I am super angry, absolutely seething w Synchrony Lowes

[DebbsSeattle]

Synchrony...Lowes...Done singing their praises.       Yay! they granted me a $9k cli last month on Jan 12...yay!  We can get a few extra days interest free on our new kitchen cabinets since my statement does not close until Feb 10. Feb 2...**bleep**! 21 point decrease because I went from zero to $15,000 with an early report. Those dirty     m*&$&*(.    F*+&$#@!    Mr. Is in a freaking blizzard in Montana and I told him yesterday, come heck or high water, you need to drive the hour and a half through the mountains to make that payment on Feb 9 because I cannot take the hit of that $15k reporting. He said Yep! Got it! And they report it early. Well they can just report it early when it gets paid too.

S O.     M A D.......

[DebbsSeattle]

Better yet...I think they can now wait until March 5 instead of Feb 9 to get cashed out on the $15k as my motivation to pay early has evaporated with their early reporting. This is not the quiet end to my long weekend that I wanted.

[GZG]

congrats on the CLI!!

I would expect the early reporting to occur for the first 6 months, at least. 

[Varsity_Lu]

@DebbsSeattle 

Not saying you don't have the right to be mad, but this is a very, very temporary score dip. Like, it will bounce back literally next month. Not sure you should work yourself up over that. Be grateful for the CLI and the deal on kitchen cabinet financing.

[JoeRockhead]

Well, we are talking about Synchrony here. If anything this serves as a great DP (warning) for others that when an atypical large purchase is made they may feel the need to report it early.  Which isn't common, but not unheard of.  Unless you were trying to qualify for a major purchase (mortgage, car loan) in the next 30 days, it's definitely not something to be completely bent out of shape about. It's just a utilization penalty, which for consumers, is the single most easily manipulated factor on credit reports. 

[Gregory1776]

@JoeRockhead 
Now it makes sense. 

[DebbsSeattle]

I know, I know...you are right...but I'm enjoying seeing my scores go up and I'm entering the mid month window when all my scores should pop from my diligent work in paying Down my balances. It is my motivation factor to stay on my painful rice and beans lifestyle. I'm just having a spoiled brat temper tantrum just like a four year old finding out life isn't fair for the first time. I have woken with a renewed sense of pay it on the 9th and have it report PIF on the 10th and it will be a quick turn around. But still...I'm going to be mad inside at them...the big bullies on the playground.

[xenon3030]

It does not make sense. Is this thing legit?

Let's consider that somebody has a CL of 10k and he wants to purchase a 9k appliance or there is an emergency home repair. He plans to pay the credit card down to 1k, when he receives the next paycheck, to avoid reporting a high utilization and messes with the Fico8 score. But these guys come up and they report it as early as possible to be able to get their money sooner rather than a few days later!!!

These guys at Synchrony are heavily paranoid, due to these improper AAs and behaviors and financial risk models. They deserve multiple lawsuits.

[ptatohed]

Seems pretty temporary Deb.    

[Anonymous]

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@xenon3030 wrote:

It does not make sense. Is this thing legit?

Let's consider that somebody has a CL of 10k and he wants to purchase a 9k appliance or there is an emergency home repair. He plans to pay the credit card down to 1k, when he receives the next paycheck, to avoid reporting a high utilization and messes with the Fico8 score. But these guys come up and they report it as early as possible to be able to get their money sooner rather than a few days later!!!

These guys at Synchrony are heavily paranoid, due to these improper AAs and behaviors and financial risk models. They deserve multiple lawsuits.

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I really doubt that that is their motivation.   What percent of their customers do you think even monitor their scores on a regular basis and now enough about utilization and time of reporting?  I would suspect a very small number.

Plus, as in OPs case: once it's reported, there is no motivation to pay early, the damage is done, so it would only be on subsequent high-util purchases that the educated customer would know that paying it straight away MAY prevent a utilization hit.

As for is it legit, an issuer can report as often or as little as they want.   We don't complain when Chase reports straight after a payoff, this is just the other side!