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Anybody else get an email about Paypal changing terms

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Community Leader
Super Contributor

Re: PAYPAL credit after synchrony switch

Yes, Synchrony has complete control of PPC. Just up in the air wether itll report to bureaus. One poster says yes, they called but until we get official confirmation, just best to wait, or pay down your balances lol
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2022
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Message 51 of 179
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 52 of 179
New Contributor

Re: Hidden TL ?


@MakingProgress wrote:

 

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?


I have some large purchases that are on a 24mo 0% promo that eat up about 70% of my util right now.  Why use your money when you can use theirs?  I'd prefer that NOT to show up, as a 70% util on a single tradeline can give you a nice black eye.

Message 53 of 179
Regular Contributor

Re: Hidden TL ?


@Dilbert934 wrote:

@MakingProgress wrote:

 

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?


I have some large purchases that are on a 24mo 0% promo that eat up about 70% of my util right now.  Why use your money when you can use theirs?  I'd prefer that NOT to show up, as a 70% util on a single tradeline can give you a nice black eye.


Agreed. PPC is currently my most utilised credit line, precisely because using it doesnt affect my credit score. If that changes, i will most likely stop usong PPC altogether... 


 

Message 54 of 179
Regular Contributor

Re: Hidden TL ?


@MakingProgress wrote:

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. 


The reason so many people like the hidden tradeline is equally obvious.  Regardless what the history of the "hidden" account might be, it does NOT affect the credit score.  Doesn't matter what the balance is, doesn't matter what the credit limit may be (relative to utilization), doesn't matter how old or new the account is (so it doesn't affect AAoA), etc.

 

High (hidden) utilization would be an advantage of any account should a consumer choose to go that route.  It would allow the consumer to over-use the hidden account and keep the balance lower on other reported accounts.

 

It is/was an option consumers have/had to manage their finances.  Nothing wrong with that.  I have a commercial credit card I use to make a lot of purchases. The fact that it doesn't show up on my credit is a huge advantage.

 

Generally speaking, in these days of "everybody knows everything about us," being able to do something w/o it being reported to the world is a good thing.

Message 55 of 179
Established Contributor

Re: Hidden TL ?

I received email communication last week. Same verbiage. I've been planning for this since last summer. I went all out and got it up to $5k and was carrying a heavy balance until January and I'm down to just a couple 12/24 month 0% and at 26% util and will have it paid off in 6.

 

No real point in having this anymore if it's not hidden. I'd rather get points somehwere else but having the hidden TL is nice.


Message 56 of 179
Member

Re: PayPal Credit going to Synchrony Bank???

So if I am understanding correctly, it will still be a hidden TL, with only payment history reporting? At least based on what CSRs have told people?

If so, I am totally fine with that. It still maintains the "spirit" of a hidden TL at least.
Message 57 of 179
New Member

Re: PayPal Credit going to Synchrony Bank???


@OverBlue wrote:
So if I am understanding correctly, it will still be a hidden TL, with only payment history reporting? At least based on what CSRs have told people?

If so, I am totally fine with that. It still maintains the "spirit" of a hidden TL at least.

That's what I was told over the phone, but I was told by someone here that it's not possible to report that way, so I'm not sure.

Message 58 of 179
Regular Contributor

Re: PayPal Credit going to Synchrony Bank???

From my experience, CSRs will say almost anything. They often do not know what's going on.

 

We must face the fact that we will not know until we know - that is, until we see what, if anything, shows on our credit after the summer.

 

Time to stop fretting about it.

Message 59 of 179
Senior Contributor

Re: PayPal Credit going to Synchrony Bank???

You think it might have to do with Venmo wanting to get into the credit card business which is owned by PayPal? https://www.pymnts.com/digital-payments/2019/venmo-paypal-credit-card/




My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 60 of 179
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