topic Re: Synchrony asking friend for 4506t in Credit Cards

Synchrony asking friend for 4506t

Anonymous — Thu, 07 Jul 2016 12:41:15 GMT

She makes over 150k a year off tips from bartending in the city but her actual salary is tiny in comparison. What should she do?

Re: Synchrony asking friend for 4506t

Anonymous — Thu, 07 Jul 2016 12:58:01 GMT

I'm sorry to hear this is happening. Since this is not something we've heard of very much with Synchrony before, details would help. Can you tell us what specifically was in the actual letter she received? What was the reason given for this request?

Re: Synchrony asking friend for 4506t

Anonymous — Thu, 07 Jul 2016 12:57:02 GMT

@Anonymous wrote:
I'm sorry to hear this is happening. Since this is not something we've heard of very much woth Synchrony before, details would help. Can you tell us what specifically was in the actual letter she received? What was the reason given for this request?

Re: Synchrony asking friend for 4506t

Anonymous — Thu, 07 Jul 2016 13:34:12 GMT

She said she tried to login to a couple of her accounts and they were locked and left a phone number for her to call where they said they needed to verify income. Her scores are between 690-725, AAoA over 3 years, 2 of the Sync accounts are over a year old, only two new Sync accounts in the past month. Perfect payment history. Credit Lines are 4-5k on the two older accounts that were auto increased and the new accounts are 6k each from the tips I gave her. So ~22k which is low for them. Her other accounts are a credit union, Citi and BoA with limits on those totalling 29k. Doesn't own a home and owns her car outright.

Re: Synchrony asking friend for 4506t

Anonymous — Thu, 07 Jul 2016 13:10:55 GMT

@Anonymous wrote:
She said she tried to login to a couple of her accounts and they were locked and left a phone number for her to call where they said they needed to verify income. Her scores are between 690-725, AAoA over 3 years, 2 of the Sync accounts are over a year old, only two new Sync accounts in the past month. Perfect payment history. Credit Lines are 4-5k on the two older accounts that were auto increased and the new accounts are 6k each from the tips I gave her. So ~22k which is low for them.

Sorry this is happening to your friend, but I suspect this is similar to the Comenity situations we read about months ago where there is more to the story than we know in terms of the reason this is happenng.

Re: Synchrony asking friend for 4506t

CreditCuriosity — Thu, 07 Jul 2016 13:18:57 GMT

Sorry to hear.. Assume she didn't claim/pay taxes on tips or did they? If so up to them whether to submit, if not that is another story whether they will take bank statements etc

Re: Synchrony asking friend for 4506t

Anonymous — Thu, 07 Jul 2016 13:53:14 GMT

@CreditCuriousity wrote:
Sorry to hear.. Assume she didn't claim/pay taxes on tips or did they? If so up to them whether to submit, if not that is another story whether they will take bank statements etc

Yup, it doesn't matter whether her salary is low or not. Only matters what she reported to the IRS. If she only reported her salary and small amount of tips she's going to have problems.

Re: Synchrony asking friend for 4506t

takeshi74 — Thu, 07 Jul 2016 13:56:57 GMT

@Anonymous wrote:
She makes over 150k a year off tips from bartending in the city but her actual salary is tiny in comparison. What should she do?

A bit late for this now but she should always consider the proof of income that a creditor will require when applying.

Re: Synchrony asking friend for 4506t

Anonymous — Thu, 07 Jul 2016 14:44:10 GMT

Good luck to your friend! I hope everything works out.

Re: Synchrony asking friend for 4506t

Sharingan — Thu, 07 Jul 2016 14:53:21 GMT

Well, all she can do at this point is determine whether or not she wants to comply with the request while considering the possible ramifications of either choice.

Personally, the decision would be very easy for me. I would give Synchrony Bank the same look/response as I would give a street bum asking to see my tax records. Although I am a customer of theirs, it's not a business relationship I would go out of my way to salvage, unlike the many other banks I do business with. It just wouldn't be worth it to me for that Banana Republic (or any that Synchrony underwrites) store card.

