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I'm new to the forum and have been following up on the reviews. I'm rebuilding and trying to raise my credit scores. I'm currently 680; 660; 679........I applied for credit cards with synchrony and was approved for 5, all within 1 month. This month I applied for a Lowe's card and was approved, but two weeks later I get a voice-mail to expect something in the mail 7-10 business days and follow directions. Got the letter today for 2014 tax return.
Why 2014? When I applied for the cards, it was based off my income for 2016 since I was recently promoted. I called the fraud department, the number on the letter, and they said it was for verification. But I wasn't making half of what I'm making now in 2015. I don't want this to effect my credit score or mess me up for what I'm trying to do next year? Any suggestions?
@Anonymous wrote:I'm new to the forum and have been following up on the reviews. I'm rebuilding and trying to raise my credit scores. I'm currently 680; 660; 679........I applied for credit cards with synchrony and was approved for 5, all within 1 month. This month I applied for a Lowe's card and was approved, but two weeks later I get a voice-mail to expect something in the mail 7-10 business days and follow directions. Got the letter today for 2014 tax return.
Why 2014? When I applied for the cards, it was based off my income for 2016 since I was recently promoted. I called the fraud department, the number on the letter, and they said it was for verification. But I wasn't making half of what I'm making now in 2015. I don't want this to effect my credit score or mess me up for what I'm trying to do next year? Any suggestions?
One of the issues with tax returns as income verification. The problem is that the IRS usually doesn't make last years return (i.e. 2015) available until at least some time in August, so 2014 is the latest one the bank can ask for now. You can explain and offer additional or alternative documentation, but some issuers will only take tax returns
Thanks for the response.
I see a lot of threads saying don't send it in and it wouldn't be a good idea. I called synchrony and asked if I could send additional info to prove my monthly income with my new raise, they only want tax return. I don't want to send it and have my accounts closed anyway. And my scores...wouldn't that effect them of they just closed my cards like that? I tried to pay it off, which is $100 owed on $6000 walmart card and they told me I couldn't since my account is frozen.
@Anonymous wrote:Thanks for the response.
I see a lot of threads saying don't send it in and it wouldn't be a good idea. I called synchrony and asked if I could send additional info to prove my monthly income with my new raise, they only want tax return. I don't want to send it and have my accounts closed anyway. And my scores...wouldn't that effect them of they just closed my cards like that? I tried to pay it off, which is $100 owed on $6000 walmart card and they told me I couldn't since my account is frozen.
You'll take a util hit, but there's no impact to FICO scoring for an account closed by the grantor, as long as it was in good standing when closed. I would, however, pay off that $100 if you decide to close the card. Once an account is closed with a balance, the total credit limit will be the same as the balance, until it's paid off (ie. it'll follow the balance down to zero).
An account being closed by the grantor may have some affect during a manual underwriting. If that's a big concern, call them and tell them you'd like to close your accounts. Then they'll report as "closed by consumer"
Either way, the trade lines will have a positive effect on your score until they drop off around this time in 2026.
OP: Not pointing fingers or saying I told you so or anything like that, but I think it's just like another member posted---that the people being frozen out of their Synchrony accts. appear to be the ones that opened too many--too fast. So some advice since you are in the rebuilding stages: try not to app for too many cards within a short time with the same lender. Sometimes people get away with it--often though it can lead to AA. Seen it happen on this forum a few times. Good luck and hopefully you can resolve the situation.
@Anonymous wrote:I'm new to the forum and have been following up on the reviews. I'm rebuilding and trying to raise my credit scores. I'm currently 680; 660; 679........I applied for credit cards with synchrony and was approved for 5, all within 1 month. This month I applied for a Lowe's card and was approved, but two weeks later I get a voice-mail to expect something in the mail 7-10 business days and follow directions. Got the letter today for 2014 tax return.
Why 2014? When I applied for the cards, it was based off my income for 2016 since I was recently promoted. I called the fraud department, the number on the letter, and they said it was for verification. But I wasn't making half of what I'm making now in 2015. I don't want this to effect my credit score or mess me up for what I'm trying to do next year? Any suggestions?
@Anonymous wrote:I'm new to the forum and have been following up on the reviews. I'm rebuilding and trying to raise my credit scores. I'm currently 680; 660; 679........I applied for credit cards with synchrony and was approved for 5, all within 1 month. This month I applied for a Lowe's card and was approved, but two weeks later I get a voice-mail to expect something in the mail 7-10 business days and follow directions. Got the letter today for 2014 tax return.
Why 2014? When I applied for the cards, it was based off my income for 2016 since I was recently promoted. I called the fraud department, the number on the letter, and they said it was for verification. But I wasn't making half of what I'm making now in 2015. I don't want this to effect my credit score or mess me up for what I'm trying to do next year? Any suggestions?
You completed your app with your current information and any income discrepancy between now and 2014 is perfectly explainable. My income is different on my 2014 returns than the income I use on my apps now, too. It happens. I say submit it and let Sync figure it out.
This just seems so unfair...I feel as if there should be something that can be done. I really don't want to deal with it. I'm just going to close them and not send it in the form. The fact that the income in 2014 will not match what I'm making now they will close my accounts. I have two cards from navy federal both at 10,000 per card. I'll just stick with those two to continue to build my credit and just let them give me the CLI when it's time. Thanks for everything!!!
I think I'll just close the accounts. I think two cards are fine and both at 10,000 per card with navy federal. I can work on other cards later. I took hits getting those cards 🙁🙁🙁 kind of hate that. I guess I opened too many at once. I'm at the learning stage so I'll be ok. I'll know next time.
There is no reason that you cant pay it off. The only thing that you dont have access to is the ONLINE account management (well plus the fact that you have available credit that you cant use). You can call the # on the back of the card and make payments with no issue at all. I had 6 accounts frozen, for a total of about $45K in credit. I cosed them all, and paid them all off via the automated system for each card.
CLOSE THEM AND DO NOT LOOK BACK!!!!!!
Same happened to me and many others, both here AND in the "real world" whom i know....they tried feeding me the same BS that I could not pay as they are frozen ... so once I closed them, I was able to pay. Synch is honestly a very shady lender, TBH - offering massive CLIs, only to freeze people out of the blue weeks later. You dont need them. Any lender who pulls this kibd of crap deserves the ax. Period. I dont care if I one day have 1 card open -- if lenders pull this on people woh PAY THEIR BILLS, it is a complete joke and not worth your time. Not to mention income from 2 years+ ago to now, could be MASSIVELY different (up or down). Joke. Close them, laugh as you do it, pay the $100 and move on :-)