Credit Card Center Advertiser Disclosure

Reply
Regular Contributor
Posts: 136
Registered: ‎02-14-2016
0

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


Dinosaur wrote:

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!


Yes, I have a Total Rewards Card with 22K cl and I hope they dont do this like freaking SB , btw, its been over a year . So lets just hope .....

☞ in the garden since 10/23/16☜

FS8 (06/28/17) ★EXP:812★TU:811★EQ:809★
★ Total Credit Line ☛ 358K ★ Utilization ☛ 1% ★
Valued Contributor
Posts: 2,667
Registered: ‎03-03-2008

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

OP

 

1. you had 50K in exposure with the same lender.  this will usually prompt some sort of review in comparison to people that have a ton of small limit cards with sync / commenity

 

2. not everyone will be getting a 4506 from them but, most likely people holding higher CL with them on multiple accounts will get reviewed 

 

3. i recently got a CLI to 25K w/ sync on my Sam's MC and had requested 30K but, they couldn't do 30K w/o additional documentation aka POI/4506

 

Seeing this sort of action from lenders just reinforces the idea of not putting all of your eggs (CC) in the same basket.  We tend to see this with Chase, Commenity, Sync, and others all the time on here for whatever reason.  I don't get it personally though why someone needs 10 Chase accounts and 20 Commenity cards or 5 Synchrony accounts.  Yes, some of them have the perks of being approved with lenient UW guidelines and grow easily with SP online but, the quality of the card just isn't as stable as others.  When I started my credit journey I of course went for all of the major banks BOA/Chase/WF/Citi/AMEX/Disc/ etc. and once I started reorganizing things and getting a savvy view on credit types I started looking into CU's more due to the better benefits of lower APR / higher CL / less penalties.  Since cleaning up my reports and building them up with 5 digit CL's and such I'm now able to get whatever I apply for at this point instead of applying for everything and getting whatever the leftovers are.

 

Currently here's what my accounts look like:

 

4 X CU accounts / combined CL 79K

(UFCU, ITCU, JFCU, Consumers)

AMEX 30K

Disc 30K

Sync Sam's MC 25K

Macy's AMEX 11K

Chase 5K

Cap 1 $1500 (old HSBC account that got bought)

 

Total combined CL 181K

If you're going to whine about it, then you need to do something about it!
If you play the odds on CC's then the rules of Vegas will come into play and the House always wins and you don't own the House
http://ficoforums.myfico.com/t5/Credit-Cards/Discover-unOfficial-Data-Points/td-p/4802538 http://ficoforums.myfico.com/t5/Credit-Cards/AMEX-helpful-links/m-p/4802617 www.depositaccounts.com go under checking / reward checking https://refer.discover.com/s/uya7c https://www.creditscorecard.com/registration
Moderator
Posts: 8,148
Registered: ‎06-20-2015

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


austinguy907 wrote:

OP

 

1. you had 50K in exposure with the same lender.  this will usually prompt some sort of review in comparison to people that have a ton of small limit cards with sync / commenity

 

2. not everyone will be getting a 4506 from them but, most likely people holding higher CL with them on multiple accounts will get reviewed 

 

3. i recently got a CLI to 25K w/ sync on my Sam's MC and had requested 30K but, they couldn't do 30K w/o additional documentation aka POI/4506

 

Seeing this sort of action from lenders just reinforces the idea of not putting all of your eggs (CC) in the same basket.  We tend to see this with Chase, Commenity, Sync, and others all the time on here for whatever reason.  I don't get it personally though why someone needs 10 Chase accounts and 20 Commenity cards or 5 Synchrony accounts.  Yes, some of them have the perks of being approved with lenient UW guidelines and grow easily with SP online but, the quality of the card just isn't as stable as others.  When I started my credit journey I of course went for all of the major banks BOA/Chase/WF/Citi/AMEX/Disc/ etc. and once I started reorganizing things and getting a savvy view on credit types I started looking into CU's more due to the better benefits of lower APR / higher CL / less penalties.  Since cleaning up my reports and building them up with 5 digit CL's and such I'm now able to get whatever I apply for at this point instead of applying for everything and getting whatever the leftovers are.

 

Currently here's what my accounts look like:

 

4 X CU accounts / combined CL 79K

(UFCU, ITCU, JFCU, Consumers)

AMEX 30K

Disc 30K

Sync Sam's MC 25K

Macy's AMEX 11K

Chase 5K

Cap 1 $1500 (old HSBC account that got bought)

 

Total combined CL 181K


+1

 

I agree with your statements here, I would just add that with Synchrony backing so many different store cards it's quite easy to find yourself with more than a couple of cards with them, even if you're not intentionally 'collecting' Synchrony cards.  Smiley Happy

 

In my own case, I got my Lowe's account years ago when I had my house (and had frequent home improvement expenses) and Belk (also 10+ years old) since I was/am a frequent shopper there.

 

More recently, last summer I got the Sam's Club MasterCard to use for restaurant and travel expenses (I usually earn $30+ cash back each month) and I got Care Credit for 0% financing on a dental implant... it's also come in handy when I broke a tooth; I got 12 months at 0% for my crown as well.

 

Basically I'm just trying to demonstrate that not everybody with more than one or two Synchrony-backed cards is seeking to collect accounts... there are some of us who got the accounts for their actual benefits.  Smiley Wink

 

I now have four cards with them... while they aren't 'irreplaceable' by any means, I would be quite bummed out if I were to lose them.  Hopefully whatever algorithm they are using to determine who gets 'frozen out' will bypass me.  <fingers crossed>  Smiley Happy

Frequent Contributor
Posts: 465
Registered: ‎03-11-2015

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


Xistaben2 wrote:

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.


