topic Re: Synchrony Block - What if I want to send them 4506-T? in Credit Cards

Synchrony Block - What if I want to send them 4506-T?

Anonymous — Thu, 01 Sep 2016 02:38:26 GMT

So I tried making a purchase this morning on Amazon with my store card, and it was getting denied, so long story short, I got hit with Synchrony blocking all my accounts. I did further research and found that this has been happening to a lot of people.

Marvel - 10K

CareCredit - 11K

Amazon - 10K

I only have about a 25% usage in total (between Marvel and Amazon), that I can probably pay off in two months.

However, I kind of need the CareCredit card because I want to use it for the veterinarian.

Has anyone sent the tax form that they are sending to people? I know the big issue is LexisNexis getting your information, however I kind of don't care because I am only 21 years old and my credit age is only 3 years old max haha.

Can they close your accounts if they see a disparity? My income that I stated on those credit applications will probably be not be what is on my tax papers, even less so if they see the 2014 papers.

Someone posted this in another thread: https://personalreports.lexisnexis.com/pdfs/mt_freeze_request.pdf

Isn't that a smart thing to send to them once I send the form to Synchrony? Anyone ever sent this?

TLDR;

I do plan to send them that signed letter once they send the blue envelope.

I will certainly not use my Marvel or Amazon after they are paid off

-____-

Re: Synchrony Block - What if I want to send them 4506-T?

Anonymous — Thu, 01 Sep 2016 02:36:48 GMT

And before anyone asks, no I did not lie about my income. I got those cards earlier this year (I believe around March 2016?) and 2016 includes new jobs and grants.

Re: Synchrony Block - What if I want to send them 4506-T?

creditguy — Thu, 01 Sep 2016 02:43:43 GMT

If you want to send them the info, then by all means go for it, if you don't they will probably close your accounts anyway. If there is a disparity in what you stated and whatever your returns say they have every right to close your accounts and probably will depending the size of the disparity. Of course you have explanations for the disparities but don't count on them taking the time to listen. Best of luck you you.

Re: Synchrony Block - What if I want to send them 4506-T?

Anonymous — Thu, 01 Sep 2016 03:13:56 GMT

Can they close your accounts if they see a disparity? My income that I stated on those credit applications will probably be not be what is on my tax papers, even less so if they see the 2014 papers.

This is the thing about tax transcripts. If they're going to do this they should ask for last year's income on the app. Stupid.

Only by reading this forum would anyone know that this could be a problem.

I'm sorry you're going through this.

Re: Synchrony Block - What if I want to send them 4506-T?

Anonymous — Thu, 01 Sep 2016 03:34:28 GMT

That's what worries me, especially since they seem to not care about W-2s or pay stubs as evidence of income.

Ah well. I'll update when I send the form and the ultimate resolution.

Re: Synchrony Block - What if I want to send them 4506-T?

Anonymous — Thu, 01 Sep 2016 04:50:26 GMT

BEWARE

Read letter Carefully! It says transcript to be sent to Sync Bank in Dayton Ohio

Very Small Print on prepopulated IRS form 4506T-EZ says transcripts to go to Lexis-Nexis a data mining Company.

I almost signed it when I received today.

If I did sign form I'd be in real real jeaprty of my Tax transcripts with certainty be public domain and no longer private no recourse

Sync Bank violating Fiducary Requirements all Banks must have with Customer.

Save letter and Form 4506T-EZ-Ez don't sign you may need later as This Bank will inevitably have to answer to the regulators for this breach.

Target allowed Customer data to be stolen

Synchrony is using deception and negligent with Customer Data

Re: Synchrony Block - What if I want to send them 4506-T?

Loquat — Thu, 01 Sep 2016 11:23:24 GMT

@Anonymous wrote:
BEWARE

Read letter Carefully! It says transcript to be sent to Sync Bank in Dayton Ohio
Very Small Print on prepopulated IRS form 4506T-EZ says transcripts to go to Lexis-Nexis a data mining Company.
I almost signed it when I received today.
If I did sign form I'd be in real real jeaprty of my Tax transcripts with certainty be public domain and no longer private no recourse
Sync Bank violating Fiducary Requirements all Banks must have with Customer.
Save letter and Form 4506T-EZ-Ez don't sign you may need later as This Bank will inevitably have to answer to the regulators for this breach.
Target allowed Customer data to be stolen
Synchrony is using deception and negligent with Customer Data

If you read the OP full post he mentions that he doesn't care about sharing his information with Lexis-Nexis...

