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Synchrony Bank Requested 4056T !!!!!

Regular Contributor

Synchrony Bank Requested 4056T !!!!!

Sync cards closed

 

 

I received the blue letter from SB 2 weeks ago and they asked me to send 4056 Form to them and I called them last week to ask them that if they have any other options so I can send like my paycheck stubs bank statememts and they said that's the only option that they need and If I dont respond the form within 30 days and they will close all my accounts . Well , they said that they are sending this to everyone and soon or later they will receive it, im not sure if anyone else receive this blue letter from them , I dont know why they have to do this besides I did not request for CLI and I spent all their cards  and paid off balances every month as well  Smiley Sad , so I dont wanna share my personal tax data info to any 3rd Party and I had to close my cards for that reason, I know that sucks but I have no choice , so just letting you guys know that and good luck to anyone who has credit cards with them !

☞ in the garden since 10/23/16☜

FS8 (06/28/17) ★EXP:812★TU:811★EQ:809★
★ Total Credit Line ☛ 358K ★ Utilization ☛ 1% ★
83 REPLIES
Community Leader
Super Contributor

Re: Synchrony Bank Requested 4056T !!!!!

Sorry about the loss of your credit lines.  But it came down to the choice of keeping those or having your tax info. shared with a third party company.  So in this case, you made the right decision.

New Contributor

Re: Synchrony Bank Requested 4056T !!!!!

My DW has a Haverty's card that we've had for about 3-4 years now that is issued by Synchrony.  It only has a $5500 and we've used it twice for the 0% financing on already overpriced furniture (for real..).

 

If they are sending tax forms to everyone, I can't wait for that day to call them up.

 

Sorry this happened, it seems to be happening to a lot of folks out there recently.  SB pay be in some hot water with shareholders too, but it seems like all the cases of AA with Synchrony here at MyFico, most of them are with really high limits across multiple cards - reguardless of account standing or payment history.  You are def not the only one, so it might not be something you did or could control.

Community Leader
Super Contributor

Re: Synchrony Bank Requested 4056T !!!!!

sorry this happened op. 

Valued Contributor

Re: Synchrony Bank Requested 4056T !!!!!

They are sending it to everyone? Hopefully not but time will tell. Sorry to hear they are closing your lines.

 

Trying to expand the data points: Does your income match or differ from what you listed? Are you self employed? 

 

I do thank you for providing the information. It makes me wonder if the 3rd party company has information that was not matching up with Synchrony?

 

I have $75K in credit available with Sync. preferring to keep it that way.

 

Super Contributor

Re: Synchrony Bank Requested 4056T !!!!!


Yes-Its-Me wrote:

Sorry about the loss of your credit lines.  But it came down to the choice of keeping those or having your tax info. shared with a third party company.  So in this case, you made the right decision.


I wonder if this is being over-emphasized on this forum.   How do we quantify the actual harm of Lexis-Nexus selling your data (in addition to whatever they have anyway)? Is this harm greater than the benefit of keeping the cards?

 

 

Valued Contributor

Re: Synchrony Bank Requested 4056T !!!!!


SuPeRxCaC wrote:

I received the blue letter from SB 2 weeks ago and they asked me to send 4056 Form to them and I called them last week to ask them that if they have any other options so I can send like my paycheck stubs bank statememts and they said that's the only option that they need and If I dont respond the form within 30 days and they will close all my accounts . Well , they said that they are sending this to everyone and soon or later they will receive it, im not sure if anyone else receive this blue letter from them , I dont know why they have to do this besides I did not request for CLI and I spent all their cards  and paid off balances every month as well  Smiley Sad , so I dont wanna share my personal tax data info to any 3rd Party and I had to close my cards for that reason, I know that sucks but I have no choice , so just letting you guys know that and good luck to anyone who has credit cards with them !


It would be objectively impossible to prove that they aren't going to eventually ask everyone to sign a 4506-T. From the reports I have seen, though (and I've only read a small portion of some threads) the 4506-T forms are going to people who have a lot of credit from Synchrony, or a lot of credit in general.

 

If they sent the form to their average, low-risk, non-credit-enthusiast customers, I think they'd upset and lose too many of the desirable ones.

 

I really have a hard time believing they'll send it to everyone.

Perks, purchase protection, and sketchy merchants: Schwab Platinum.....Price rewind and extended warranties: Costco.....Travel insurance: Prestige.....Renewal nights: IHG, Hyatt.....Rewards/Offers: Discover, Freedom, ED, BCE.....Taxes/Misc: SPG...Questioning the value of: CSP, Arrival

760ish FICOs...Rebucketing hurts!
Total CL: Enough
Regular Contributor

Re: Synchrony Bank Requested 4056T !!!!!


Appleman wrote:

They are sending it to everyone? Hopefully not but time will tell. Sorry to hear they are closing your lines.

 

Trying to expand the data points: Does your income match or differ from what you listed? Are you self employed? 

 

I do thank you for providing the information. It makes me wonder if the 3rd party company has information that was not matching up with Synchrony?

 

I have $75K in credit available with Sync. preferring to keep it that way.

 



My income not exactly Match with the time I applied for their cards, and yes I am self employed , i owned my business and home , its kind of complicated income and Tax data file . That's why I dont want them to see it 

☞ in the garden since 10/23/16☜

FS8 (06/28/17) ★EXP:812★TU:811★EQ:809★
★ Total Credit Line ☛ 358K ★ Utilization ☛ 1% ★
Super Contributor

Re: Synchrony Bank Requested 4056T !!!!!

Dang OP, im sorry to hear this. If they are going to send this to everyone they are going to be lwft without alot of clients. I can see in certain cases you may want to verify someones income depending on the circumstances but it would be a bad precedent to ask everybody for their tax info for a credit card. If i knew i had to provide my tax info just to get a card that may only give a small sl, or any for that matter, well, ill just pass and buy my stuff the good ol fashion way, cash. I agree with an above poster we need more data from OP total exposure etc. Best of luck OP and thank you for sharing the news with usSmiley Happy
Super Contributor

Re: Synchrony Bank Requested 4056T !!!!!

Most unfortunate! Feel your pain. In my case no sharing of data would be the answer. But, each one of us has to look at our needs and move forward from there.Today, I do not have any Sync or Commenity Cards and life rolls along smoothly. One thing a poster said as a reminder that fits ... diversify our credit card herd!

Starting Score: 802
Current Score: 821
Goal Score: 850


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