Synchrony Bank Charge Off

[Anonymous]

update in case anyone is following this: I reached out via email to any of the CEO emails I could find and explained the situation. I basically asked for a PFD, in a round about way. Nothing threatening just explaining the situation and that I would like to pay the past due amount. I got a response saying it would be looked into and someone would reach out in 3-5 days. So we'll see what happens...the worst that could happen is they say no. 🤷🏻‍♀️

Hello all,

My husband and I are preparing to start the process of buying a home and want to get prequalified soon. I was looking at my credit score and noticed that it had tanked! Upon doing some investigation I found a charge off account from synchrony bank paypal. The accound was closed in July 2019. This was just a stupid oversight on my part. It had never shown up on my credit report until now, and because the info I had connected to the account wasn't current I was not getting any statements or phone calls.  It hasn't been sent to collections that I know of, but still has a balance. Besides a few late payments, this is really the only derogatory item on my credit report. Anyone have suggestions for how to go about fixing this? Pay it off and then attempt a goodwill campaign? Will synchrony bank work with me if I am willing to pay the account off in full? Thanks for any information on the topic!

Update: I tried calling the number associated with the account and could not get through to anyone because of COVID-19. So I had to resort to sending a message in PayPal. I have no idea if anyone will get back to me. Does anyone have any other suggestions for how to get through to speak to someone to get some information?

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[FireMedic1]

Welcome @Anonymous 

You'll want to pay in full which will look better than settled for less to mortgage underwriters. Then try the GW letter technique. Sync isnt know to do GW's. But you can try. Good Luck on your home.

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/td-p/4727098 

[Anonymous]

Thanks for your input! I noticed that all three major CRA are reporting different things from the account. Is that normal?

[Anonymous]

pp credit doesnt notify you much of any info.. i was disputing accounts and for some reason one of the cra's removed it from their report and put a freeze on it, i did not get any notifications from pp stating something was wrong with my account..instead they removed it from my dashboard when i login to paypal... so i had to call them to find out what was going on.

[Anonymous]

Wow that's kind of ridiculous. Were they able to answer your questions when you called?

[FireMedic1]

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@Anonymous wrote:

Thanks for your input! I noticed that all three major CRA are reporting different things from the account. Is that normal?

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Yep. They all do some things that dont make sense.

[Red1Blue]

Good Luck in getting that taken care. It is always better to pay the account or settle the account and have it show $0 Balance.

[SweetCreditObsession]

It's a long shot but if you inform them you hadn't received their letters, they may have mercy on you once you pay. That happened to me with a medical collection that suddenly appeared on my report out of nowhere. Best wishes.

[Anonymous]

Here's my next question. I won't have the money to pay in full for a few weeks. Probably late May. Do I reach out to them now and offer to pay something until I have the rest of the money, or do I wait to contact them until I have all the money?

[SweetCreditObsession]

If you think you can pay it off in two payments and have a specific date in May that you can pay the rest, contact them now. Only agree to pay in cashier's check or money order and get the agreement in writing first.