topic Re: Synchrony Bank and 4506 request not so fast!! in Credit Cards

Synchrony Bank and 4506 request not so fast!!

Anonymous — Tue, 30 Aug 2016 01:36:09 GMT

They Froze 17 accounts on 8-15-2016 some 6 yrs old few 2 yrs old.

Never late.

Synchrony Exposure $72900 ---- AUG 15-2016

Ballance $12513 ---- AUG -15-2016

Receive "Blue envelope" 8-22-2016.

Called in 8-29-2016 and requester to have all my accounts closed(was on hold for about 15 min) the girl had to do one by one.

Btw i made it clear to them how f..up they are .

I suggest dont wait for them to close theam you , do it uself.

And forget this lexis nexus bulll crap. its cards not a home.

After that all loggins for accounts are accessible via online. no more locks ,still have the free fico on sams and amazon.just zero available credit on all acounts and shows"This account is closed at your request.".

Bottom line if u get the blue envelope be smart and call the number on it and request to close all your accounts, unless u want them to close them for you.

Max cl 17k lowes.

Care credit 8.5k

Amazon 5 k

Sams 5k

Wallmart 5k

JC P 4k

Gap 5k

TJMx 3.5k

PayPal lousy 2k

Lowest one 800 new egg.

Fico8 TU 701. 8-29-2016

will update once scores changes after reporting all those accounts closed.

stay tuned.

Re: Synchrony Bank and 4506 request not so fast!!

Anonymous — Tue, 30 Aug 2016 15:45:51 GMT

@Anonymous wrote:
They Froze 17 accounts on 8-15-2016 some 6 yrs old few 2 yrs old.
Never late.
Synchrony Exposure $72900 ---- AUG 15-2016
Ballance $12513 ---- AUG -15-2016
Receive "Blue envelope" 8-22-2016.

Called in 8-29-2016 and requester to have all my accounts closed(was on hold for about 15 min) the girl had to do one by one.
Btw i made it clear to them how f..up they are .
I suggest dont wait for them to close theam you , do it uself.
And forget this lexis nexus bulll crap. its cards not a home.
After that all loggins for accounts are accessible via online. no more locks ,still have the free fico on sams and amazon.just zero available credit on all acounts and shows"This account is closed at your request.".
Bottom line if u get the blue envelope be smart and call the number on it and request to close all your accounts, unless u want them to close them for you.
Max cl 17k lowes.
Care credit 8.5k
Amazon 5 k
Sams 5k
Wallmart 5k
JC P 4k
Gap 5k
TJMx 3.5k
PayPal lousy 2k
Lowest one 800 new egg.

Fico8 TU 701. 8-29-2016
will update once scores changes after reporting all those accounts closed.

stay tuned.

Welcome to MyFico

Sorry to hear about your closures but there is no company out there, even the better credit card companies, that anyone should have 17 accounts with. It just opens you to scrutiny that is not needed. Sometimes you just have to say that no when an opportunity for credit arrives with a company where you have that many accounts with. Good luck in the future.

Re: Synchrony Bank and 4506 request not so fast!!

AverageJoesCredit — Tue, 30 Aug 2016 01:52:15 GMT

Wow, sorry to hear but glad you took action first. I got a couple of those accounts myself , so quite concerning, but nowhere close to 17 accounts with same lender. If you dont mind could you list the others, i didnt realize you could have 17 accounts with sync bank. I definitly wanna pay all my accouts down so if i ever get the call to the big dance, i will only have to worry about closing them no balances. Best of luck with your credit journey and as previosly voiced, welcome to the forum and welcome to that crazy soap opera we like to call "As the Synchrony Turns" !

Re: Synchrony Bank and 4506 request not so fast!!

sarge12 — Tue, 30 Aug 2016 01:53:55 GMT

I for one, never have and never will send 4506 to any creditor. I do not blame you for shutting them down. If I do not pay on time, then I deserve scrutiny, but if they want a 4506 so they can sell or share my info with their partners...no...just no!!!!!

