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Anybody else get an email about Paypal changing terms

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New Member

PayPal CREDIT to report in JUNE ???

Hey folks - been awhile since I have been on these forums ! I just wanted to get people to weigh in on this, as I just recieved an email from PAYPAL CREDIT stating new changes comnig as of the end of JUNE 2019, as a result of Synchorny's buyout! Check your emails, PayPal Credit holders ... They list:

 

* Increase in late fee from $38 - $39

* Credit Reporting: "We MAY report account acitvity to credit bureaus, etc etc ..." !!! I called PayPal Credit and the agent stated that this may occur for only late payments, or may be all account activity - they are not yet aware. I was wondering if anyone else phoned in about this yet to see what answers they received (as we all know, every new rep = new answer!) She stated that while PayPal has never reported account activity, they may do so now that Synch has fully taken over, but this is not set in stone and may only occur on delinquent accounts.

 

If anyone has any further info or input, please weigh in -- this could really rattle a lot of people's profiles, especially if it reports as revolving credit card vs. a loan etc. Any information would be greatly appreicated!

Message 11 of 179
Frequent Contributor

Re: PayPal CREDIT to report in JUNE ???

I also just saw this email and came here to get more info. 

793 TU FICO.
Message 12 of 179
Community Leader
Super Contributor

Re: PayPal CREDIT to report in JUNE ???

This email has been discussed recently. Too early to tell if it will report but many of us believe its just to let you know if you default it can be reported to the bureaus. I dont see it reporting seeing as Sync has alot of Paypal accounts that do but one never knows til it happensSmiley Wink
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Message 13 of 179
Senior Contributor

Re: PayPal CREDIT to report in JUNE ???

Even when it was Comenity I always figured that if you ever went into default the "hidden tradeline" wouldn't be so hidden pretty quickly. It's an "honor among theives" kind of thing - "Hey other lenders! This guy is a deadbeat!" Smiley LOL


Fico 08: 734/716/734 TU/EX/EQ
Message 14 of 179
New Member

Re: PayPal CREDIT to report in JUNE ???

Agree so far with you all — PayPal credit cant seem to tell me if it will or if it won’t. Some of our accounts are years and years old so if it reports as new, will also affect AAoA which nobody wants. I certainly hope it doesn’t for one - anybody who calls and gets a more direct answer, or emails, report back ... of course there is little way to know with the frontline reps!

Either way, this thread should yield some interesting posts from fellow PayPal credit people !
Message 15 of 179
Senior Contributor

PayPal Credit going to Synchrony Bank???

Did anyone else get an email this morning saying that their PayPal credit line was going to Synchrony Bank? 

***

We are writing to let you know that Synchrony Bank, the Lender for your PayPal Credit account, will now be servicing your account and is also updating the account terms, which include the Account Agreement, E-SIGN Consent and Privacy Policy applicable to your account. Please read this communication and the associated documents carefully and in their entirety as they contain important information for your account, and keep these important documents for your records. 

***

It looks like it is no longer going to be a hidden line of credit, among other changes. 

 

My payment was late by half an hour the other day, so I'm wondering if this is the result of that or if this is being done across the board.

 

 

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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 16 of 179
Frequent Contributor

Re: PayPal Credit going to Synchrony Bank???

It’s been with Synchrony for a while now.

As for the hidden tradeline, every time a new update in terms is sent out, the discussion renews on if it will remain a hidden tradeline. In the end, no one really knows what Synchrony will do with it in the future.
Personal Credit -
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BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome
Synchrony: PayPal 2%, PayPal Credit
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AU Cards: Citi Rewards+

Business Credit-
AMEX: Blue Business Plus, Amazon Prime, Simply Cash Plus
Message 17 of 179
Senior Contributor

Re: PayPal Credit going to Synchrony Bank???

Well, this is the email I received this morning. They are making changes, which were in the email. So I'm wondering if this is happening across the board or if this is because I made my last payment just after midnight, so it was late. 

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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 18 of 179
Senior Contributor

Re: PayPal Credit going to Synchrony Bank???

Here's some of what was in the email:

 

Other Changes to Your Account Agreement
Unless otherwise specified, the changes listed below will be effective on your account as of June 23, 2019 and are reflected in the Account Agreement found here. 

Credit Bureau Reporting: Synchrony Bank may report information about your account to credit bureaus. Please refer to the “Credit Bureau Reporting” section for more information. 

Bill Me Later: Bill Me Later, Inc. will no longer be a party to your agreement. All references to “Bill Me Later, Inc.”, “us and/or Bill Me Later, Inc.”, “we and/or Bill Me Later, Inc.” will be replaced with “we”, “us”, or “our”. Consistent with your account terms, “we”, “us”, and “our” will continue to refer to your lender, which is Synchrony Bank. 
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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 19 of 179
New Contributor

Re: PayPal Credit going to Synchrony Bank???

Guess I'd better pay off those 0% deals.  LOL

Message 20 of 179
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