topic Re: SYNC BLUE PAPERS... in Credit Cards

SYNC BLUE PAPERS...

Anonymous — Fri, 19 May 2017 12:09:50 GMT

I have 5 accts with these guys..nothing under 4k. I have seen other posts about Synch putting the hammer down on guys with multiple accts...I have perfect history with them, 2+ yrs. Does Synch shut down like Comenity does, for the same reasons, ie..to many recent inqu and new accts opened? I have never had any issues, but am curious. Any EXPERIENCE here will be appreciated....

Re: SYNC BLUE PAPERS...

AverageJoesCredit — Fri, 19 May 2017 12:50:05 GMT

I dont know how to link but there is a huge thread created by Music Lover on Synchrony and the Blue Envelope syndrome. One key factor i took away is opening too many accounts too soon especially within the last yesr seemed to be a big no no. As for cli requests, im not sure but i have quite the few denial papers to prove im a child of Ficoland and am still standing. But i would just caution to not to overwhelm with requests as perhaps that could cause them to check your accounts more closely( just speculating)

What i like to do as an added precaution is to use my accounts normally but try to keep them pif so that if they do decide to hit me with their blue shot, fire away.. lol, started to tryp that and that chorus just hit me. Alot may diss on Sync here in Ficoland but they have given me nice limits and helped my credit come along but im at the point that if i had to close them down on the spot i have enough different lenders thst ill be ok

Re: SYNC BLUE PAPERS...

Anonymous — Fri, 19 May 2017 12:52:54 GMT

Five accounts seems like a lot with them. Who knows! This is why I won't do business with sync or comenity. I'll pass on possible brain damage!

Re: SYNC BLUE PAPERS...

MyLoFICO — Fri, 19 May 2017 12:55:57 GMT

I too have been watching these issues. I have quite a few Sync cards. I have been busy moving their balances or paying them off because of these blue letters. I figured the lower the exposure the better just incase they decide to shut some of them down. My plan is to let them all age and die off except Lowes, Walmart MC, and Stash since I have some better cards now. Here is what I have right now:

Re: SYNC BLUE PAPERS...

AverageJoesCredit — Fri, 19 May 2017 13:03:54 GMT

I too have quite a few accounts but i am using them responsibly. Always waiting for the ax to drop. Just read up on TyDawg's recent post of him getting a blue envelope. Am waiting to see more details unfold.

Re: SYNC BLUE PAPERS...

Anonymous — Fri, 19 May 2017 13:14:03 GMT

@MyLoFICO wrote:
I too have been watching these issues. I have quite a few Sync cards. I have been busy moving their balances or paying them off because of these blue letters. I figured the lower the exposure the better just incase they decide to shut some of them down. My plan is to let them all age and die off except Lowes, Walmart MC, and Stash since I have some better cards now. Here is what I have right now:

Dang! You have $77k with just sync?!?!? Yikes! Those are some great limits too!

Re: SYNC BLUE PAPERS...

MyLoFICO — Fri, 19 May 2017 13:26:39 GMT

@Anonymous wrote:
@MyLoFICO wrote:
I too have been watching these issues. I have quite a few Sync cards. I have been busy moving their balances or paying them off because of these blue letters. I figured the lower the exposure the better just incase they decide to shut some of them down. My plan is to let them all age and die off except Lowes, Walmart MC, and Stash since I have some better cards now. Here is what I have right now:

Dang! You have $77k with just sync?!?!? Yikes! Those are some great limits too!

Yeah and I regret getting most of them. But, hind sight is always 20/20, right? As I pay down my balances I am going to close them if they don't age off on their own before then.

Re: SYNC BLUE PAPERS...

simplynoir — Fri, 19 May 2017 13:30:07 GMT

For me with regards to Synchrony (and to extent Comenity) I would only use the cards you actually use/need with them because of possible overexposure. It's why I only carry the Walmart MC/Sam's Club MC with Synch and VS with Comenity (which I'm considering closing anyways).

