We present theory and measurements on a vertical-cavity surface-emitting laser (VCSEL) biased close to its solitary threshold and subject to polarization selective external optical feedback. The system shows low-frequency fluctuations (LFF) in the selected polarization mode (PM). Below solitary laser threshold, the orthogonal PM remains silent, while it only responds after a dropout event in the main mode above threshold. Our calculations show good agreement with the measurements and identify a type of synchronization between the low-frequency dynamics of the two PMs.