Synchrony what are you doing? 7 day statement period?

[IodineNightSky]

Interesting. Didn't know they're known for mid cycle reporting - I guess I always kept a zero balance mid cycle, coincidentally. All good info. They're just too much to deal w and with better cards they're not useful. 

thx all!

[Duriel]

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@IodineNightSky wrote:

Interesting. Didn't know they're known for mid cycle reporting - I guess I always kept a zero balance mid cycle, coincidentally. All good info. They're just too much to deal w and with better cards they're not useful. 

thx all!

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Unfortunately my better card is converting to a junk pnc card. I'm out of footprint for synovus and bad history/too many new accounts for us bank. I thought my synchrony experience would be better. I was wrong. 

[JNA1]

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@Duriel wrote:

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@IodineNightSky wrote:

Interesting. Didn't know they're known for mid cycle reporting - I guess I always kept a zero balance mid cycle, coincidentally. All good info. They're just too much to deal w and with better cards they're not useful. 

thx all!

---

Unfortunately my better card is converting to a junk pnc card. I'm out of footprint for synovus and bad history/too many new accounts for us bank. I thought my synchrony experience would be better. I was wrong. 

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Don't let it get you down - if you notice, one of those posts is mine. I got off to bumpy start with my PPMC, but after the first month, all that went away and I've never had an issue. The card grew quickly and it's now it's a $15K card. 

[Duriel]

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@JNA1 wrote:

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@Duriel wrote:

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@IodineNightSky wrote:

Interesting. Didn't know they're known for mid cycle reporting - I guess I always kept a zero balance mid cycle, coincidentally. All good info. They're just too much to deal w and with better cards they're not useful. 

thx all!

---

Unfortunately my better card is converting to a junk pnc card. I'm out of footprint for synovus and bad history/too many new accounts for us bank. I thought my synchrony experience would be better. I was wrong. 

---

Don't let it get you down - if you notice, one of those posts is mine. I got off to bumpy start with my PPMC, but after the first month, all that went away and I've never had an issue. The card grew quickly and it's now it's a $15K card. 

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So long as my fico scores don't drop an absurd amount that leads to AA from one or more lenders, I'm fine. I'm aware that almost maxing out a card is bad for scores which is why I don't do it. I had no intent of seeing what it does to my own scores...

Aside from various rewards/protections and financing large purchases, the "classical" use for credit cards is the float. If a company reports twice in a week then that's not a thing. 

[JNA1]

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@Duriel wrote:

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@JNA1 wrote:

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@Duriel wrote:

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@IodineNightSky wrote:

Interesting. Didn't know they're known for mid cycle reporting - I guess I always kept a zero balance mid cycle, coincidentally. All good info. They're just too much to deal w and with better cards they're not useful. 

thx all!

---

Unfortunately my better card is converting to a junk pnc card. I'm out of footprint for synovus and bad history/too many new accounts for us bank. I thought my synchrony experience would be better. I was wrong. 

---

Don't let it get you down - if you notice, one of those posts is mine. I got off to bumpy start with my PPMC, but after the first month, all that went away and I've never had an issue. The card grew quickly and it's now it's a $15K card. 

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So long as my fico scores don't drop an absurd amount that leads to AA from one or more lenders, I'm fine. I'm aware that almost maxing out a card is bad for scores which is why I don't do it. I had no intent of seeing what it does to my own scores...

Aside from various rewards/protections and financing large purchases, the "classical" use for credit cards is the float. If a company reports twice in a week then that's not a thing. 

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Your best bet would be to pay as much as you can, as soon as you can. If they do you like they did my PPMC, they are going to report several times this month. They reported 6 times on mine in the first month. You might even want to push a payment to them if their system won't let you do it yet. 

They've never done it again on either of my Sync cards after the first month. 

[Duriel]

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@JNA1 wrote:

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@Duriel wrote:

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@JNA1 wrote:

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@Duriel wrote:

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@IodineNightSky wrote:

Interesting. Didn't know they're known for mid cycle reporting - I guess I always kept a zero balance mid cycle, coincidentally. All good info. They're just too much to deal w and with better cards they're not useful. 

thx all!

---

Unfortunately my better card is converting to a junk pnc card. I'm out of footprint for synovus and bad history/too many new accounts for us bank. I thought my synchrony experience would be better. I was wrong. 

---

Don't let it get you down - if you notice, one of those posts is mine. I got off to bumpy start with my PPMC, but after the first month, all that went away and I've never had an issue. The card grew quickly and it's now it's a $15K card. 

---

So long as my fico scores don't drop an absurd amount that leads to AA from one or more lenders, I'm fine. I'm aware that almost maxing out a card is bad for scores which is why I don't do it. I had no intent of seeing what it does to my own scores...

Aside from various rewards/protections and financing large purchases, the "classical" use for credit cards is the float. If a company reports twice in a week then that's not a thing. 

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Your best bet would be to pay as much as you can, as soon as you can. If they do you like they did my PPMC, they are going to report several times this month. They reported 6 times on mine in the first month. You might even want to push a payment to them if their system won't let you do it yet. 

