What the heck is going on with Synchrony?

[AverageJoesCredit]

Lol @creditplz, right? You said it best, what else could you have done? You pay your bill on time, check, pay in full, check, put tons of spend which has got to create swipe fees, check!i even believe youve already sent the 4506 form once, please correct me if im wrong ,a little sleepy now , whats another gonna prove 3 months later?.
Thats also cool, you're already looking for that fresh,green grass around the corner with your Cabelas and NFCU. In the end , you just gotta add it to your credit bank of knowledge!( dos/donts,etc).
If anything were to go south with Sync accounts im not gonna sweat, im gonna nurture my baby relationship with Penfed and watch it grow! I know credit world is all about business but at the end of day its nice to be appreciated once in awhile...NIGHT EVERYONE , hope tomorrows a better day

[willwar14]

Is it just me or it does it seem they are targeting people with higher incomes? 70k+ I might of missed a post but I have yet to see someone be targeted with income less than that.. Everyone I've seen that has been hit, has 70k plus income.. Most being 100k+.

Also a data point, I seem to remember when I went on my Credit Solutions adventure (done now), they asked for my "Total annual income after taxes".. Exactly what I got asked a few times when I called for a cli.

[CreditCuriosity]

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@willwar14 wrote:

Is it just me or it does it seem they are targeting people with higher incomes? 70k+ I might of missed a post but I have yet to see someone be targeted with income less than that.. Everyone I've seen that has been hit, has 70k plus income.. Most being 100k+.

Also a data point, I seem to remember when I went on my Credit Solutions adventure (done now), they asked for my "Total annual income after taxes".. Exactly what I got asked a few times when I called for a cli.

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Yes Syncrony want NET income of just YOU, no one else.  Just spoke with them the other day.  They made it VERY CLEAR NET meaning after taxes and ME and only me, not household income, etc.  Granted I am single so this doesn't apply to me and was fine.  This was US Based Sync CS I was talking to and they appeared to know what they were talking about w/regards to my inquiry for my call.  Six figures is no magic trigger as alot of people make that in this country that have syncrony cards without issues myself included.  Honestly no one really knows why various people are being hit.  Maybe third party datasources that show something different that the person put in the application?  One can only speculate for now.

[Anonymous]

Boils down to CSR Roulette. Every time I've gotten an overseas credit solutions rep they've stated total annual income available to you, as has Chase, as has capital one and PENFED for sure. Regardless, it is what it is now. Like I said most of my Synch accounts are at $0, so closing them won't really impact me much. Those that have balances I'll either PIF or BT them.

Not really interested in playing their game and definitely not sending them any tax forms. Bank statement maybe - but they don't accept that. So, today may be the day I up and close them all wooooooooooooo ! Honestly at this point, I don't even care if my score nosedives due to high Util - we all know that is a temporary hit, and with me returning to school soon for masters the last thing I need to worry about everyday is my FICO score - caused me enough grief already ! Lol.

But beat of luck to all of you who choose to actually play Synchs game. Hope it yields better results than CreditplZ, who complied with their ridiculous request and still had his accounts closed !

[Anonymous]

The thing about asking for net income is it can be pretty much manipulated with pay stubs. I can mess with my 401k contributions and taxes for a couple of payroll statement and either over or under inflate it. So asking for payroll statements is really a ballpark for lenders that your check might always be this amount. It's a better indicator of gross income versus net.

Tax transcripts give them a better look at your AGI, deductions and actual taxes, it's a better indicator of net income - what monies you actually have to pay them back. HOWEVER I will never supply the form to a CC lender - too much other information on there to supply for a few thousand in credit - a house yes, CC, nope.

I only have one account with them for $5k so I'm grateful I'm not too deep with them.