Re: SYNC BLUE PAPERS...

grillandwinemaster — Fri, 19 May 2017 13:31:34 GMT

@MyLoFICO wrote:
I too have been watching these issues. I have quite a few Sync cards. I have been busy moving their balances or paying them off because of these blue letters. I figured the lower the exposure the better just incase they decide to shut some of them down. My plan is to let them all age and die off except Lowes, Walmart MC, and Stash since I have some better cards now. Here is what I have right now:

Hey MyLo, why not be proactive instead of reactive? If you're only interested in keeping Lowes, Wal-Mart, and Stash, why not close the others down sooner rather than later?

Me thinks it's better to stay UNDER the radar, than to be dancing provocatively in front of the radar?! With the number of cards and the limits that you have, your essentially "pole dancing" in front of Synch and hoping they don't take notice!

Just my 2 cents. Best credit wishes to you, MyLo.

Re: SYNC BLUE PAPERS...

simplynoir — Fri, 19 May 2017 13:37:11 GMT

For MyLo I would understand waiting only because the utiization is probably benefitting him while he is paying off his balances in another thread he has. My guess is once things settle down he'll start closing accounts down.

Re: SYNC BLUE PAPERS...

MyLoFICO — Fri, 19 May 2017 13:48:02 GMT

@grillandwinemaster wrote:
@MyLoFICO wrote:
I too have been watching these issues. I have quite a few Sync cards. I have been busy moving their balances or paying them off because of these blue letters. I figured the lower the exposure the better just incase they decide to shut some of them down. My plan is to let them all age and die off except Lowes, Walmart MC, and Stash since I have some better cards now. Here is what I have right now:

Hey MyLo, why not be proactive instead of reactive? If you're only interested in keeping Lowes, Wal-Mart, and Stash, why not close the others down sooner rather than later?

Me thinks it's better to stay UNDER the radar, than to be dancing provocatively in front of the radar?! With the number of cards and the limits that you have, your essentially "pole dancing" in front of Synch and hoping they don't take notice!

Just my 2 cents. Best credit wishes to you, MyLo.

I need them for UTIL padding until I get it down to a managable amount. Hopefully they don't close them all at once and trash my UTIL. I will close them as I can. I could close Newegg, Discount tire, BP and Old Navy and probably will once my new accounts hit my CR's.

Plus, I like pole dancing. #nosmallbillsplease #polelife #daddyneedsthemoney

Re: SYNC BLUE PAPERS...

Anonymous — Fri, 19 May 2017 13:55:46 GMT

@MyLoFICO wrote:
@Anonymous wrote:
@MyLoFICO wrote:
I too have been watching these issues. I have quite a few Sync cards. I have been busy moving their balances or paying them off because of these blue letters. I figured the lower the exposure the better just incase they decide to shut some of them down. My plan is to let them all age and die off except Lowes, Walmart MC, and Stash since I have some better cards now. Here is what I have right now:

Dang! You have $77k with just sync?!?!? Yikes! Those are some great limits too!
Yeah and I regret getting most of them. But, hind sight is always 20/20, right? As I pay down my balances I am going to close them if they don't age off on their own before then.

I can totally relate. lol....

Re: SYNC BLUE PAPERS...

Anonymous — Fri, 19 May 2017 14:17:55 GMT

My BF was hit with the blue envelope last year. IMO - what did him in was the constant requests for CLI. He kept poking the bear (once a week or so) and the bear then sent out the the dreaded blue envelope. He decided he wanted to keep his cards with Synchrony so he submitted the paperwork they requested only for them to come back and say they could not verify his identity. This answer made absolutely no sense but at the end of the day he ended up losing his Ebates, Marvel and BP accounts.

I have learned from his mistake as well as OP here on MF. I myself was requesting CLI at least one a month but have since stopped. I have four accounts with Synchrony (3 were opened last year) and I opened many new accounts with other lenders last year as well (approx 16-18) - so I am trying to stay under the radar as well. I keep my balances on my Synchrony accounts low and PIF every month - with the exception of my CareCredit account. I currently have a 0% APR offer for 24 months that I am currently taking advantage of (for Invisalign) but will have it paid off in 18 months.

