Well put Humu, great thoughful note to end my night. Whatever happens going forward , i feel we have all at least become more aware of our relationships with Sync Bank and where we stand where we can improve on if possible, like ML says great thread and hopefully we all learn more not only about Sync and or other banks but ourselves! Good night everyone stay well!!
@AverageJoesCredit wrote:
Well put Humu, great thoughful note to end my night. Whatever happens going forward , i feel we have all at least become more aware of our relationships with Sync Bank and where we stand where we can improve on if possible, like ML says great thread and hopefully we all learn more not only about Sync and or other banks but ourselves! Good night everyone stay well!!
Goodnight, AJC...Good thoughts from you and Humu....Sleep well, friends...
@SouthJamaica wrote:
@UncleB wrote:
@Anonymous wrote:This thread began as a data/experience share, nothing was meant to be confrontational. Please let's keep it that way.
+1
We all have our own feelings and opinions on LexisNexis (I do as well) and we're bound to not all agree, and that's OK.
All the points provided so far are both fantastic and valid - on both sides - but this probably isn't the best place for that particular conversation.
That being said, we should steer this thread back to what we do agree on, and that is we would all like to know "what's up" with Synchrony Bank.
Personally I'm about to bow out of this thread because the one piece of information I'm looking for I can't find, which is:
data on those account holders whose accounts have been frozen.
Unless and until people whose accounts have been frozen start posting the details about their accounts pre-freeze, we will never learn what the triggers are.
There's just so much time I can spend on this, and I've already exceeded it.
Agreed!
@UncleB wrote:
@Anonymous wrote:So what all you guys are saying is I shouldn't have asked AZ for a CLI last night?
lol
Knowing what we know now if someone asked me I would likely recommend for them to hold off a little while, but what's done is done, and most likely you'll be just fine.
In any case if you truly needed it you were right to ask regardless.
At this point I wouldn't sweat it... I got a couple of nice increases just a few weeks ago myself.
Ditto!
@Themanwhocan wrote:
@Anonymous wrote:
@Anonymous wrote:Guys i need help on what to do. I haven't experenced adverse action but i will explain my situation. I claim income of 60,000 but my salary is only 40k. The additional 20k is bonus income i receive on work performance which is not reported to the Internal Revenue Service by my employer or on my tax returns. I was at 50k exposure and just recently shaved that number to $19k. My question is, should i adjust my income for the 3 remaining Synchrony accounts to 40k and what should i do with the unactivated stash card for $15k i received in the mail yesterday? Is 40k enough to support a $19k credit limit? In all honesty, I don't want anything to do with Synchrony anymore.
Your employer doesn't report all your income? How do they justify that?
Psst! : Isn't that how they got Al Capone?
OMG! Stop it! I'm rolling over here! Y'all are killin' me!
Thanks so much for the comic relief.
@wachme wrote:
@Credit-hoarder wrote:
@Vegas4Play wrote:Sync. Is insane, they have let this credit thing run a muck and now they are doing re-evaluations, and trying to fix some of their dum dum decesions.....it is probably random with what acconts get flagged or locked out, it might not be. This is something we will never know for sure.
Case in point someone was given XXX credit limit and they called, chatted, phoned to get it up to some astronomically insane number that will never get used.
In my opinion it is something that was bound to happen, and should have happened long ago. Who in the world needs a 20K walmart card or even 10K. I hate walmart and the crap they stand for. I have the card for the free fico and my daughter buys diapers and formula there online.
Should they just be able to lock out accounts, is it fair with no warning...that I think is screwed up. But come on enough is enough...20K Toys R US, gap, old navy cards, 10K gas station cards ( really gas).
Even after all that is happeneing with them in the last 2 dyas people still insist on calling, chatting, and phoning to get higher limits. And they continue to give them, I have never seen such an idiotic operation, no wonder they are having financial troubles.
Most of those limits you see of $10K and up are more than likely for the Visa/Mastercard versions of the store cards--not the store cards themselfves. And out of those most people have those limits strictly for UTIL. padding---they don't even get close to their actual limit. But I really guess I should be glad my 671 TU score doesn't qualify me for one of those astronomical limits b/c I too would probably be sitting on a $20K Pay-Pal M/C---Wal Mart M/C--AEO Visa---and a $25K Lowe's and looking at possible AA just like a lot of other people......although my income is probably just a tad MORE than I put on my credit apps.
Problem is, and I agree a bit with Vegas4Play, CL padding (for Util purposes) and the measures in which some go about it is incredibly flawed. Milking a bank that freely gives out overly-generous limits is a mark of a financial insitution that isn't self sustaining.
Many here complain of the tiny SLs and CLIs they receive from certain banks, yet there is a reason for this. Chase, Amex, Citi don't necessarily give out limits like candy, so what makes you think Synchrony Bank, of all institutions, can handle the blowback from their loose UW standards. If you cant even get 5k with Chase, then you should really question the legitimacy of your 25k Walmart MC.
We can't be surprised when they clamp down. Like all things financial, you have to diversify. Diversify your retirement accounts, real estate holdings and credit cards. You put all your eggs in one basket and when it falls, all the eggs may break.
Well said wachme. We have seen lots of things come and go around here so...
@kdm31091 wrote:
@Anonymous wrote:7) Realize that any lender can take action we may not expect at any time. We've seen other strong myfico members come through the other side of such action with flying colors, and the best thing we can do is support one another in such difficut times.
8) Enjoy the many other activities and components of our lives. Credit is but one piece of the larger part of our lives, and it's good to place it in perspective.
I think these are the most important points. Realize that this isn't unique to Synch, and all you can do is keep your profile in check as best you can. If it happens, it happens. It's not the end of the world. Your life will go on without the card.
Your second point is an important one too. It's easy to get too wrapped up in these things. At the end of the day, worst case scenario, ok, you no longer have a Sam's Club Mastercard or some such. Again, life will go on.
I think we've all seen enough AA to know the basics on how to help prevent it, so people need to arm themselves with the information and use it. There are far too many people on this board who add new accounts with IMO too much frequency. Most people are not adding new accounts anywhere near that often, so you are standing out, and not in a good way. The constant new cards/ approvals have to stop if people want the AA patterns to stop. So do the constant calling for CLIs, APR reductions, etc when you really need to be letting your profile cool off. Otherwise we will see the same thing over and over. I don't say any of this to be rude, but sometimes people get caught up in the "game" and they forget that in every game, sometimes you win and sometimes you lose. You will continue to lose if you push too hard and too fast, and this board can unfortunately lead many to do too much too quickly.
It's great to support one another but ultimately a lot of the support has to come from within in the form of willpower -- not applying for new accounts, not feeding the addiction that credit can become. For some, the community helps, others are best served taking a break.
Well said KDM & Hum. Thanks for your input.