Re: Synchrony Bank and 4506 request not so fast!!

austinguy907 — Tue, 30 Aug 2016 07:43:22 GMT

This would be a good but unfortunate example of why you shouldn't put all of your eggs in one basket with a single lender. Eventually if something in the market spooks the banks there's going to be a ton of flaming threads on here about amex.boa.chase.and others getting shutdown like what happened in 2008. I'm hoping the 17 accounts served their purpose and aren't needed any longer due to using them and diversifying your portfolio since starting down the road 6 years ago with Sync.

Re: Synchrony Bank and 4506 request not so fast!!

Anonymous — Tue, 30 Aug 2016 09:52:51 GMT

Most unfortunate but like your attitude! As other posters have said and I practice it, lender diversity! For myself I keep to no more than two accounts with one lender. US Bank flagged me and dropped one account for $10K to reduce my risk exposure with them and it surprised me (probably should have seen it coming).

Re: Synchrony Bank and 4506 request not so fast!!

Loquat — Tue, 30 Aug 2016 11:11:52 GMT

Pay your balances off fast. $12k @ Synchrony's 20% or higher interest rates is crazy. I'm hoping some (or all) of that are on 0% promotions...

Re: Synchrony Bank and 4506 request not so fast!!

Anonymous — Tue, 30 Aug 2016 11:22:50 GMT

So sorry this happened to you, OP. Don't blame you at all for closing those accounts.

As was stated earlier, this is a good reason to diversify. Knowledge really is power. Thanks for sharing your experience.

Re: Synchrony Bank and 4506 request not so fast!!

takeshi74 — Tue, 30 Aug 2016 13:09:22 GMT

@Anonymous wrote:

Btw i made it clear to them how f..up they are .

It's not just Synchrony. You need to take responsbility for your part in this. Exceed any creditor's risk tolerance and you can see adverse action. Learn from this instead of just blaming the creditor.

@Anonymous wrote:

I suggest dont wait for them to close theam you , do it uself.
And forget this lexis nexus bulll crap. its cards not a home.
After that all loggins for accounts are accessible via online. no more locks ,still have the free fico on sams and amazon.just zero available credit on all acounts and shows"This account is closed at your request.".

The message does not matter.

@sarge12 wrote:
I for one, never have and never will send 4506 to any creditor.

Your call to make but it's really no big deal IMO.

Re: Synchrony Bank and 4506 request not so fast!!

Anonymous — Tue, 30 Aug 2016 14:20:55 GMT

Sorry, but I totally agree with OP on this one. Synchrony can pis* off! I'm sorry, but I find the whole pratice of SPing ones credit to "watch us" and spy on us very invasive, and perhaps I am in the minortiy here, perhaps not -- but PEOPLE lets not forget there was a day not too long ago, before credit reports were computerized, when a lender approved you and kept your account active based SOLELY on your relationship with THEM, and your payment history with THEM. SPing was not a thing when credit reports were not fully computerized (at least not the way they are so easily accessible now), and lenders relied on your account with THEM. Was default higher then? Possilby, but not for all.

I can understand AAing someone for sudden delinqunicies on other accounts, new collections, COs, or Public records. I do not understand AAing someone or UTIL spikes, inquiries, or new cards. Im sorry, but SP is a small snapshot in time, and scores can change literally overnight with UTIL spikes or paydowns. People can incur a UTIL spike simply for the reason of they forgot when to pay their bill to let it report at $0 (ie not late, paid on time but then charged again before statement cut on accident - this has happened to me). Playing the credit game is exhasuting, and frankly annoyng as hell, trying to figure out when to pay each card to prevent anything reporting, when not to charge etc. Who cares. Unless you are going for a loan, mortgage etc -- your score is a bunch of BS and in no way accurately measures your creditworthiness which is why many BIG LENDERS (CHASE, Barclay) state they are no longer FICO LENDERS I got approved for my APPLE Card with a 570 in 12/14. Yes, a 570. $3000. I got approved for a CHASE RITZ with under 680 I believe, $7500. I closed Apple myself after 1.5 yrs, and Chase is alive and well.

