What's going with Paypal/Synchrony

[Anonymous]

Can you tell me more about the Paypal/Synchrony merger?

[Anonymous]

If you search here or anywhere online you will see that it has been known for 8 months that Paypal would cease being a hidden tradeline and would report to credit bureaus starting this fall. Also there is nothing to dispute, they reported accurate information.

You should have received a letter in the mail with new terms. The info is in there. Here is a thread going back to April with people talking aout receiving the notice. You must have just tossed it out thinking it was junk mail

https://ficoforums.myfico.com/t5/General-Credit-Topics/Anybody-else-get-an-email-about-Paypal-changi...

By law they need to notify you in writing if adverse action is taken. If you are 100% sure you did not receive any notice  then that is grounds for CFPB complaint not a credit bureau dispute. Either way there is nothing you can do (other than file a complaint)

[Shooting-For-800]

I think you will be fine.

Sometimes highest previous balance is reported but I don’t think it is factored into your score.

[FireMedic1]

If you pay it off or pay anything on it. Over limit will drop and report the next month the balance you paid it down to. No reason to get testy. Were all here to help others. It's not any of the members fault here this happened to you. Dont take it out on us. Good Day!

[Anonymous]

Shooting-For-800

Thank you for this answer, it's a little shocking that my score can drop 87 points from being over $20.00 on a $4K limit when I an additional $200K in available credit.  The scoring systems seem flawed at best.   

Ted

[Anonymous]

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Good news is that utilization has no memory. As someone else mentioned the high balance reported may stick around, but shouldn't effect your scores. Once the new balance reports you should be good to go!

Welcome!

[FlaDude]

Good news is that utilization has no memory. As someone else mentioned the high balance reported may stick around, but shouldn't effect your scores. Once the new balance reports you should be good to go!

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This is certainly true for FICO scores, I'm not sure about vantage. OP, where are you getting your score? If from Credit Karma or Nerdwallet, those are Vantage scores which are used by very few lenders. Your FICO scores are what really matters. In my experience Vantage scores are a lot more volatile, often jumping around wildly while my FICO score is much more stable.

[Anonymous]

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@FlaDude wrote:

Good news is that utilization has no memory. As someone else mentioned the high balance reported may stick around, but shouldn't effect your scores. Once the new balance reports you should be good to go!

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This is certainly true for FICO scores, I'm not sure about vantage. OP, where are you getting your score? If from Credit Karma or Nerdwallet, those are Vantage scores which are used by very few lenders. Your FICO scores are what really matters. In my experience Vantage scores are a lot more volatile, often jumping around wildly while my FICO score is much more stable.

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This is a good point, as I was referring to a Vantage 8 score.  My Experian FICO 8 is at 721 only dropping 27 points.  This is helpful, thanks for sharing your experience.  I do currently use Nerdwallet, Credit Karma and Experian to check my score.  Per your advice I will be signing up with myfico as well.

[Anonymous]

Good news for anyone who is also experiencing this, my Experian Fico just bounced back up the 27 points I had lost because Synchrony forced a credit bureau push.   One silver lining here is I found this forum and plan to do much more posting with my experience.

Ted

[gdale6]

Moving this to UFS