[Anonymous]

Just spoke with another clueless credit services rep - complete tool. He sounded like a college stoner. But I digress. He stated that I can close all my accounts, but if I choose to do so, I will need to reapply for accounts in future AND (kicker) you will only be allowed one new account per 12 month period !!!!! He said his went into effect 7/5!!! So here it likely is people.. Synch is targeting people who have opened more than one account I'm a short period (all mine were opened within weeks or months of each other lol). They will
No longer allow multiple openings and he said if some slip through those will be frozen and closed. Again, guy was a tool but I'll take what he said at face value.

Anyway, closed em all. OVER IT !!!!! Like I said, I have more important things to be worried about than this crap. Best of luck to all

[baller4life]

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@Anonymous wrote:
Just spoke with another clueless credit services rep - complete tool. He sounded like a college stoner. But I digress. He stated that I can close all my accounts, but if I choose to do so, I will need to reapply for accounts in future AND (kicker) you will only be allowed one new account per 12 month period !!!!! He said his went into effect 7/5!!! So here it likely is people.. Synch is targeting people who have opened more than one account I'm a short period (all mine were opened within weeks or months of each other lol). They will
No longer allow multiple openings and he said if some slip through those will be frozen and closed. Again, guy was a tool but I'll take what he said at face value.

Anyway, closed em all. OVER IT !!!!! Like I said, I have more important things to be worried about than this crap. Best of luck to all

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Hmmm so that's the target. Those that opened multiple accounts in a short amount of time. Now we need to cross reference with those here who were frozen and see if that holds true.

And btw Joey, I would have done the exact same thing. And I LOVE my Sam's MC. But, I'm not about to play with Synchrony.

[Anonymous]

I feel light as air LOL!!!! Btw he rep who closed my account DID verify they wanted to verify my income via 4506 and I politely told to pound sand (as captool says). Over and done, onto better things - and I don't mean more cards !!!! I'm officially in the garden until like 2018 - and have been for months !!!! Woooo

[Anonymous]

Only card 1 in 12 months before needing tax returns, sounds crazy given how many stores they deal with. Did the CSR say if that applied to both store and majors? I could understand majors somewhat but store, just wow!?!

And it's not like they are some upscale, prestigious lender, lol they issue a boatload of store cards with high APR's and low UW standards, smh if it's really true.......

[Anonymous]

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@Anonymous wrote:
Just spoke with another clueless credit services rep - complete tool. He sounded like a college stoner. But I digress. He stated that I can close all my accounts, but if I choose to do so, I will need to reapply for accounts in future AND (kicker) you will only be allowed one new account per 12 month period !!!!! He said his went into effect 7/5!!! So here it likely is people.. Synch is targeting people who have opened more than one account I'm a short period (all mine were opened within weeks or months of each other lol). They will
No longer allow multiple openings and he said if some slip through those will be frozen and closed. Again, guy was a tool but I'll take what he said at face value.

Anyway, closed em all. OVER IT !!!!! Like I said, I have more important things to be worried about than this crap. Best of luck to all

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HuH?  Is Walmart, Sam's etc happy with that?  That is non-sensical!  So you app for Sam's and you can't app for Walmart for a year? 

Why would these Mega-Stores want to co-brand with Synchrony?  If this tidbit is factual, I can imagine that some of these big-name brand stores dumping Synchrony... because those stips are ridiculous!   

I don't care much for the 5/24 rule for Chase but they are isolating and creating urgency for their own brand card. 

Synchrony NEW Mission Statement: We are going Cut Off Our Noses to Spite Our Faces ! 

Makes no sense .. no sense at all!  Especially for those that use and PIF. 

Unless some of these Big Store Cards are dumping them.... ? 

PS I now will not app with them no matter... they better tell the stores .. because when I shop Sam's they keep asking me to apply...  they should be divulging if you have not apped with any other Synchrony Card in the last 12 months.  Because to me that is consumer fraud! 

OH and also.. that NET income thing is not clear so much .. because what if someone is putting 20% plus in their 401K or if they have an FSA or an HSA w/personally chosen deductions.  So am I to be penalized because I choose to put into my 401K .. or that I have chosen a more expensive medical insurance your net looks very different then someone that has no medical insurance etc.  I have to say BIZARRO!