FICO 8 dropped 11 points due to Synchrony blanking out info

[Anonymous]

I've had a dispute with Synchrony over a promotion they didn't credit to my account. Total nightmare, but they fiannly credited me the $100 about a week ago.

Today I noticed my score dropped 11 points, and the only change seems to be from this Synchrony account now reporting:

Account Type: NA

Status: NO STATUS

Balance: -

Monthly Payment: NA

Credit Limit: -

Highest Balance: $0

Comment: Account in dispute under Fair Credit Billing Act.

The account did have a $10k limit and $0 balance reported, but that only represents about 9% of my total credit limits, and I just got a new Chase card with an 11k limits and that only lowered my score 0 or 1 points.

[Anonymous]

Does one of your reported revolving accounts have a non-zero balance, or are they all at $0 reported?

[Anonymous]

Hi Mryflyguy

     It seems like (according to your data) that Synchrony is not reporting your CL. If that is the case, your total CL will drop significantly. When you say “…but that only represents about 9% of my total credit limits…” do you mean that the $10K is 9% of your total limit? If that is correct your total CL was about $110K; so we need to know how much balance you are carrying on the rest of your cards. If it is relatively low, then the loss of $10K should not affect you; but if it is high then that could be your hit.

     Also, you said you “…just got a new Chase card…and that only lowered [your] score 0 or 1 points.” How long ago was “just got?”  You may not have received the full impact of that new card. The significant parts are that you got a new inquiry. How many did you have before (> or < 2) in the last 6, 12, and 24 months? Also, how old is your oldest account and what is the average age of your accounts? If that account was your oldest (or one of the oldest) that too will give you a negative hit. Also, the new account will lower your AAoAs as well. Did either of these events take you into a lower bucket? If they did, once again you will take a hit.

     There may be more factors you should consider, but this will give you a start. If it is just a reporting issue with Synchrony, then you should recover once they start reporting correctly again. I’d check with them (politely) and ask why they are not reporting your limit and balance. Also check on your reporting date for I’ve had a lender change the date in the past when I had disputes.

Good luck

Y

[Anonymous]

It's also worth noting here that accounts under dispute are not considered by the FICO algorithm and thus aren't factored into your score.

[Anonymous]

I think the issue is utilization, it should be 9.06% but when you exclude Synchrony it's goes up to exactly 10.00%. I have 11 revolving accounts and only 3 report a balance: 8000 (32%), $900 (7%), and $30 (<1%). What I find strange is why would they update the account as disputed if all I did was notify them that they owe me a $100 promotional credit? I've never seen that before even if I dispute charges on my statement.

This just reinforces the bad rap Synchrony gets. I do these sorts of offers all the time and I've never had such a hassle anywhere else. This one was spend $3500 in 3 months and get a $100 credit. I spent $4500, and what a chore that was they shut off my card for suspected fraud a few times. I called them about it, spent 20 minutes on the phone going over my statements in detail, and then faxed them the email offer. A month later I get a generic letter that says "Sorry we need more information about your request."

Anyways, I really don't care if my score goes up or down a few points. I just got a car loan and as soon as that reports I expect a 30 point correction due to my use of the share secured loan trick.

[NRB525]

OP, that is a lot of spend, and hassle for $100. Congrats on wringing it out of them.

What are your FICO 8 scores?