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Goodbye Synch, blue envelope strikes again

Established Contributor

Re: Goodbye Synch, blue envelope strikes again


tydawg wrote:

Just wanted to share some data points that the blue envelope is rearing its ghastly face again. I will include some specific info below, I probably had it coming Smiley Wink not really to upset about other than a large utilization loss. I of course declined the full prostate exam and called to close all of my accounts earlier today, the CSR did not even care except for one who did not even question me when I told her why I was closing the response "I understand completely".

 

Lots of new accounts

Lots of Inquiries

Had the Amazon Card, Chevron Card, CareCredit, Lowe's, Ritani, and CheapOair visa. 


They are a two-bit opperation. A bank has the right to request financials...but it should be done before extending the credit. Good riddance though. I'd like to see a USAA Limitless in your signature Smiley Wink 


Message 21 of 34
Frequent Contributor

Re: Goodbye Synch, blue envelope strikes again

Now I'm a bit nervous, I'm closing on a mortgage in a couple weeks.

 

Walmart - $5,000

Amazon - $3,500

JC Penny - $800

12/27/16 - Eq683 TU666 Ex681 04/05/17 Eq742 TU763 Ex757
Message 22 of 34
Valued Contributor

Re: Goodbye Synch, blue envelope strikes again


oldman425 wrote:

Now I'm a bit nervous, I'm closing on a mortgage in a couple weeks.

 

Walmart - $5,000

Amazon - $3,500

JC Penny - $800


3 little cards, probably nothing to worry about keep your report clean, the morgage will probably help your score after a few months,  others here have 50,000 or more from syncrony... some have even pushed there maximum exposure with them, which is rumored to be 99k..    10k is nothing.  

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 23 of 34
Frequent Contributor

Re: Goodbye Synch, blue envelope strikes again

 

    Pretty crazy. I currently have $76,144 in lines with Synchrony Bank out of the believe to be 99/100k max exposure with them. I'll be losing $6,000 soon because of non-used of a few accounts to stores that I will never shop at and I'd rather allocate the $6,000 to another Synchrony card I do use. I wonder what is triggering these blue envelopes. They probably already have my income because my company reports it all to The Work Number which is unfortunate for those that want to keep it a secret but what can you do.

 

¯\_(ツ)_/¯

 

    Are they perhaps finding proof on certain individuals that had their income changer drastically within a certain time period? Is it because of increasing utilization or perhaps carrying a large balance on a Synchrony card? I don't think I'll ever get blue enveloped because they know what I make but you never know. It would sure suck to lose $76,144 in credit limits because it would be hard to get that back through other credit cards new or by CLI.

 

    I personally don't care if anyone knows my income but I respect that some people don't want that information known and would rather close their credit card over it. This situation they put you in is really sucky. Good luck my friend. I am sure you can make up those limits through other cards in no time.

EQ 654 -- 43 Inquiries
TU 695 -- 54 Inquiries
EX 668 -- 50 Inquiries

Utilization: 9% AAoA: 20 months Total History: 3Y
Updated: 08/04/2017 Premier 3B
Message 24 of 34
Highlighted
Super Contributor

Re: Goodbye Synch, blue envelope strikes again

Dont think income is the issue to those who proactively close their accounts after receiving the blue, unless they lied about it, i think most of us have issue with giving third parties like Nexus Lexus or Lecus Nexus, lol, access to our sensitive info. Now you might find someone come in now and say what sensitive info but some have their sensitive info concerning fsmily members etc on their tax returns etc. Only you can decide.Smiley Wink
Message 25 of 34
Established Contributor

Re: Goodbye Synch, blue envelope strikes again

In all candor, I'm not quite as worried about Lexis/Nexis getting ahold of my data as some of you other folks. Because why? Because I kind of figure they already have my data anyway, and have for some time, as long as I've been financially active. It's not something I lose much sleep over. I go on the working assumption that everyone has at least some of your personal information.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 12/1/17:TU 663/EX 697/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 12/1/17: TU 699/EX 687/EQ 693. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Message 26 of 34
Frequent Contributor

Re: Goodbye Synch, blue envelope strikes again


jamesdwi wrote:

oldman425 wrote:

Now I'm a bit nervous, I'm closing on a mortgage in a couple weeks.