Re: SYNC BLUE PAPERS...

simplynoir — Fri, 19 May 2017 14:28:14 GMT

@Anonymous wrote:
My BF was hit with the blue envelope last year. IMO - what did him in was the constant requests for CLI. He kept poking the bear (once a week or so) and the bear then sent out the the dreaded blue envelope. He decided he wanted to keep his cards with Synchrony so he submitted the paperwork they requested only for them to come back and say they could not verify his identity. This answer made absolutely no sense but at the end of the day he ended up losing his Ebates, Marvel and BP accounts.

I have learned from his mistake as well as OP here on MF. I myself was requesting CLI at least one a month but have since stopped. I have four accounts with Synchrony (3 were opened last year) and I opened many new accounts with other lenders last year as well (approx 16-18) - so I am trying to stay under the radar as well. I keep my balances on my Synchrony accounts low and PIF every month - with the exception of my CareCredit account. I currently have a 0% APR offer for 24 months that I am currently taking advantage of (for Invisalign) but will have it paid off in 18 months.

Wow, once a week? I know with Walmart/Sam's Club cards you should be okay asking every month but playing it safe you could probably do it every 4 months after the statements generate. I stopped myself because I reached a nice comfortable CL with both cards to not ask for any more unless they initiate it themselves to reduce being in their radar like you have done.

Re: SYNC BLUE PAPERS...

MyLoFICO — Fri, 19 May 2017 14:33:09 GMT

I was asking once a month but I stopped. Mainly because I don't need it from them. I would rather get CLI's from my other cards.

Re: SYNC BLUE PAPERS...

Anonymous — Fri, 19 May 2017 14:43:06 GMT

@simplynoir wrote:
@Anonymous wrote:
My BF was hit with the blue envelope last year. IMO - what did him in was the constant requests for CLI. He kept poking the bear (once a week or so) and the bear then sent out the the dreaded blue envelope. He decided he wanted to keep his cards with Synchrony so he submitted the paperwork they requested only for them to come back and say they could not verify his identity. This answer made absolutely no sense but at the end of the day he ended up losing his Ebates, Marvel and BP accounts.

I have learned from his mistake as well as OP here on MF. I myself was requesting CLI at least one a month but have since stopped. I have four accounts with Synchrony (3 were opened last year) and I opened many new accounts with other lenders last year as well (approx 16-18) - so I am trying to stay under the radar as well. I keep my balances on my Synchrony accounts low and PIF every month - with the exception of my CareCredit account. I currently have a 0% APR offer for 24 months that I am currently taking advantage of (for Invisalign) but will have it paid off in 18 months.
Wow, once a week? I know with Walmart/Sam's Club cards you should be okay asking every month but playing it safe you could probably do it every 4 months after the statements generate. I stopped myself because I reached a nice comfortable CL with both cards to not ask for any more unless they initiate it themselves to reduce being in their radar like you have done.

Yeah... in the beginning he was getting really good results. His Ebates card went from $8k to $25k in a couple of months. He didn't necessarily need the higher CL - I think he was just pushing the envelope to see how much much they would give him. It obviously backfired.

Earlier this year he decided to try and get back in with Synchrony and applied for the PayPal cc. It was approved but the SCL is only $500 or $1k (I forget exactly what the amount was but I know it's a low limit). His hope is to eventually get back his beloved Marvel, Ebates and BP cards.

Re: SYNC BLUE PAPERS...

grillandwinemaster — Fri, 19 May 2017 18:30:39 GMT

@MyLoFICO wrote:
@grillandwinemaster wrote:
@MyLoFICO wrote:
I too have been watching these issues. I have quite a few Sync cards. I have been busy moving their balances or paying them off because of these blue letters. I figured the lower the exposure the better just incase they decide to shut some of them down. My plan is to let them all age and die off except Lowes, Walmart MC, and Stash since I have some better cards now. Here is what I have right now:

Hey MyLo, why not be proactive instead of reactive? If you're only interested in keeping Lowes, Wal-Mart, and Stash, why not close the others down sooner rather than later?

