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Anybody else get an email about Paypal changing terms

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Regular Contributor

Re: PayPal Credit going to Synchrony Bank???


@carbatonic wrote:

Well I called and got an answer--

 

They will be generally reporting, not just delinquencies. I was told it will start no earlier than September.

 

The reporting will start from when Synch officially takes over in June, no back reporting.

 

It will only show positive/negative payments, no balance info.

 

If you pay off totally before June, no reporting.


May I ask who you called to get this info?

Also, you said the reporting will start no earlier than September, and then said it would start in June - could you clarify which it is? 

Message 41 of 179
New Member

Re: PayPal Credit going to Synchrony Bank???

I called customer service and spoke to the agent. He asked a higher up to clarify the questions I asked that he wasn't sure of the answers to.

 

In regards to the months, September or later is when data is supposed to actually be showing up in people's credit reports. At that time, the data on people's reports is only supposed to go back as far as June 2019, when the full transfer to Synch happened. So there will be a little bit of backlog of reporting, but not all the way back to when the account was opened, or even before Synch's tenure.

 

I'm sure this could change, but that is supposedly where it stands as of now.

Message 42 of 179
Senior Contributor

Hidden TL ?

Seeing all the comments about PPC possibly starting to report has caused me to wonder.   Whats the big deal?

 

If you are managing this account in a positive manner, such as making payments on time, keeping util low, etc.  Then what is the advantage to it being a hidden tradeline?

 

If you have negative info that the advantage is obvious. 


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Garden Goal is All Reports Clean

Message 43 of 179
Community Leader
Super Contributor

Re: Hidden TL ?

If it reports, it will make the account no different than having a Paypal Credit card. Imo. I hardly use mine anyway so, mehSmiley Wink
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Message 44 of 179
Community Leader
Senior Contributor

Re: Hidden TL ?

In my case I always use the 0% interest for 6 months and use it for a big purchase. So I max it out to take advantage of the no interest and prefer it hidden.
EXP 753 TU 781 EQ 733
Message 45 of 179
Super Contributor

Re: Anybody else get an email about Paypal changing terms

If they start reporting this line, they’ll have to completely restructure how it works since the most common way to even get a CLI is to try to spend more than your available credit. 

 

I really can’t see Sync suddenly risking losing all of the customers who have these lines of credit, especially since their credit UW requirements are higher for these than for their cards. 



01/2019:
10/2019:

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Goal cards: Cash+, Freedom.
Message 46 of 179
Highlighted
Regular Contributor

Re: Hidden TL ?


@Jnbmom wrote:
In my case I always use the 0% interest for 6 months and use it for a big purchase. So I max it out to take advantage of the no interest and prefer it hidden.

Exactly!

 


Message 47 of 179
Moderator

Re: Anybody else get an email about Paypal changing terms


@Saeren wrote:

If they start reporting this line, they’ll have to completely restructure how it works since the most common way to even get a CLI is to try to spend more than your available credit. 

 

I really can’t see Sync suddenly risking losing all of the customers who have these lines of credit, especially since their credit UW requirements are higher for these than for their cards. 


What is the basis for this statement?  Are you familiar with the actual UW methodology that Comenity used or what SYNCB currently uses for applicants?   With the difference on how CLI originations typically occur, the product structuring would be no different than some of their other products that offer deferred payment plans. 

Message 48 of 179
Senior Contributor

Re: Anybody else get an email about Paypal changing terms

I'm not sure Synch's underwriting for PP Credit is higher than for their cards, but it seems to me they consider PP Credit more of a risk than many of their cards. My Synch PP Cashback MC with $10k CL has a 18.24% APR. My PP Credit w/$4k CL had an APR of 19.99% with Comenity but as soon as Synch took it over they raised it to 26.24%, a good part of the reason I closed it last month. I normally don't care what APR my CC accounts have as I never carry a balance unless it's a 0% BT or intro. But raising my PP Credit from 19.99% to 26.24% was just insulting with a 730 TU Fico8. But I was also insulted by their new $27 minimum payment, it makes their "6 months 0% for $99 or higher" false advertising in my opinion. If you take their deferred financing for a $100 purchase the most you'll get is 4 months 0% because the $27 minimum payment makes you pay it off by 4 months. May be nick picking, but between the insulting APR & minimum payment the account became useless to me so I closed it, and good riddance.


Fico 08: 734/716/734 TU/EX/EQ
Message 49 of 179
New Contributor

Re: PAYPAL credit after synchrony switch

Any updates on this? I thought of this thread a few days ago (April 16) after I received an email from Synchrony about my PayPal Credit account (formerly Bill Me Later/ Comenity). It seemed very dated as it seemed to state the obvious and what I thought had already been the case: Synchrony was now servicing my account and has changed the account terms. E.g. the late payment fee is going up and there are new rules related to the Minimum Due amount. 

There are several other changes, too, including verbiage about possible Credit Bureau Reporting that will go into effect in June 2019...

 

Perhaps I am misreading the email? Did Synchrony not immediately take over all servicing during the switch last year?

I'm on a debt-free journey, y'all.
Message 50 of 179
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