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Anybody else get an email about Paypal changing terms

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
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 118
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 118
Valued 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. 


FICO 8 Starting Score

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Message 43 of 118
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 118
Community Leader
Valued 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.
CU NFCU PENFED ALLIANT BANK USAA BBVA BB&T PPMC IKEA MARVEL DISCOVER STORECARDS LOWES AMAZON MACYS WALMART WAYFAIR CARECREDIT
Message 45 of 118
Senior 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. 


Scores 1/2019:
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Message 46 of 118
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 118
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 118
Community Leader
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: 720/721/719 TU/EX/EQ
Message 49 of 118
Established Contributor

New Terms Letter from PayPal/Sync Possible CB Reporting?

Hey Ficers,

I received a letter from PayPal/Sync last week. It contained a letter and a packet of new terms. I suppose I was one of the last people left under the old terms? I was receiving the 19.99% APR until very recently and am still locked in with it on a few 6 months purchases.

The letter was basically a welcome to Synchrony letter which struck me as odd since they took over last July. The letter informed me that Synchrony was going to be servicing my PayPal account now and that my APR was going to increase from 19.99% to 26.24% Also, in the packet it said the minimum payment was going to increase to $28 from $27 and that late fees were going to increase to $39. Also within the informational packet regarding changes to the account it had a section for credit reporting and said they “may” report information about my account to the credit bureaus. It said most of the changes would occur by 6/23/19 and the minimum payment changes would occur by September 2019. The letter was dated 4/17/19.

Has anyone else received this packet either recently or months ago? Is anyone else still receiving the old 19.99% APR on standard purchases? I feel like I was one of the last ones left still under the old PayPal terms.
FICO- Experian: 797, TransUnion: 781, Equifax: 804 (Updated Monthly)
Message 50 of 118