topic Re: All SYNCH Accounts locked ! Done trying with the credit game ! in Credit Cards

All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 14:30:47 GMT

ALL ACCOUNTS LOCKED!!!! Been silently following this thread ... just woke up to try to pay Amazon, "There is a problem with your account" lol .... i really do not get it seeing as I havent apped for anything new in MONTHS, score has been stable for the most part (680s), no baddies in years, and UTIL 25-28%. SYNCH is a strange bird indeed....

So what is this people? Identity verficiation? 4506 ?

this is confusing as heck! Honestly I dont care, I will just close the accounts out -- not a huge deal seeing as I hardly use most of them and admittedly use them for padding UTIL. I just like everyone else, wants to know what is going on with this bank suddenly! I have like 8 cards with them, so that may be it and i recently moved .. many of my cards with them have no balances. On hold now, with "Verification Unit"... we shall see! Anddddd *UPDATE: Just got the "you will be recieivng a letter packet in 7-10 days to fill out and return to us for evaluation blah blah" ... so is it looking like 4506 or wahtever ? they will not say anything !! He said they can not complete "secure identifcation" and there may be an associated change to the account ? So it sounds half like verification, more than income idk .. he mentioned fake charges too. Totally lost!!

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 14:38:05 GMT

I hate this. I am about to move in a couple of weeks and I am fearful of changing my address with any of my cards because I am afraid they will lock my account!

Re: All SYNCH Accounts locked ! Done trying with the credit game !

AverageJoesCredit — Fri, 15 Jul 2016 14:41:04 GMT

Dang Joeyzoom, sorry to hear this. And the hits keep on coming. I hope everything turns out ok for you but if not and you decide to close your accounts, maybe the grass will be greener with your other creditors. Best of luck....

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 15:48:28 GMT

Sorry to hear Joey. They are going off the deep end with all these closing and lock outs. Going to lose a lot of customers this way. Try not to give up completey. You're doing well with your other accounts and have stayed out of trouble lately. :-). You can live without the Synchrony accounts.

Re: All SYNCH Accounts locked ! Done trying with the credit game !

kdm31091 — Fri, 15 Jul 2016 14:51:35 GMT

Although it's not what people want to hear, I think Synch is reviewing accounts and seeing people who have opened an abnormal number of accounts in the past year (or whatever timeframe) as compared to the general public. This is cause for alarm, so they want to verify you are who you say you are, and your income is what you say, etc. This is probably only one factor in these shutdowns, but I'm sure it's a factor.

As much as it makes people annoyed and angry, from a business POV, it makes sense. They're managing risk. Most consumers do not open anywhere near the amount of cards we do, so when someone reviews it, it looks bad and they want to make sure your identity hasn't been stolen or anything like that. This is just my hypothesis.

Anyway OP, sorry to hear it. You certainly do not have good luck in the credit game, but you have slowed down lately with new cards, so just keep plugging away, paying your bills and gardening. Things will calm down.

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 14:52:33 GMT

What a shame! So many people really like synch including myself!

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 15:19:17 GMT

Sorry this happened to you OP. I really hope everything works out in your favor. Stay positive!

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 15:22:43 GMT

thank you guys! Kdm you're right!!! i have been so good lately -- but Synch seems to have some major issues going on, as friend of mine from work who has never even heard fo MyFico's accounts were shut down on July 1 for the 4506t form, she refused to submit and she closed them all out (only 3 accts vs my 8-9 lol).

Regardless, Ill wait on snail mail and go from there. After reading the threads here and Lexus Nexis garbage I will NOT be sending 4506 or tax info to them -- utterly ridiculous that they can do as they please with your information, as if the gov''t doesnt have enough information on our private lives. Such a joke.

I will post updates as they occur, but at this stage Im banking on saying Saionara!!

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 16:05:26 GMT

@kdm31091 wrote:
Although it's not what people want to hear, I think Synch is reviewing accounts and seeing people who have opened an abnormal number of accounts in the past year (or whatever timeframe) as compared to the general public. This is cause for alarm, so they want to verify you are who you say you are, and your income is what you say, etc. This is probably only one factor in these shutdowns, but I'm sure it's a factor.

As much as it makes people annoyed and angry, from a business POV, it makes sense. They're managing risk. Most consumers do not open anywhere near the amount of cards we do, so when someone reviews it, it looks bad and they want to make sure your identity hasn't been stolen or anything like that. This is just my hypothesis.

Anyway OP, sorry to hear it. You certainly do not have good luck in the credit game, but you have slowed down lately with new cards, so just keep plugging away, paying your bills and gardening. Things will calm down.

It's a logical hypothesis KDM. As you and Hum stated in another thread, we need to avoid bringing unnecessary attention to our accounts.

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 16:07:26 GMT

@Anonymous wrote:
thank you guys! Kdm you're right!!! i have been so good lately -- but Synch seems to have some major issues going on, as friend of mine from work who has never even heard fo MyFico's accounts were shut down on July 1 for the 4506t form, she refused to submit and she closed them all out (only 3 accts vs my 8-9 lol).

Regardless, Ill wait on snail mail and go from there. After reading the threads here and Lexus Nexis garbage I will NOT be sending 4506 or tax info to them -- utterly ridiculous that they can do as they please with your information, as if the gov''t doesnt have enough information on our private lives. Such a joke.

I will post updates as they occur, but at this stage Im banking on saying Saionara!!

Do you know how recent your coworker opened her accounts?

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 17:03:30 GMT

She opened hers between 2005-2010!!!