They've never done it again on either of my Sync cards after the first month. 

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I paid it off today. The charges stayed pending for like 4 days so I couldn't pay it even if I knew they were going to report 🤷🏼‍♂️😂. 

[JNA1]

The good thing is that if they report again after your payment posts (they did with mine) maybe none or only a few of your other accounts will ever "see" it. Here's hoping that no AA happens! 

[Oops_I_Did_It_Again]

This was a while back (early 2019) but Sync did a mid-cycle balance report on my PPMC that produced some unexpected jiggle in my credit scores so I call them and eventually found someone who gave what I thought the 'real story' on Sync mid-cycle balance reporting (though I am not sure it's applicable to all Synchrony bank credit cards.

What I was told is that over the first 6 months after opening an account, Sync does a mid-cycle balance report any time the balance goes over 40% of the available limit.

I had a $2,500 limit at the time and my balance just touched $1,000.00.  Something like $1006.00 IIRC.  Boom, mid-cycle balance report same day.

I don't know if they keep re-reporting it if the balance moves further above 40% as in my case I was done with any spending I wanted to do that month and PIF'd before the statement cut.

I'm putting a certain amount of stock in what the CSR told me because he was a supervisor and he was so clear and seemed to understand the policy in detail.  Also,  it would take someone pretty quick on their feet to make up false excuse that dovetailed so accurately with the 'data on the ground'.  The way the balance was reported exactly as it peaked above 1000.00 confirmed for me that the CSR was probably giving me the policy on Sync mid-term reporting accurately.  Note: This info is a little dated and I have no way of knowing if it still exactly applicable.

Moral of the story for me was to be careful to stay under 40% during the first 6 months by making mid-term PAYMENTS before making purchases that would push the balance over 40% spend on the card.

[Duriel]

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@Oops_I_Did_It_Again wrote:

This was a while back (early 2019) but Sync did a mid-cycle balance report on my PPMC that produced some unexpected jiggle in my credit scores so I call them and eventually found someone who gave what I thought the 'real story' on Sync mid-cycle balance reporting (though I am not sure it's applicable to all Synchrony bank credit cards.

What I was told is that over the first 6 months after opening an account, Sync does a mid-cycle balance report any time the balance goes over 40% of the available limit.

I had a $2,500 limit at the time and my balance just touched $1,000.00.  Something like $1006.00 IIRC.  Boom, mid-cycle balance report same day.

I don't know if they keep re-reporting it if the balance moves further above 40% as in my case I was done with any spending I wanted to do that month and PIF'd before the statement cut.

I'm putting a certain amount of stock in what the CSR told me because he was a supervisor and he was so clear and seemed to understand the policy in detail.  Also,  it would take someone pretty quick on their feet to make up false excuse that dovetailed so accurately with the 'data on the ground'.  The way the balance was reported exactly as it peaked above 1000.00 confirmed for me that the CSR was probably giving me the policy on Sync mid-term reporting accurately.  Note: This info is a little dated and I have no way of knowing if it still exactly applicable.

Moral of the story for me was to be careful to stay under 40% during the first 6 months by making mid-term PAYMENTS before making purchases that would push the balance over 40% spend on the card.

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Staying under 40% on a $500 limit paying bills is... not realistic. Their reply in secure messages was worthless. I asked about the extra reporting and they said rest assured they report monthly to the credit bureaus... Entirely not what I asked. 

I hope it was automated because I would be embarrassed to ignore someone's question and answer a question that wasn't asked. 

[Oops_I_Did_It_Again]

@Duriel  

Sync gave you a real stingy limit on the Venmo.  It's a pretty common thing to bump one's head on the ceiling when the limits are that low. And as I said Sync has policies that make a low limit even harder to deal with.

But...I think their modus operandi  is to start off with low SLs, to be followed by very generous on CLIs.  They may increase you limit automatically fairly early one, at the six month mark, or around there. 

If I had this situation, I'd just find some way to put $50.00 on it sometime after each statement cuts and then pay the full balance ASAP.  If you lack confidence in their posting your payments, push the payment from another bank.  I don't know if the Venmo account page has a love button, but if so, wait for them to put up the REQUEST MORE button, and smash it.  Ask for $1000.00.  Then every 3-4 months click the button and ask for a 50%-75% increase.  After 6 months you won't have to worry about inter-cyclic reporting, and if they seem to be approving your CLIs, just stick with it.  You could work the CL up to a reasonable one in a year or two.  I really haven't been very aggressive but I have an Amazon store card that went from $500 to $5,000 in about two years.  I recall asking for a bump from $1K to 2.5K and they awarde me 4.5K.  That was kind of surprising and I don't expect anything like that to ever happen again, but that's how easy they can be with credit increases.

Synchrony isn't likely to win awards near term for customer service and there are many reports that Synchrony is pretty arbitrary about closing accounts unexpectedly.  Lots of smoke, probably lots of fire there.  So a low limit from Sync may be a blessing in disguise!  But, if Sync stays true to it's historical pattern, you may find the card grows like a weed if you want it to.