Synchrony Bank "reviewing" my accounts

[Anonymous]

All of my synchrony accounts have been frozen and I am being sent a packet to fill out and return. I've read that this has happened to a lot of people. Should I fill out the forms or are they just going to close the accounts anyway? Should I close them myself? How am I supposed to pay the cards if I can't login into my accounts since I reveive e statements and how will this affect my credit score if the accounts are closed voluntarily or involuntarily? Thank you so much for any help!!

[AverageJoesCredit]

Sorry , you seem to be getting the dreaded blue envelope for income verification. If youd like more pointed advice perhaps you can go into more detail about your profile like current fico scores, how many cards do you have with Sync, current balances, limits, when did you apply for them etc. There are lots of data points that suggest possible reasons for freezing someones account but no one knows 100% for sure. Like my man Johnny 5 says, Need more input

[peghede]

Another horror story from Synchrony R.I.P in 2017

Sorry m8 they got you to ,Close accounts yourself asp ,call them and ask to close them all (or they will if not already) or they will show closed by grantor in your reports, now if u have 1 might not be big deal but if u have bunch ill tell you that don't look good,

after that max 1 hr you'll be able to log in and pay u balance/s make u pmt/s

They give out cli and don't have the money to back it up.

They love ppl with small limits (up to 5k) and maxed out or close to be maxed out (they make profit at the high apr they give ,also they auto cli those accounts with big balances)

Also it's not good advice like lots of users here encourage  others to call credit solutions for fast and big cli without giving the warning what might happens later on.

This is what happens;

People call credit solutions and cli card or cards multiple times (they keep log of it)

They open multiple cards close to each other and then fast cli .(they keep log of it)

People put big income is not there. (they keep log of it )

And some of the people they just have bad luck with them.

Synchrony R.I.P and u lexus nexus bs needs to remember the wheel is round.

[Anonymous]

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@Anonymous wrote:
All of my synchrony accounts have been frozen and I am being sent a packet to fill out and return. I've read that this has happened to a lot of people. Should I fill out the forms or are they just going to close the accounts anyway? Should I close them myself? How am I supposed to pay the cards if I can't login into my accounts since I reveive e statements and how will this affect my credit score if the accounts are closed voluntarily or involuntarily? Thank you so much for any help!!

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Sorry to hear you got the Blue Envelope from Synchrony. I never imagined I would get it myself but I did. I'll tell you my experience but YMMV. Submitting your income tax return gives them access to more detailed information about you. Just make sure you FULLY AGREE to that. Most people here frown upon that but I am ok with it. It's your call.

Here's are my datapoint:

New accounts in 24 months: TOO MUCH. You can see it my siggy.

Income: 145K

Synchrony accounts: 5

ALL accounts had ZERO balance when they froze it.

Blue envelope: came within a week after my last card (Marvel Mastercard)

FICO 8: 650-700 when it happened in April 2017

1. Submitted the 4506-T Form. They requested 3 yrs income tax returns. (AMEX requested 1 yr when they FR my accounts).

2. Accounts frozen for about 14 business days. All online access were disabled.

3. I never called. Just been checking online and one day I had access to all accounts. No changes in credit lines.

4. After a few weeks, I received a letter from Synchrony apologizing for the inconvenience.

Synchrony after Blue envelope: (accounts restored May 8, 2017)

1. Sam's Club card - same limit.

2. Stash Rewards Visa Signature - CLI from 2K to 8K (online auto approved)

3. Marvel Mastercard - CLI from 2K to 6K to 8K (online auto approved)

4. Cathay Pacfic Visa Signature - CLI from 5.4K to 10K to 15K (denied online. CLI approved over the phone)

5. Lowe's Credit card - NO changes. 17K limit.

Almost everyone from what I've read on here DID NOT submit the 4506 Form. I took my chances. If they closed it, so be it. Good luck on what you do.

[Anonymous]

All of the foregoing is why I've been wary of getting too many cards from Synchrony and Comenity. Right now I have two Synchrony cards, Amazon Prime and Walmart, and one Comenity, Overstock. The issue is that there are a couple (emphasis on "couple") more Synchrony cards that I may want to get down the line, Care Credit (for medical and veterinary expenses) and either Marvel Mastercard (for the rewards on bookstore spending, also as a possible replacement for my Capital One cards) or the new Paypal 2% Mastercard. Any of those, though, are at least several months down the pike. I've only tried two CLI attempts on Amazon (my smallest CL, still stuck at $800 and I haven't seen the auto CLI that other people have reported getting even though it's been nearly eight months now since I got the card) so far, one with a call to Credit Solutions in March and the second a button push in May, both unsuccessful. I'm looking at trying another call to Credit Solutions later this month or next, but I need to check my TU scores first to see whether they've gotten above the key 650 mark.

Generally, it seems to me that two red flags that often cause Synchrony to send out the blue envelopes are too many Synchrony accounts applied for in too short a timeframe and too many CLI's requested (and received) in too short a timeframe, compared to the customer's income. I don't think myself that occasional, say quarterly calls, to Credit Solutions on one card would necessarily trigger a review by themselves, but I'm pretty sure that they would view monthly calls to CS to request CLI's on multiple cards as problematic.

[fltireguy]

Remember one thing. If you send the form in, you are sharing all of your info with our favorite data miner, LexisNexis

[AverageJoesCredit]

Just a quick notation there is absolutely no gaurentee that they will reopen your cards even if you fill out form . Im glad it worked out for GTC471 , but a good deal of people did and did not get them reopened. You could be proactive and close them ourself but alas we know nothing of your profile so we would be shooting in the dark offering specific advice