It is just a temporary hit. It will go down when you pay down the balance next month. Nothing to panic about, you will be fine. You don't really know on new credit cards when the closing statement date it is until your first statement.
it's okay
bad things don't happen when you have balances reporting on your credit report, it's not optimal for your score, but it's temporary and will be fixed completely as soon as your balances report lower than they are
pay your bill in full every month and you're going to be 100% okay
just know that the score is going to go up and down unless you micromanage how cards report their balances, and as you saw with Synchrony, they don't care about your micromanaging of reporting balances.
micromanaging your balances to make the number go higher is a hobby for some people here, it's not the intended behavior and it certainly isn't needed to grow credit responsibly
Synchrony reports their accounts extremely quickly, I forgot to mention that, completely normal behavior from them.
@MikeyMagic wrote:
@admiralsmoker wrote:It is just a temporary hit. It will go down when you pay down the balance next month. Nothing to panic about, you will be fine. You don't really know on new credit cards when the closing statement date it is until your first statement.
Yeah but the account/card was open on 10/12 and I was told that the statement is on Nov 2. So can you or anyone explain why Synchrony Bank would report this $63 balance on a week old new account when my 1st statement hasn't even come out yet?
What am I missing here. Synchrony has always usually reported new accounts with their current balances in less than a week.
Also i checked Experian and Equifax and both of those don't show the $63 balance smh. What does this all mean? Was this sent in error to Transunion? Can I dispute this?
Exp, EQ and TU all will have different processing times which can change depending on the day of the week, who last kicked the server and if it's raining in seattle or not, it's not going just always be instant for every report every time.
Thanks
@MikeyMagic wrote:Yikes if this is completely normal behavior from Synchrony, sending balances 8 days in from a brand new account to only 1 credit bureau I'm in for a hellish experience with them I can feel it lol.
Synchrony lends out a lot of money to people more likely to burn it in a money pit than pay them back, it just comes with the territory.
the random balance reporting should stop after about 6 months assuming you're paying all of your bills in full every month
plus after 12 months, as long as you've been paying your balances in full every month, you will pretty much 100% be graduated to an unsecured card (you'll get your $200 back), get 5% and that is a card that wil grow in CL and that will keep forever
@GZG wrote:
@MikeyMagic wrote:
@admiralsmoker wrote:It is just a temporary hit. It will go down when you pay down the balance next month. Nothing to panic about, you will be fine. You don't really know on new credit cards when the closing statement date it is until your first statement.
Yeah but the account/card was open on 10/12 and I was told that the statement is on Nov 2. So can you or anyone explain why Synchrony Bank would report this $63 balance on a week old new account when my 1st statement hasn't even come out yet?
What am I missing here. Synchrony has always usually reported new accounts with their current balances in less than a week.
Also i checked Experian and Equifax and both of those don't show the $63 balance smh. What does this all mean? Was this sent in error to Transunion? Can I dispute this?
Exp, EQ and TU all will have different processing times which can change depending on the day of the week, who last kicked the server and if it's raining in seattle or not, it's not going just always be instant for every report every time.
Thanks
@MikeyMagic wrote:Yikes if this is completely normal behavior from Synchrony, sending balances 8 days in from a brand new account to only 1 credit bureau I'm in for a hellish experience with them I can feel it lol.
Synchrony lends out a lot of money to people more likely to burn it in a money pit than pay them back, it just comes with the territory.
the random balance reporting should stop after about 6 months assuming you're paying all of your bills in full every month
plus after 12 months, as long as you've been paying your balances in full every month, you will pretty much 100% be graduated to an unsecured card (you'll get your $200 back), get 5% and that is a card that wil grow in CL and that will keep forever
Wow thanks for breaking this down for me. I know you said not to sweat this but how am I supposed to do AZEO and keep my credit utilization around 3-4%(which is what I want)if Sychrony is gonna randomly report balances all the time which will hurt AZEO and my util?
I wanted to have the 3-4% utilization showing only on my Cap1 card and pay all balances in full on my other 2 cards like 5 days before the billing cycle/statement generates. For AZEO especially. Because of what you told me Synchrony does/did I can't do this which really sucks. Sigh...