She has better although it's certainly possible those banks may want the same form down the road too.

Re: Synchrony asking friend for 4506t

Anonymous — Thu, 07 Jul 2016 15:16:04 GMT

She said it's not worth her time and she doesn't care about the accounts. I had her to call and close them at her request so it looks better on the credit report. They are all closed and it's done.

Re: Synchrony asking friend for 4506t

Anonymous — Thu, 07 Jul 2016 15:33:10 GMT

4506-T with only 22k exposure? That's almost unheard of. Most of the time a 4506-T topic pops up with Synchrony, it involves 80k of exposure or more. I have noticed that the incomes levels reported by those people are always 6 figure so maybe that has something to do with it? At any rate, I'm cutting my exposure to Synchrony. I'm at 27k now and will shave another 12k soon.

Re: Synchrony asking friend for 4506t

Anonymous — Thu, 07 Jul 2016 15:40:42 GMT

Agreed I thought that was pretty strange for sure. I've seen her reports they are clean and she doesn't carry balances on anything. She charges a lot, so her utilization is often high, but always pays in full. The two new syncb cards she never even used.

Re: Synchrony asking friend for 4506t

Anonymous — Thu, 07 Jul 2016 15:46:03 GMT

@Anonymous wrote:
Agreed I thought that was pretty strange for sure. I've seen her reports they are clean and she doesn't carry balances on anything. She charges a lot, so her utilization is often high, but always pays in full. The two new syncb cards she never even used.

It may very well be that the consistently high utilization has caused a flag in the system.

Re: Synchrony asking friend for 4506t

delaney1 — Thu, 07 Jul 2016 16:16:11 GMT

@Anonymous wrote:
@Anonymous wrote:
Agreed I thought that was pretty strange for sure. I've seen her reports they are clean and she doesn't carry balances on anything. She charges a lot, so her utilization is often high, but always pays in full. The two new syncb cards she never even used.
It may very well be that the consistently high utilization has caused a flag in the system.

Especially if reported income was very low.

Re: Synchrony asking friend for 4506t

Creditplz — Thu, 07 Jul 2016 17:36:50 GMT

This is the second time in 2 months that they ask me for 4506-T I sent it in and they received it.. Told me 7-10 days to process.. Have her call (800)420-5598. It's their 4506-T verification number. Income was 186,400 and I always list 186k so I assume I'm safe again !

Re: Synchrony asking friend for 4506t

Anonymous — Thu, 07 Jul 2016 19:53:44 GMT

I closed my Walmart and Newegg. Too much shady crap going on over there lately. I love my Amazon and I can't part with it. 10k zero percent financing on my favorite store is too good.

Re: Synchrony asking friend for 4506t

MJ-san — Thu, 07 Jul 2016 21:55:33 GMT

I'm starting to wonder if issuers like Comenity and Sync aren't doing TheWorkNumber or other income verification pulls ... comparing to info on file ... and if there's a big discrepancy, flagging accounts for more intensive review (i.e. 4506T). Barclay last year changed their card agreements to explicitly state they would collect employment and income information from 3rd parties.

Re: Synchrony asking friend for 4506t

kdm31091 — Thu, 07 Jul 2016 21:58:41 GMT

@MJ-san wrote:
I'm starting to wonder if issuers like Comenity and Sync aren't doing TheWorkNumber or other income verification pulls ... comparing to info on file ... and if there's a big discrepancy, flagging accounts for more intensive review (i.e. 4506T). Barclay last year changed their card agreements to explicitly state they would collect employment and income information from 3rd parties.

Well as long as you are being honest on your applications, there's no reason to worry about it.

Re: Synchrony asking friend for 4506t

Creditplz — Thu, 07 Jul 2016 22:09:42 GMT

^ +1