Doubtful they'd mail you one. It seems most who have been getting the dreaded blue envelope had individual credit limits of $10K+ and/or total combined limit of upwards of $20K. It's not overly surprising for people who opened up many accounts in rapid succession getting a FR. However, for those with a long established history with Syncrony the reasoning isn't clear...

 

My hunch is it's not just exposure that Synchrony is concerned about, but also utilization. Ironically, too little usage could be a factor. Doesn't make sense for them to extend $50K in limits to a cardholder who charges a tiny fraction of that per year and usually or always PIFs; infrequent, low usage. I don't know if that's true in OP's situation, but putting it out there as a possibility.

 

I also wonder if Synchrony takes into account one's employment information that's shown on credit reports and/or via other sources. In particular looking for any indication one is self-employed, which can be perceived as more risky.

 

On a related note, has anyone succeeded in keeping their accounts open after submitting a 4056-T?  I've not read of any sucess stories. From what I've read, it seems the account closures are a foregone conclusion regardless of what the cardholder does. Maybe not, but sure seems that way.

Starting Score Mar-15: EX-513, TU-507, EQ-510
Current Score Oct-15: EX-658, TU-631, EQ-628
Senior Contributor
Posts: 6,953
Registered: ‎06-22-2015
0

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

[ Edited ]

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.


+1, Yes-Its-Me. Sorry this happened, OP.

 

Reporting as self-employed, as you mentioned, and having the income mismatch you reported may be factors (among others) that Synchrony is reviewing on accounts. None of us know for certain, but it's a possibility.



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Valued Contributor
Posts: 1,556
Registered: ‎02-08-2015

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

My Synchrony accounts were blocked in June, I called and was told I would get somrthing in the mail, 7-10 days later were unblocked, and I never received the 4506-T form in the mail.

Fico Scores 11/14/16: EX 735,EQ 713,TU 690

Citi Costco$15,000/BBVA Am Ex $7000/Am Ex BCE $24,000/Macy's Am Ex $6000/ Macy's $6800,LL Bean Visa$3400/Citi DP $4100/Citi DC $4400/Bloom AmEx$7000, Bloom $7300,TotalRewardsVisa $2000 Blispay $7500,Cabelas Visa $7000/Discover $1800/ Quicksilver $4300/ J Crew $6600/Dillard's $1600/Barney's $24,000/Care Credit $5000/Stash Visa $6000 JCP $2300 Hyatt Visa $10,000, Deer Valley CU Visa $3000 and$1000 Sync Home $6500, Wells comm$4700, Saks2000
Moderator
Posts: 13,871
Registered: ‎10-07-2014
0

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


Swampy99 wrote:

My Synchrony accounts were blocked in June, I called and was told I would get somrthing in the mail, 7-10 days later were unblocked, and I never received the 4506-T form in the mail.


That's pretty funny.  Glad to see that they were unblocked but it does make you wonder what caused the accounts to be blocked in the first place and then magically unblocked.  Guess that's Synchrony for you.

Super Contributor
Posts: 9,441
Registered: ‎07-17-2013

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

ugh..I can tell you right now that I will NOT be sending them tax forms, if they are eventually requesting it "everyone". The only people that get my tax forms are my future lender for a Mortgage.

Synch is not JP Morgan....and certainly not worth risking my private info on tax forms, that they turn around and submit to LN who turns around and shares it with God knows who for a $$$.

No WAY is any of my Synch cards with a 23-25% apr worth keeping by providing them with tax info.

It is within their right as a business/lender to request such info, but its within my rights as the consumer to say no. They arent the only lender out there, and Id find credit elsewhere. Its not that hard...Smiley Wink
(BK7 d/c-08/2013/FICO-400's)---> 07/2017 FICO- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Valued Contributor
Posts: 1,168
Registered: ‎09-22-2013

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

I'll never understand the paranoia people feel by consenting to provide their tax transcript. I mean what more do we really have to loose?! Banks already monitor our everyday activities and have a wealth of information about us at their fingertips. What extra can we provide that they don't already have? Updated income, number of dependent, business profits/losses, employment, marital status, household size maybe?! So ironical that we feel VERY comfortable providing our SSN and stated income when applying for credit but become very defensive when they request proof of the same info we supplied them initially. Really?! I think this Lexis Nexis concern is way too overrated and SOME people are using it as a cover up for whatever bluff they did. For over $50k in exposure, we don't think it's only fair that banks take precautionary measures by requesting these documents to mitigate against lending risk and losses. After all they are lending us their money! Not to mention, as Americans do we even have a real sense of privacy... they know everything about us, what more can we protect or prevent them from knowing. Oh well I digress but to each his own...

Macy's AMEX $38,500| Citi $13,000| CapOne $18,000| Chase $25,000| SYNCB $51,800| Fidelity $7800| Discover $3,000| NASA FCU $2,500| BestBuy $5,100| Barclay $4,400| TD Bank $1,000|

Starting Score: 490
Current Score: EQ 728 (681 as of 07/30/14) EX 721 TU 735 (669 as of 07/30/14)
Goal Score: 780

Take the myFICO Fitness Challenge
Super Contributor
Posts: 15,067
Registered: ‎04-22-2013

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

[ Edited ]

OK, I have to ask again!    What is the *actual* harm in having your information sold by LN, assuming that they don't have most of it already.   I can see iincreased marketing perhaps but what other dire consequences do people expect.

 

 ETA: mister-endowed beat me to it

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.