Re: Synchrony Block - What if I want to send them 4506-T?

joltdude — Thu, 01 Sep 2016 16:41:39 GMT

Heres the kicker. I haven't seen too many folks keeping their accounts AFTER submitting the 4506-T...

Have seen a few who they kept 1 account open but majority seems to be a closure even AFTER the form...

And since you cannot really call and explain yourself....

Still think its too iffy to bother.. But I can see wanting to keep CareCredit

-J

Re: Synchrony Block - What if I want to send them 4506-T?

Loquat — Thu, 01 Sep 2016 17:08:26 GMT

@joltdude wrote:
Heres the kicker. I haven't seen too many folks keeping their accounts AFTER submitting the 4506-T...
Have seen a few who they kept 1 account open but majority seems to be a closure even AFTER the form...
And since you cannot really call and explain yourself....

Still think its too iffy to bother.. But I can see wanting to keep CareCredit

-J

Point me in the direction of the folks who actually complied? Is there any threads on them? Most folks here have stated over, and over, and OVER again how they will not comply.

Re: Synchrony Block - What if I want to send them 4506-T?

Anonymous — Thu, 01 Sep 2016 16:59:05 GMT

O do not waste your time -- Ive read at least 2 threads here and a few on Creditboards where people submitted the form and their accounts were STILL CLOSED. If your income doesnt match to a T, I would not bother -- i think they are looking to cut exposure and will do so any way they deem fit. Move on, muchhhh better cards with much better APRs ... run, dont walk.

Re: Synchrony Block - What if I want to send them 4506-T?

Anonymous — Thu, 01 Sep 2016 16:59:44 GMT

i beleive one who complied was creditaddict - they closed them out anyway

Re: Synchrony Block - What if I want to send them 4506-T?

joltdude — Thu, 01 Sep 2016 17:10:59 GMT

Some folks with "Credit" in their user ID.. It wasn't just CreditAddict .....

I dislike MyFico's search tool at times...

Found one of the folks

Creditplz...

Also a few more mentions on the thread- (warning this is a pro/nay thread on Sync in general but there are some good points in it)

http://ficoforums.myfico.com/t5/Credit-Cards/What-the-heck-is-going-on-with-Synchrony/td-p/4669682

Re: Synchrony Block - What if I want to send them 4506-T?

Loquat — Thu, 01 Sep 2016 17:17:09 GMT

@Anonymous wrote:
O do not waste your time -- Ive read at least 2 threads here and a few on Creditboards where people submitted the form and their accounts were STILL CLOSED. If your income doesnt match to a T, I would not bother -- i think they are looking to cut exposure and will do so any way they deem fit. Move on, muchhhh better cards with much better APRs ... run, dont walk.

I get what you're saying Joey but what is strange to me is with all of these Sync post, you read so many post of people who say that Sync is absolutely useless, the worst cards ever, crappy APR, would never provide a 4506 for such a useless card, etc, etc etc. But yet why when applying for these very same cards none of that logic came to mind. Why only after Sync pulls this income verification does this logic come in to play. Maybe, just maybe, if we (myself included) had used this logic from the beginning we wouldn't have so many Sync cards and high exposure, which may, or may not, be the cause of this fiasco? If we hold Sync card and not use them (which some people have stated) do we only hold them to disguise the actual credit card debt we're racking up on cards that we really do use?

Re: Synchrony Block - What if I want to send them 4506-T?

Anonymous — Thu, 01 Sep 2016 18:01:20 GMT

@Loquat wrote:
@Anonymous wrote:
O do not waste your time -- Ive read at least 2 threads here and a few on Creditboards where people submitted the form and their accounts were STILL CLOSED. If your income doesnt match to a T, I would not bother -- i think they are looking to cut exposure and will do so any way they deem fit. Move on, muchhhh better cards with much better APRs ... run, dont walk.
I get what you're saying Joey but what is strange to me is with all of these Sync post, you read so many post of people who say that Sync is absolutely useless, the worst cards ever, crappy APR, would never provide a 4506 for such a useless card, etc, etc etc. But yet why when applying for these very same cards none of that logic came to mind. Why only after Sync pulls this income verification does this logic come in to play. Maybe, just maybe, if we (myself included) had used this logic from the beginning we wouldn't have so many Sync cards and high exposure, which may, or may not, be the cause of this fiasco? If we hold Sync card and not use them (which some people have stated) do we only hold them to disguise the actual credit card debt we're racking up on cards that we really do use?

