoke to a PayPal Creidt Superviosr on Friday, who informed me that they will still NOT BE REPORTING this LOC to credit even with Synchrony's takeover. Interest rate is changing, and no more "no minimum payment" promos, because, well, Synchorny is a FLART! Smiley Very Happy 

 

If anyone cares to follow this up and call as well, let me know if you get the same answer! But so far, I was told that PayPal will still be a hidden TL - here is HOPING !!!


I hope this is true. Im MAX to my Paypal Credit limit and enjoyed hidden TL and 6 months interest free.. Cross my fingers!


Same here, looks like there are conflicting answers in this fourm. If Paypal actually keep this hidden tradeline great, otherwise it would tank my credit score deeply.  Did you know that if you did go over the limit, Paypal could give you CL increase. 


Yessss we are on the same boat. Ill be 95% utilization if no more hidden TL and for sure it will be tank my credit score. I just take advantage for full 6 months interest free and it will paid all down in 6 months automaticaly. I just need more "TIME". hehe.

Message 66 of 88
UncleB
Credit Mentor

Re: PayPal CREDIT / SYNCHRONY Info !!!


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

Hey all Mazumps!

 

Have not posted probably in 1.5 years, but I wanted to post and let everyone know that I spoke to a PayPal Creidt Superviosr on Friday, who informed me that they will still NOT BE REPORTING this LOC to credit even with Synchrony's takeover. Interest rate is changing, and no more "no minimum payment" promos, because, well, Synchorny is a FLART! Smiley Very Happy 

 

If anyone cares to follow this up and call as well, let me know if you get the same answer! But so far, I was told that PayPal will still be a hidden TL - here is HOPING !!!


I hope this is true. Im MAX to my Paypal Credit limit and enjoyed hidden TL and 6 months interest free.. Cross my fingers!


Same here, looks like there are conflicting answers in this fourm. If Paypal actually keep this hidden tradeline great, otherwise it would tank my credit score deeply.  Did you know that if you did go over the limit, Paypal could give you CL increase. 


There seems to be conflicting answers because none of us actually has the answer... all we can do is speculate what will happened based on Synchrony's behavior in the past, which has been inconsistent.

 

Nobody will really know what's going to happen until it happens.

Message 67 of 88
coldfusion
Community Leader
Mega Contributor

Re: PayPal CREDIT / SYNCHRONY Info !!!


@Credit_hawk wrote:
I noticed some on here and PayPal’s Facebook have mentioned their interest rate will be increasing to as much as 26%.

How were you notified? I posted my letter that I received from PayPal on this thread and it never mentioned a rate increase. Did they send out two letters? Does this mean it’s not a blanket increase for everybody but rather it’s based on your credit factors and some will retain the 19.99%?

FWIW I got the same letter you did - 19.99% as quoted on the first page.

 

(11/2024)
FICO 8 (EX) 850 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 68 of 88
DaveInAZ
Senior Contributor

Re: PayPal CREDIT / SYNCHRONY Info !!!


@coldfusion wrote:

@Credit_hawk wrote:
I noticed some on here and PayPal’s Facebook have mentioned their interest rate will be increasing to as much as 26%.

How were you notified? I posted my letter that I received from PayPal on this thread and it never mentioned a rate increase. Did they send out two letters? Does this mean it’s not a blanket increase for everybody but rather it’s based on your credit factors and some will retain the 19.99%?

FWIW I got the same letter you did - 19.99% as quoted on the first page.

 


I got the same letter, but my APR was raised from 19.99% to 25.49%. Doesn't bother me, I would never pay Comenity's 19.99%, and sure as heck will never pay Synch 25.49%. My TU Fico is around 715, I'm thinking the increase may be because I already have $28k CL between Walmart, Lowes & PayPal 2% MC and my Paypal Credit CL is $4k. I really don't want a 4th credit line with Synchrony, but I'll see what happens.

Message 69 of 88
Anonymous
Not applicable

Re: PayPal CREDIT / SYNCHRONY Info !!!


@Anonymous wrote:

@Anonymous wrote:

Hey all Mazumps!

 

Have not posted probably in 1.5 years, but I wanted to post and let everyone know that I spoke to a PayPal Creidt Superviosr on Friday, who informed me that they will still NOT BE REPORTING this LOC to credit even with Synchrony's takeover. Interest rate is changing, and no more "no minimum payment" promos, because, well, Synchorny is a FLART! Smiley Very Happy 

 

If anyone cares to follow this up and call as well, let me know if you get the same answer! But so far, I was told that PayPal will still be a hidden TL - here is HOPING !!!


I hope this is true. Im MAX to my Paypal Credit limit and enjoyed hidden TL and 6 months interest free.. Cross my fingers!


My SO has a Paypal Credit since 2008 and received the letter notifying about the migration. We called Paypal to inquire whether Synchrony will report Paypal Credit as a new TL after the transition. And a nice lady named Amber said that they have brought that topic up during their meetings, and that at this time, they are still waiting on management to come to a decision whether this product will report to the CRA or will remain as a hidden TL. She said that at this time, there are no changes to the it's current features, and that it is currently still a hidden TL and will most likely remain that way even after Sync takes over, and in the event that they do decide in future, to start reporting, a notice or a letter will be mailed out to the account holders notifying them of the change. She said that apart from the new terms in place for the 6 mos. payment plan (which now requires a minimum payment) everything else will remain the same.

Message 70 of 88
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