topic Re: What the heck is going on with Synchrony? in Credit Cards

What the heck is going on with Synchrony?

Anonymous — Fri, 08 Jul 2016 03:31:31 GMT

Anyone have a clue why all these frozen accounts are happening?

Re: What the heck is going on with Synchrony?

Anonymous — Fri, 08 Jul 2016 03:33:05 GMT

I wish I knew why; this is crazy.

Re: What the heck is going on with Synchrony?

Anonymous — Fri, 08 Jul 2016 03:34:27 GMT

@Anonymous wrote:
I wish I knew why; this is crazy.

Same here! I have checked my accounts twice this evening.

Re: What the heck is going on with Synchrony?

Creditplz — Fri, 08 Jul 2016 03:35:29 GMT

I have no clue, but my accounts have been in "review" for about 2 weeks now.. When they say review it normally means 4506-T from what the rep told me. Also once one account is under review, every account is under review under your SSN, the number to call for Synchrony 4506-T is 800-420-5598.

Re: What the heck is going on with Synchrony?

Anonymous — Fri, 08 Jul 2016 03:36:47 GMT

@Creditplz wrote:
I have no clue, but my accounts have been in "review" for about 2 weeks now.. When they say review it normally means 4506-T from what the rep told me. Also once one account is under review, every account is under review under your SSN, the number to call for Synchrony 4506-T is 800-420-5598.

So are you able to access your accounts at all?

Re: What the heck is going on with Synchrony?

Creditplz — Fri, 08 Jul 2016 03:40:21 GMT

No but I'm assuming everyone locked out of their accounts is getting this message??

Re: What the heck is going on with Synchrony?

Anonymous — Fri, 08 Jul 2016 03:42:46 GMT

OMG! So very sorry...

Re: What the heck is going on with Synchrony?

Anonymous — Fri, 08 Jul 2016 03:44:17 GMT

Too much exposure the problem? IDK...speculating here.

Re: What the heck is going on with Synchrony?

Anonymous — Fri, 08 Jul 2016 03:44:44 GMT

@Creditplz wrote:
I have no clue, but my accounts have been in "review" for about 2 weeks now.. When they say review it normally means 4506-T from what the rep told me. Also once one account is under review, every account is under review under your SSN, the number to call for Synchrony 4506-T is 800-420-5598.

Thanks for the info Creditplz. If I'm not mistaken, I believe you were the first to report this was happening with Synchrony. If everyone else that this happened to today has to provide a 4506-T, it makes me wonder why all of the sudden they're requesting income verification from so many people. Maybe they recently started using a new 3rd party for income verification and the income isn't matching what was reported?

Re: What the heck is going on with Synchrony?

ohreally7654 — Fri, 08 Jul 2016 03:48:02 GMT

I'm so sorry this is happening to so many on here. I would love to know what is happening in the synchrony EO right now

Re: What the heck is going on with Synchrony?

Anonymous — Fri, 08 Jul 2016 03:58:28 GMT

I would check to see if Synchrony SP before they locked the accounts.

Re: What the heck is going on with Synchrony?

UncleB — Fri, 08 Jul 2016 03:58:28 GMT

@Anonymous wrote:
@Creditplz wrote:
I have no clue, but my accounts have been in "review" for about 2 weeks now.. When they say review it normally means 4506-T from what the rep told me. Also once one account is under review, every account is under review under your SSN, the number to call for Synchrony 4506-T is 800-420-5598.
Thanks for the info Creditplz. If I'm not mistaken, I believe you were the first to report this was happening with Synchrony. If everyone else that this happened to today has to provide a 4506-T, it makes me wonder why all of the sudden they're requesting income verification from so many people. Maybe they recently started using a new 3rd party for income verification and the income isn't matching what was reported?

If this is what's driving the account locks then many of us (like myself) are likely going to have problems since there's no database where they can verify my income... it's literally not anywhere to match or not match to begin with.

If this is the case they will be doing an aweful lot of 4506-T's...

Re: What the heck is going on with Synchrony?

Creditplz — Fri, 08 Jul 2016 04:12:04 GMT

Here's a article on the WSJ about defaults on cards rising.. Could this be one of the issues ??

Re: What the heck is going on with Synchrony?

Anonymous — Fri, 08 Jul 2016 04:25:18 GMT

@Creditplz wrote:
Here's a article on the WSJ about defaults on cards rising.. Could this be one of the issues ??

Thanks so much for posting your information here, Creditplz.

Re: What the heck is going on with Synchrony?

ddemari — Fri, 08 Jul 2016 04:35:18 GMT

definitely something that i hope doesn't keep moving in this direction. i hope everyone gets their synch accounts restored, i would think they would mass CLD people over closeout scare because they are still making money on people who pay and carry a balance with them. they are concerned about people who have fallen behind in making payments becoming more increasing from articles i have read, but that would be any lenders concern. again, hopefully this doesn't keep going in this direction and good luck to those who are having to deal with it.

Re: What the heck is going on with Synchrony?

SnowBowl — Fri, 08 Jul 2016 04:53:46 GMT

Wow, I wonder if I should be concerned over this ? I have 3 accounts thru them 10.4K CL total exposure wal mart being the highest CL out of 3.

Re: What the heck is going on with Synchrony?

Vegas4Play — Fri, 08 Jul 2016 04:55:33 GMT

I would imagine there has to be some re-evaluation done at some point in time. When you have walmart cards with 20-30K limits on them floating around.

Hopefully everyone will pull through that is affected by this, it would seem limit decreases would be a better route to go but, back in 2007 2008 the **bleep** didnt hit the fan until it all out hit the fan. Maybe they are being more cautious this time around.

Re: What the heck is going on with Synchrony?

Anonymous — Mon, 11 Jul 2016 23:47:12 GMT

Did it affect anyone's Amazon Store card account? My utilization is 3.5% over there. I've had the card for 15 months and always pay in full every month.

Re: What the heck is going on with Synchrony?

Anonymous — Fri, 08 Jul 2016 09:30:45 GMT

@Anonymous wrote:
Did it affect anyone's Amazon Store card account? My utilization is 3.5% over there. I"ve had the card for 15 months and always pay in full every month.

Fritz, it seems to be effecting all the Synchrony accounts of those people who are having difficulties.

Re: What the heck is going on with Synchrony?

Anonymous — Fri, 08 Jul 2016 10:39:52 GMT

Just a thought, but until we all figure out what is going on - may be best not to do anything to draw unneeded attention to your accounts at this time (CLI requests, adding AU's, etc). I remember when the advice was given to avoid drawing attention to Comenity accounts- seems the same good advice would apply to Synchrony accounts at this time.

Really disappointed and sad to see this happening to those affected. There may be a very broad brush with which their algorithm is sweeping along - so we may not be able to find a common thread. At this point, FICO's, payment history, and balances (mostly PIF) seems to be pretty solid from those who have reported frozen accounts.

I think the most irritating thing in all of this is that they involve Lexis Nexis in the 4506 t situation and share information with them, which means it gets shared with a lot of others we have no control over and don't know about. That's just wrong.

Synchrony has over 68 million acconts, per their own admission.

Good thread, musiclover.