Case in point: Last month, AMEX SP'ed me and my score was showing 654. Why? I accidentally let a big balance report on another card becasue I charged after paying it off and before statement cut. Meanwhile On another card, I paid down from $4300 to $0 ($7000 CL), and that reported 4 days later -- my score jumped to 683. So, what AMEX saw was nearly 30 points lower all due to a simple timing error. No AA, but still. Ridiculous, and the only thing it shows is that the conumser (me) had a mind slip and nothing more.

My point is that the reasons they are freezing accounts is absurd in most cases. I am with OP on the lexus nexus crapola too -- a complete joke. These are STORE cards, and some high rate VISAs -- NOT A HOME LOAN. Get a job !! No way would i allow my information to be sold to third parties -- this county has enough control of its citizen's lives, no way in hell. We need to hang on to the last bit of privacy we have left!!

OP dont pay attention to the credit-obsessed people here, who think you need a constant score of 700+ to function s a normal human being in life. Pay your bills on time always, dont let accounts go to collections ever, dont rack up insane amount of INQs, keep your balances low (WHEN you can, life happens) and pay your taxes. If a lender AAs you, tell them where to put it. And for Rump's sake, live LIFE!!!! :-)

Re: Synchrony Bank and 4506 request not so fast!!

Anonymous — Tue, 30 Aug 2016 16:04:51 GMT

@Anonymous wrote:

I can understand AAing someone for sudden delinqunicies on other accounts, new collections, COs, or Public records. I do not understand AAing someone or UTIL spikes, inquiries, or new cards. Im sorry, but SP is a small snapshot in time, and scores can change literally overnight with UTIL spikes or paydowns. People can incur a UTIL spike simply for the reason of they forgot when to pay their bill to let it report at $0 (ie not late, paid on time but then charged again before statement cut on accident - this has happened to me).

Yes, but I doubt if many lenders AA JUST because a score dropps by 20-30 points. They want customers, but need to mitigate risk.

So apart from FICO score (which bakes in some risk factors) they also do their own historical analysis, which might show that factor X (score drop) along with factor Y and Z(several new accounts and large exposure for example) etc, indicates an increased and unacceptable level of risk.

As always, they don't need to be right in every case, and of couse it sucks if you get hit as a false positive. But it makes biz sense as long as they do a good enough job (AAing the risky ones and keeping enough of the good ones)

Re: Synchrony Bank and 4506 request not so fast!!

Anonymous — Tue, 30 Aug 2016 16:26:17 GMT

Expect this to only get worse as the "risk analysis" people keep pushing their predictive behavior analyses to the lenders. "We can tell you with 90% certainty when someone is likely to default, and now you can act on it before it happens!" True or not, that's the kind of claim that sells well to boards of directors.

Re: Synchrony Bank and 4506 request not so fast!!

sarge12 — Tue, 30 Aug 2016 16:30:51 GMT

It really does not matter to me why they request a 4506-t. That is my tax return and contains much more information than just my income. It contains info that would make identity theft easy, and once you release it to them, who knows who sees it. I never carry a balance so it is easy for me to close an account. If some sort of risk alogorythm makes me appear a risk, to ask for a 4506-t is probably their right. To say NO is mine. These credit cards are a business relationship between me and the issuer, and may be severed at any time by either party. I did not supply 4506-t to recieve the card, I will not supply 4506-t to keep their card either...period!!!!

Re: Synchrony Bank and 4506 request not so fast!!

Anonymous — Tue, 30 Aug 2016 16:43:17 GMT

@sarge12 wrote:
It really does not matter to me why they request a 4506-t. That is my tax return and contains much more information than just my income. It contains info that would make identity theft easy, and once you release it to them, who knows who sees it. I never carry a balance so it is easy for me to close an account. If some sort of risk alogorythm makes me appear a risk, to ask for a 4506-t is probably their right. To say NO is mine. These credit cards are a business relationship between me and the issuer, and may be severed at any time by either party. I did not supply 4506-t to recieve the card, I will not supply 4506-t to keep their card either...period!!!!

Right, and it is risk/reward balance for each individual. In some cases, people REALLY want a card (or CLI) enough to provide the info, others adopt the "many other fish in the sea" type view and would never provide info the keep the card.

My only beef is that I think the risk is greatly exaggerated here and some people who might be better off complying are being scared into not doing so. Almost as if every 4506-T leads automatically to identify theft.

