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Increased Interest Rate With Changeover to Synchrony!!

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Contributor

Re: PayPal credit

i have been diligent abt using paypal credit to rebuild my crappy credit score but am wondering, what are the repercussions if i consider this to be a different relationship than one i signed up for and stop paying?

thanks

Member

Re: PayPal credit

PayPal has never reported to any of the agencies... good or bad. I don't know how you were rebuilding credit through them.

As with anything, if you simply stop paying your balance, there will be repercussions.  Don't fall back into the same habits which helped create your crappy credit.

Also, credit karma will show you the accounts which contribute to your score. Notice PP/BML is not one of them (unless there is a hard pull) but SYNCB does report. When they take over PP debts that is when reporting will affect us all for better or worse so best of luck everyone!

 

Member

Re: PayPal credit

PayPal doesn’t show up on your credit report as far as I know (but now they will THANKS PayPal for betraying everyone who used you for a the reason that they did t want to use a bank)
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Member

Re: PayPal credit

Just got the letter about synchrony. My account is closed but still has a balance. And there are lates. When synchrony takes over will this be reported to the credit bureaus? Will the entire account history be on my credit report? No one seems to know.
Contributor

New APRs Coming Up

I just got a letter from PayPal saying that APR for purchases is going up from like 19% to 25.49%!!  Is this just for new purchases, or will that be applied to my current balance?

 

After I pay off my balance, which I will no do post haste, I'll be dumping PP Credit.  I can get credit cards for way less than that.  Ridiculous.  

New Community Member

Re: New APRs Coming Up

I just opened my letter about the APR change and I'm furious!  I've been a PP user since it's inception, and have funded close to $10k a month through PP for years.  I use it for everything!  I don't carry a large balance on PP credit, mostly use it to take advantage of the 6-month interest free angle, but due to a variable income stream, I have accumulated a balance.  I've never paid late, or had a payment, and this feels like I'm being penalized without regard for my history.  I'm paying off my account and will not use PP Credit EVER AGAIN.  And on another note, I just spent 30 minutes trying to find a contact email or phone number to actually call someone at PP to complain in person... forget it!  They make it impossible to hear from me.  Not a happy customer.

Tags (2)
New Community Member

Re: New APRs Coming Up

*never had a payment rejected (ie., bounced)

Re: New APRs Coming Up

I have to agree, Paypal, Paypal Credit, Amazon, Amazon Store Card=Synchrony Bank, Sam's Store Card, etc. They ALL make it nearly impossible to find a phone number to call them! So when I do....I write it down and keep it!  Here is Paypal Credit's Customer Service <removed>

 

Sorry, I didn't find these earlier before the actual change took place....I came here to look for specific information which I did find. Thanks to the community for that! Hope the number helps.

Contributor

Re: New APRs Coming Up

Transfer to your Credit Card for 0%APR, 12 month with 3% processing fee. It's only fair to save money. 


@Debster222 wrote:

I just got a letter from PayPal saying that APR for purchases is going up from like 19% to 25.49%!!  Is this just for new purchases, or will that be applied to my current balance?

 

After I pay off my balance, which I will no do post haste, I'll be dumping PP Credit.  I can get credit cards for way less than that.  Ridiculous.  


 

Contributor

Re: New APRs Coming Up

Good job, do it.