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does anyone see the irony that if you have a cap one qs you should never use the new sams mastercard inside sams club? I know to use it at sams gas but it just doesnt make any sense to me.
I got the message from them about switching to Synchrony. No new accounts, no hit to AAoA. They specifically say that there will not be an affect to Credit Scores.
No, the name change won’t impact your credit score. Your account number will stay the same, so you can continue using the card as you usually do.
@Shogun wrote:I got the message from them about switching to Synchrony. No new accounts, no hit to AAoA. They specifically say that there will not be an affect to Credit Scores.
- Will the name change impact my credit score?
No, the name change won’t impact your credit score. Your account number will stay the same, so you can continue using the card as you usually do.
Is that why the card is switching to Mastercard? I wasn't aware that the Synchrony name change for all GECB cards had anything to do with this?
@chan85 wrote:
@Shogun wrote:I got the message from them about switching to Synchrony. No new accounts, no hit to AAoA. They specifically say that there will not be an affect to Credit Scores.
- Will the name change impact my credit score?
No, the name change won’t impact your credit score. Your account number will stay the same, so you can continue using the card as you usually do.
Is that why the card is switching to Mastercard? I wasn't aware that the Synchrony name change for all GECB cards had anything to do with this?
Actually there are a couple issues here. First off, Discover is pulling the co-branding, so that's why the Discover is changing to MC. Secondly, GECB is branching their banking into it's own entity, that's why it's to be Synchrony now. We all know that when upgrading from the Walmart card to the Discover Walmart card, it was a new account and that hit the AAoA. We were concerned about if it switches from Discover to MC that they would follow that same path. However, they state they are not.
@Shogun wrote:
@chan85 wrote:
@Shogun wrote:I got the message from them about switching to Synchrony. No new accounts, no hit to AAoA. They specifically say that there will not be an affect to Credit Scores.
- Will the name change impact my credit score?
No, the name change won’t impact your credit score. Your account number will stay the same, so you can continue using the card as you usually do.
Is that why the card is switching to Mastercard? I wasn't aware that the Synchrony name change for all GECB cards had anything to do with this?
Actually there are a couple issues here. First off, Discover is pulling the co-branding, so that's why the Discover is changing to MC. Secondly, GECB is branching their banking into it's own entity, that's why it's to be Synchrony now. We all know that when upgrading from the Walmart card to the Discover Walmart card, it was a new account and that hit the AAoA. We were concerned about if it switches from Discover to MC that they would follow that same path. However, they state they are not.
I interpert that statement about the name change to mean no new accounts/AAoA impact because of the Synchrony name change only. The change to MC seems like a totally seperate issue that would warrant its own FAQ bullet point from them at some point. Is there something else that you have read that specifically addresses the co-branding?
The name change from GEMB to GECRB to its new name shouldn't cause alarm for anyone - other banks have done this over the years, such as when MBNA became BoA/FIA. Or when Comenity became the new name for World Financial Network National Bank (WFNNB); the name changed on the existing accounts, retaining the same AAoA. We might see a hiccup from a credit monitoring service that sees the new name, but on the actual report/disclosure the old name will simply be replaced with the new. AAMOF, I had a Pier1 account that went through a few different hands after I closed it, and it currently says "Chase" on it.
The situation with Capital One selling off the HSBC accounts is interesting, but in some cases may be beneficial since the "CITI" line on the report has the combind AAoA from the accounts original opening date.
The change from Discover to Mastercard is one we have yet to see how it will affect everyone. They could simply update the account number, much like renaming the bank name, in which case the AAoA at all. I have seen some lenders "close" one entry on the CR and then "open" another entry for even a lost or stolen credit card, which is one of the reasons I don't think the TD First Class Visa is truly "first class".
So are the walmart store cards converting to MC's as well or only the co-branded discover cards? Sorry, I may be out of the news on this one. Thanks for the info
@Sunshinebiz wrote:So are the walmart store cards converting to MC's as well or only the co-branded discover cards? Sorry, I may be out of the news on this one. Thanks for the info
The backer, GE is switching to Synchrony. Their Discover cards are switching to Mastercards. The store cards will still be store cards, just under Synchrony vs GECRB.
I just received notification of the change on my statement. It sounded like it would be a AAoA hit but not quite sure. Hopefully it isn't one.
@maiden_girl wrote:I just received notification of the change on my statement. It sounded like it would be a AAoA hit but not quite sure. Hopefully it isn't one.
Mine has already changed from GE to Synchrony on my CR. There was no impact at all.