Re: Synchrony Bank and 4506 request not so fast!!

Anonymous — Tue, 30 Aug 2016 16:47:02 GMT

It's also good that this discussion is out there, maybe it might help some people get a feel for what kind of "behavior" triggers the risk sensitivity, and use that information to stay well clear of that line. In other words, the more we talk about it, the more we get a sense of where that line is.

Re: Synchrony Bank and 4506 request not so fast!!

sarge12 — Tue, 30 Aug 2016 17:00:29 GMT

@Anonymous wrote:
@sarge12 wrote:
It really does not matter to me why they request a 4506-t. That is my tax return and contains much more information than just my income. It contains info that would make identity theft easy, and once you release it to them, who knows who sees it. I never carry a balance so it is easy for me to close an account. If some sort of risk alogorythm makes me appear a risk, to ask for a 4506-t is probably their right. To say NO is mine. These credit cards are a business relationship between me and the issuer, and may be severed at any time by either party. I did not supply 4506-t to recieve the card, I will not supply 4506-t to keep their card either...period!!!!
Right, and it is risk/reward balance for each individual. In some cases, people REALLY want a card (or CLI) enough to provide the info, others adopt the "many other fish in the sea" type view and would never provide info the keep the card.

My only beef is that I think the risk is greatly exaggerated here and some people who might be better off complying are being scared into not doing so. Almost as if every 4506-T leads automatically to identify theft.

My fear is that enough people will comply with the request till it becomes part of the application process. This info has value, may be bought and sold, and data mining happens. If everyone reacts like the OP, and severs the business relationship rather than comply, it will prevent that.

Re: Synchrony Bank and 4506 request not so fast!!

Anonymous — Tue, 30 Aug 2016 17:14:43 GMT

Sarge12, I highly doubt the 4506 would eve become commonplace as an app requirements. We have to remember people, most lenders simply do not have the manpower to verify income or identity on Every applicant. It simply isn't feasible nor economical for the company -- this would cost a lot in overhead simply to go thru EVERY APPLICATION and ask for a 4506. Now for a small CU maybe. Chase, Synch etc with MILLIONS of customers and millions more applying daily ? I highly doubt it.

Re: Synchrony Bank and 4506 request not so fast!!

Anonymous — Tue, 30 Aug 2016 17:24:56 GMT

@Anonymous wrote:
Sarge12, I highly doubt the 4506 would eve become commonplace as an app requirements. We have to remember people, most lenders simply do not have the manpower to verify income or identity on Every applicant. It simply isn't feasible nor economical for the company -- this would cost a lot in overhead simply to go thru EVERY APPLICATION and ask for a 4506. Now for a small CU maybe. Chase, Synch etc with MILLIONS of customers and millions more applying daily ? I highly doubt it.

And if they did:

1) Happy path: Banks would have less risk and so increase rewards for "good" customers

2) Real path: Banks would keep the increased profits

Re: Synchrony Bank and 4506 request not so fast!!

sarge12 — Tue, 30 Aug 2016 17:29:33 GMT

@Anonymous wrote:
Sarge12, I highly doubt the 4506 would eve become commonplace as an app requirements. We have to remember people, most lenders simply do not have the manpower to verify income or identity on Every applicant. It simply isn't feasible nor economical for the company -- this would cost a lot in overhead simply to go thru EVERY APPLICATION and ask for a 4506. Now for a small CU maybe. Chase, Synch etc with MILLIONS of customers and millions more applying daily ? I highly doubt it.

I disagree, having all the info on a 4506-t, is info that could actually be profitable for them to sell to their so-called partners. We gave them the right to share our info with their partners, it is in the card holder agreement. If the card issuer incurs 10 dollars of cost, and can sell this info for 25 dollars to their partners it will be profitable.

Re: Synchrony Bank and 4506 request not so fast!!

Anonymous — Tue, 30 Aug 2016 18:22:44 GMT

Seems that's the problem, really. If all they want to do is verify income, that's one thing, and that'll piss off a FEW people, those people that might be embellishing their income a little bit (heaven forbid!). It's the sharing of info that has people up in arms. Why can't they verify without sharing?