Multiple Synchrony Reporting Dates?

[Anonymous]

I noticed through my Experian subscription that my Synchrony Amazon store card and Synchrony GAP store card are reporting updated balances to Experian multiple times.  For example, the balance on the GAP card reported a balance of $0 on May 16th.  On May 20th, the reported balance updated to $217.  

The same pattern of multiple balance reporting seems to occur with Synchrony-Sam's Club account.

The multiple reporting dates is throwing off my payment schedule to say the least.  Luckily and oddly enough, my file is thick and dirty so there was no adverse effect scorewise when my GAP usage updated from 0% to 54%!  Most lenders that I have experience with report the statement balance once per month - AMEX, Navy, Capital One, USF FCU (employer credit union) etc.  As a new Synchrony card holder, I'm trying to hone in on their reporting behavior which can be cumbersome.  It's either that or decrease my spend with them ;p.

[Anonymous]

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@Anonymous wrote:

I noticed through my Experian subscription that my Synchrony Amazon store card and Synchrony GAP store card are reporting updated balances to Experian multiple times.  For example, the balance on the GAP card reported a balance of $0 on May 16th.  On May 20th, the reported balance updated to $217.  

The same pattern of multiple balance reporting seems to occur with Synchrony-Sam's Club account.

The multiple reporting dates is throwing off my payment schedule to say the least.  Luckily and oddly enough, my file is thick and dirty so there was no adverse effect scorewise when my GAP usage updated from 0% to 54%!  Most lenders that I have experience with report the statement balance once per month - AMEX, Navy, Capital One, USF FCU (employer credit union) etc.  As a new Synchrony card holder, I'm trying to hone in on their reporting behavior which can be cumbersome.  It's either that or decrease my spend with them ;p.

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If this is a new Sync account, it is not uncommon for them to report new balances several times over the course of the first couple months of usage.

They did this when SO got his CareCredit card. After the first month or two, they went to reporting once a month after statement cut.

For the first couple months just plan on any new purchases on the card being reported. If you do not like that, just dont spend on it for the first couple months, but there is really no way around it. There are lots of posts regarding exactly this if you feel like searching the forum.

[Anonymous]

I appreciate your response @Anonymous .  These are all new Sync accounts, so this is very helpful.  And it follows their reporting patterns.  Whenever I make new purchases, they seem to report the  updated balance within several days.  Sheesh.  Given our high usage and low SL, I make frequent payments to Amazon.  But right now I don't want to manage that for multiple Sync accounts.

I think I'll take your advice and not use the accounts or limit our usage to one Sync account.  

[Anonymous]

@Anonymous it is a total pain in the rear. Not sure why they want to update the balances so much the first couple of months, with like what you said, low SLs, which in turn creates high util!

When SO first used his CareCredit a week or two after apping, it took a couple of days before it did post - falsely leading me to think we some how skirted that trend, but we didn't! I had even immediately paid it down to 88%, but of course the 100% util (only 1k limit when he had 7.5k worth of dental work done and had to use the full 1k to get the 18 mo 0% promo) reported and they took their sweet time reporting the payment until after statment cut.

We paid off the promo within 6 or 7 months, but did use it at the pharmacy to keep regular usage on it (in hopes for CLIs), and during the first month or so, it did update and report any additional purchases to the 3Bs...

Since the first month or two, it no longer updates off-cycle any additional purchases, only whatever the statement cuts, thankfully, and the card has grown like a weed with 3x CLIs every 3 months even with SO still in rebuild mode. So, there is regularity with reporting and CLIs once you pass the first couple months with them.

Not entirely sure why they do it, but it is annoying, especially if using a promo or a new card for the cash back benefits - even when one PIFs!

[KLEXH25]

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@Anonymous wrote:

I appreciate your response @Anonymous .  These are all new Sync accounts, so this is very helpful.  And it follows their reporting patterns.  Whenever I make new purchases, they seem to report the  updated balance within several days.  Sheesh.  Given our high usage and low SL, I make frequent payments to Amazon.  But right now I don't want to manage that for multiple Sync accounts.

I think I'll take your advice and not use the accounts or limit our usage to one Sync account.  

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Is there any reason that the multiple reporting is an issue? Are you doing AZEO and applying for something soon? Because if you're not, I wouldn't worry too much about what gets reported or not. Even if the utilization is high, any score results will be temporary. Plus maybe you can get a CLI out of it. 

[Anonymous]

As others have stated, once you get some age on your Synchrony accounts the mid-cycle reporting should stop. All of my Synch cards are over a year old and I never have mid-cycle reporting, regardless of how much I increase my utilization by.

[DaveInAZ]

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@Anonymous wrote:

I appreciate your response @Anonymous .  These are all new Sync accounts, so this is very helpful.  And it follows their reporting patterns.  Whenever I make new purchases, they seem to report the  updated balance within several days.  Sheesh.  Given our high usage and low SL, I make frequent payments to Amazon.  But right now I don't want to manage that for multiple Sync accounts.

I think I'll take your advice and not use the accounts or limit our usage to one Sync account.  

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Actually, I think that is the problem: Synchrony doesn't seem to like multiple payments mid-cycle, and that seems to prompt them to report mid-cycle. Usually that is folks trying to make sure it reports a $0 balance, in your case it's a low SL and you want to have enough credit for more purchases, but the result is the same.

I just have 2 Synchrony accounts, PayPal Cashback MC and Lowes, and I just make one payment for the statement balance and have never had them report mid-cycle. 

[Credit12Fico]

Sync snitched to the bureaus off cycle on my Paypal card...Not amused. I'm not sure what triggered as they typically only report on my statement date. They reported on my statement date, then reported 7 days later catching me off guard since I usually pay down to zero before the statement cuts. Rude. Now I'll probably have to wait another 3 weeks for the statement to cut and get an update. Untrustworthy lender lol.

Now my utilization has shot up above 30% on the card. Fortunately, I have a Chase card that I can pay down to zero to restore order...

Credit Karma is telling me to pay it down to under 28.99% (they've listed the exact payment amount to achieve this), so seems a general acknowledgement of the 30% individual utilization threshold improving scores in the Vantage system.

Edit: Thank you mods for moving to the right place.

Now I see, I believe it's a mid cycle payment that triggered my agony...They reported the same day I made the payment. This account was not new. 

[Anonymous]

Lol.  Sync snitched.  Love it @Credit12Fico 

[Anonymous]

Total pain @Anonymous !  I appreciate everyone's insight.  This helps me to know how to handle Sync for the next couple of months.  This rebuild process has been tiresome enough without the spasmodic behavior of Sync.  Although I think I like the tone of Snitch Sync .  Lol. Sorry guys.  I need a laugh today.

I hope everyone has a safe and relaxing holiday weekend.