 

Walmart - $5,000

Amazon - $3,500

JC Penny - $800


3 little cards, probably nothing to worry about keep your report clean, the morgage will probably help your score after a few months,  others here have 50,000 or more from syncrony... some have even pushed there maximum exposure with them, which is rumored to be 99k..    10k is nothing.  

 


Thanks.

12/27/16 - Eq683 TU666 Ex681 04/05/17 Eq742 TU763 Ex757
Message 27 of 34
Super Contributor

Re: Goodbye Synch, blue envelope strikes again

I still feel we are missing something on this thread. Op's exposure is not that bad. Im wondering if its how someones is using their overall credit and when they sp your profile, they compare what one is doing with their cards as well as what one is doing with ither counterparts.

Good questions have been raised but still are not really answered. How much does owe in comparason to limits , how many new accounts other than Sync opened in recent months. Its quite possible Sync is pulling a Barclays and if they see numerous new accounts perhaps its sets off bells in their head. So and so has 3 or 5 new accounts, how are they gonna use our account if they just got those others. And on top continue asking for more cl. Just pure speculation i know.

Im at the point i would love them to send me one so i can be guinea pig joeSmiley Wink. Id survive with 2 or 3 cards, believe you me Lol
Message 28 of 34
Frequent Contributor

Re: Goodbye Synch, blue envelope strikes again

Well, I did have it coming as well. But, it was too late to realize this. Unfortunately, I went way overboard applying for credit left and right with my rebuild. Obviously I triggered every alarm there is that says HIGH RISK. Here's some data points:

1. INQUIRIES - 60 and above with every CRA.

2. NEW ACCOUNTS - I have 29 (stopped tracking already) within 12 months

3. AAoA - 1 yr

Income: $140K

 

Results and consequences of it:

1. AMEX - FINANCIAL REVIEW happened within 4 months. I had 5 accounts with them then. I complied with the request for 4506-T. All accounts were reinstated with no limit changes. Added a few more accounts with them since then.

2. Of course, I have acquired more credit since then. This is where Synchrony comes in. Have 5 credit lines with them now.

1) Lowes first - $500

2) Sam's Club - $937

3) Stash Rewards Visa - $2K

4) Cathay Pacific Visa Signature - $5800

5) Marvel MasterCard - $2000

 

Before April 20, multiple CLIs has been approved.

1. Lowes - $17K

2. Stash Rewards - $8K

 

Blue envelope came and was dated April 20. It came with the request for 4506-T for 3 years (2016, 2015, 2014). Like AMEX, I complied with the request. I couldn't log in to any of my accounts. I didn't bother to call and follow up. I just waited for the accounts to show CLOSED BY CREDIT GRANTOR in my credit report. I did this to myself, so I'll take the consequences of it. After 2 weeks, I tried to log on to Lowes and it went through. I tried the rest of my accounts and had access to all of them. Credit lines remained the same. No CLDs. Couple days ago, I received a letter from Synchrony apologizing for the inconvenience it caused and THANKING me for sending the requested documents. Earlier tonight, I had to call Synchrony's Cathay Pacific credit division to help me set up my Asia Miles account. I asked if I can request a CLI through her and said yes. Got approved for $10K CLI.

 

I understand why most wouldn't want to disclose 4506-T due to sensitive information especially if it involves family members. I don't have any family members I need to worry about. The 4506-T for me is nothing more than just an assurance to lenders who are risking their money to me that I can repay what they lent me.

 

So, I went through FINANCIAL REVIEW twice and had positive outcomes. I have what I need and done acquiring new credit. I will not poke any sleeping bears from here on. Hopefully, I will eventually prove them I won't be burning any of them.

Message 29 of 34
Established Contributor

Re: Goodbye Synch, blue envelope strikes again

Thanks GRC for your detailed info on your AmX FR and Synchrony blue envelope. This definitely gives me a better understanding of how CC closures can happen and that it can also have a positive outcome.


EX 753, TU 778, EQ 779
|| NFCU CashRewards $16.5K || Discover IT $7.5K || NFCU Platinum $7.5K || Macy's $7.5K || CitiCostco $5.5K || Chase $5K || CitiDC $4.8K ||
Message 30 of 34