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 17:04:44 GMT

guys. come on- this is not rocket science. Something big had to have happened over at SYNCH for all these freezes to occur -- it is absurd to think otherwise. OUT OF THE BLUE at that, and to people on this site, Creditboards AND those who use no onine venues!!! Something is majorly up with SYNCH

Re: All SYNCH Accounts locked ! Done trying with the credit game !

CreditCuriosity — Fri, 15 Jul 2016 17:24:06 GMT

Man oh man you get more AA than anyone else on this forum I have seen.. The cloud continues to follow you my friend for some reason. Sorry to hear about this though. Sync is deffiently making a fairly rash decision with alot of people.. I saw they SP'ed all my accounts I use to have with them on the 26th of last month Care Credit/Ebates/PayPal MC all sp'ed, but indeed all were opened until I purged them myself due to better cards other than CareCredit which I will leave open for good purposes. Sync/GE is a huge lender and are not in any financial problems.. Curious why they are doing this to alot of people. Hopefully it comes and goes just like comenity after some time.

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 17:28:38 GMT

@Anonymous wrote:
She opened hers between 2005-2010!!!

Okay. Thanks for the information!

Re: All SYNCH Accounts locked ! Done trying with the credit game !

pizza1 — Fri, 15 Jul 2016 19:01:09 GMT

First, Im truly sorry that this has happened to you Joey. Like I said in a previous thread, it can happen to any of us at any time.

There are several members on this board who have multiple acts with Synch, including me, some have issues some don't. What the triggers are, we don't know, but we are trying to figure it out.

I currently have 8 accts with them, all majors...no store cards, and also have a plan to close 6 of those next year in prep for a different lender I want..

I check my acts daily (all my cards, not just Synch), so far I'm fine. Not saying Im exempt, just saying right now Im fine. But then again, Anytime any of my lenders ever soft me....I only have 1-2 acts reporting a balance at any given time, and reporting util is always 1%.

I will continue "business as usual" like I always do, not worrying, but if it does happen to me...guess what? Im not providing tax forms to Synch who in turn hands it over to Lexis Nexis a 3rd party to do who knows what with.

Ill only provide tax forms to certain lenders and Synch isn't one of them. More than likely what you're getting in the mail is the tax forms, and you'll have to decide if you need or want your Synch cards bad enough to send them tax forms.

Good luck, and keep us posted.

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 19:06:24 GMT

Thanks pizza!!! I will but it'll take at least 2 weeks I'm thinking to get any updates. Synch mailers are always slow to me. I won't get said letters until end of July my guess. Maybe I'll get lucky. If it is for 4506 I'll close all of them and tell them to take a hike lol. Over it all really.

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 19:08:59 GMT

No card especially synchrony is worth exposing all my info to, especially to a third party. That and in my line of work my tax forms would only show 1/3 of my income and won't show my partners either obviously. We live together andhavefor some time -- it's all bogus really. Not to mention I've always found it funny when they want tax returns. People's income can change week to week, month to month. What if in 2015 I made $50,009 a year and in junethis year I got a new job paying $100,000 yearly after graduat ing a Masters program, or getting a promotion. It is all nonsense.

Re: All SYNCH Accounts locked ! Done trying with the credit game !

Anonymous — Fri, 15 Jul 2016 20:34:30 GMT

To me it just sounds like it could be address verification. There was someone else whose accounts were frozen with everyone else and they were assured by Synchrony that it is not a 4506-T request for them. I think your address change triggered this, but who knows. Nobody will know what's happening with their specific account until they receive their letter. It could be different for everyone, so just hang tight until you get your letter.

Re: All SYNCH Accounts locked ! Done trying with the credit game !

kdm31091 — Fri, 15 Jul 2016 20:38:42 GMT

@Anonymous wrote:
No card especially synchrony is worth exposing all my info to, especially to a third party. That and in my line of work my tax forms would only show 1/3 of my income and won't show my partners either obviously. We live together andhavefor some time -- it's all bogus really. Not to mention I've always found it funny when they want tax returns. People's income can change week to week, month to month. What if in 2015 I made $50,009 a year and in junethis year I got a new job paying $100,000 yearly after graduat ing a Masters program, or getting a promotion. It is all nonsense.

Right, but look at the reverse. You may have made 100k when you got the card, but if your income is now lower at 50k, they may not want you to have the same amount of exposure.

Re: All SYNCH Accounts locked ! Done trying with the credit game !

yfan — Fri, 15 Jul 2016 20:41:32 GMT

@Anonymous wrote:
No card especially synchrony is worth exposing all my info to, especially to a third party.

This is purely up to you, and you should make the call. That's your right. But by the same token, asking for it as a condition of further credit extensioin is the lender's right.

@Anonymous wrote:
That and in my line of work my tax forms would only show 1/3 of my income and won't show my partners either obviously. We live together andhavefor some time -- it's all bogus really. Not to mention I've always found it funny when they want tax returns.

I am not sure I am understanding this. Why would your tax forms only show a third of your income? If you have income you do not report, a lender cannot in good faith count that as income. As for your partner's income, are you married? If so, then you can use a joint tax return. If not, and your partner is not a joint signatory to the account, their income legitimately cannot count for the lender, as the lender cannot legally rely on that income as basis for repayment.

@Anonymous wrote:
People's income can change week to week, month to month. What if in 2015 I made $50,009 a year and in junethis year I got a new job paying $100,000 yearly after graduat ing a Masters program, or getting a promotion.

If that's what happened to you, you can always produce additional documents proving it. But the idea that a lender has no right to ask for anything to determine your income except your word is not correct.