I agree with this, but is applies elsewhere as well. Basically, apping (successfully!) is "fun". Any time of rejection isn't. And when bad things happen, then people will complain loudly. Now Syncs actions are heavier than many, but you will see lots of similar complaints when people are refused CLIs or APR reductions, suddenly worse bank ever, their loss etc.

Re: Synchrony Block - What if I want to send them 4506-T?

kdm31091 — Thu, 01 Sep 2016 18:14:21 GMT

I would agree that people want it both ways. Getting approved for a relatively niche use card like Lowe's and getting a huge limit is praised and cheered on even if the person never/rarely shops there. The minute it's time for income verification though, Synch is a useless bank, not worth the time, etc etc.

Plan your applications, stick to a plan, limit yourself. If you don't aggressively seek credit you are much less likely to run into any sort of issues with creditors. Of course, paying your bills is number one, but the more inquiries you have and the more you are applying, the more you will stand out and not in a positive way.

Re: Synchrony Block - What if I want to send them 4506-T?

Anonymous — Thu, 01 Sep 2016 23:02:49 GMT

If they end up closing my accounts I will be extremely sad/mad.

I mean, I made like 15K back in 2014, and my income has more than doubled since then, but I haven't even filed taxes with my new income.

HAS ANYONE ACTUALLY RETURNED THE 4056-T?

I've seen one person who did whose account did not get closed.

Ugh will update. Got a call today from them telling me my accounts were frozen. -___- Didn't even ask if I had any questions.

Re: Synchrony Block - What if I want to send them 4506-T?

AverageJoesCredit — Thu, 01 Sep 2016 23:50:31 GMT

My view is if a person is / was going to close the accounts due to the freezing of said accounts, why bother sending in this form ?. If you were/ are going to close them anyhow, no use in giving them your personal info to be given to a company like LN. Like stated many times here by, my point of view, some solid advice , close them and just move on and chalk it up to life lesson learned. As been seen here as well even if you give them what they wanted and they still close them, you get nothing but added worry on your information being protected. Good luck OP, I wish you the best but if you only want to keep one but not the other 2 , for me, thats not worth sacrificing your info for a possiblity of keeping them open.

Re: Synchrony Block - What if I want to send them 4506-T?

FireMedic1 — Thu, 01 Sep 2016 23:52:25 GMT

Maybe why? Historically the stock has slipped -1.90% in the past week and plunged -3.31% in the last four weeks, the stock illustrate that its three months performance stands at -13.40% while its year to date performance is at -11.26%. The stock hit the peak price level of one year at $34.60 and touched the minimum level of $23.25. Shares are trading -22.01% off from the 52-week high price and +16.07% above from the 52-week bottom price level. The stock is now trading at a distance of -2.46% from SMA-20. The stock is presently trading -0.26% below from its SMA-50. In the current trading session, the stock’s price moved -6.04% below from its SMA-200. The company has a Return on Assets of 2.70%. The company currently has a Return on Equity of 17.00% and a Return on Investment of 21.20%.

http://postregistrar.com/2016/08/29/trending-stocks-buzzers-bristol-myers-squibb-co-nysebmy-synchrony-financial-nysesyf/

Re: Synchrony Block - What if I want to send them 4506-T?

Anonymous — Fri, 02 Sep 2016 00:09:43 GMT

Yeah I understand your point and I definitely see that the cons outweigh the pros.

However, in the end, I do not want to go on with my life with a "what if I had sent the form?"

I think I would rather have closure, and risk my info being sent to LN. Plus I really need that CareCredit soon for my dog. So we'll see.

Plus, I want my experience to help others who are undecided about sending the form or not.

Re: Synchrony Block - What if I want to send them 4506-T?

Loquat — Fri, 02 Sep 2016 00:47:29 GMT

OP, you have to do what's best for you. Don't let the opinions of myself out anyone else steer you in any direction other than the one you want to take. You know what's right for you and your situation. It seems like you're aware of the pros and cons of the choice you have to make. Make your informed decision and as they say, let the chips fall where they may...