Me thinks it's better to stay UNDER the radar, than to be dancing provocatively in front of the radar?! With the number of cards and the limits that you have, your essentially "pole dancing" in front of Synch and hoping they don't take notice!

Just my 2 cents. Best credit wishes to you, MyLo.
I need them for UTIL padding until I get it down to a managable amount. Hopefully they don't close them all at once and trash my UTIL. I will close them as I can. I could close Newegg, Discount tire, BP and Old Navy and probably will once my new accounts hit my CR's.

Plus, I like pole dancing. #nosmallbillsplease #polelife #daddyneedsthemoney

Point well taken. I wasn't aware of your need for utilization padding. I keep an old Kay Jewelers account Around for the same reason.

Keep on "dancing!" Lol

Re: SYNC BLUE PAPERS...

MyLoFICO — Fri, 19 May 2017 18:35:34 GMT

@grillandwinemaster wrote:
@MyLoFICO wrote:
@grillandwinemaster wrote:
@MyLoFICO wrote:
I too have been watching these issues. I have quite a few Sync cards. I have been busy moving their balances or paying them off because of these blue letters. I figured the lower the exposure the better just incase they decide to shut some of them down. My plan is to let them all age and die off except Lowes, Walmart MC, and Stash since I have some better cards now. Here is what I have right now:

Hey MyLo, why not be proactive instead of reactive? If you're only interested in keeping Lowes, Wal-Mart, and Stash, why not close the others down sooner rather than later?

Me thinks it's better to stay UNDER the radar, than to be dancing provocatively in front of the radar?! With the number of cards and the limits that you have, your essentially "pole dancing" in front of Synch and hoping they don't take notice!

Just my 2 cents. Best credit wishes to you, MyLo.
I need them for UTIL padding until I get it down to a managable amount. Hopefully they don't close them all at once and trash my UTIL. I will close them as I can. I could close Newegg, Discount tire, BP and Old Navy and probably will once my new accounts hit my CR's.

Plus, I like pole dancing. #nosmallbillsplease #polelife #daddyneedsthemoney
Point well taken. I wasn't aware of your need for utilization padding. I keep an old Kay Jewelers account Around for the same reason.

Keep on "dancing!" Lol

No worries. No harm done. I wish I didn't need it but they will be falling off soon enough on their own.

Re: SYNC BLUE PAPERS...

austinguy907 — Fri, 19 May 2017 19:55:18 GMT

When it comes to Synch or any other lender it's pretty simple.

Use the card, pay the card, and ask for CLI's sparingly unless you don't care about the card.

Builders like them because they grow quickly and aren't hard to get. Some of them provide perks but most of them have insane APR's on them. If you're looking to push them upwards it's a better idea to call CS 877-379-8173 and ask for the max and let them countrer. After doing this wait at least 6-12 months before hitting them up for another round.

Blue's happen across the board though when it comes down to it the data here has shown is can be 1-2 cards or 10-15 cards, high limits and low limtis, or there's an itch on the right calf that needs scratching. There's no method to the madness and then not being able to verify ID on a 1040 transcript let alone letting you open the account in the first place is total BS.

Synch is a TOOL literally and figuratively when it comes to this game. They're not a long term viable solution to maintaining your portfolio. Use them for what they're worth and kick them to the curb when you're done with them. If you've been around here long enough to know that you can collect 20+ Synch accounts then you know better than to rely on them for any length of time.

As to when you'll get the blue envelope in the mail you can roll a 20 side die and shake your magic 8 ball as they're just as reliable in answering the question.

Re: SYNC BLUE PAPERS...

AverageJoesCredit — Fri, 19 May 2017 21:56:29 GMT

Lol, perfect summation Austinguy, now im gonna go sit in the corner and play with my Sync cards head held low Anyone wanna play?