cancel
Showing results for 
Search instead for 
Did you mean: 

Synchrony Accounts Restricted

M_Smart007
Epic Contributor

Re: Synchrony blue envelope.


@wasCB14 wrote:

@Bufftahmkench wrote:

I've been looking forward to secured credit cards, 

 

Could a blue envelope situation like this happen with Bank of America for example? they've been sending me this secured card offer for a few months now. 

 

Synchrony just out right scared me with this thing.


Did the Synchrony rep actually use the term "blue envelope"? Or are you assuming that the "letter" the rep mentioned is the same thing as the "blue envelope" tax transcript request you've read about on here?


 

"Heard of"

https://ficoforums.myfico.com/t5/Credit-Cards/Synchrony-blue-envelope/m-p/5686000#M1656401




Message 21 of 62
M_Smart007
Epic Contributor

Re: Synchrony blue envelope.


@Bufftahmkench wrote:

Absolutely, I will update my experience while it goes, it's gonna take some time since this letter is supposed to arrive within a week. 

 

I have three accouts on Synchrony.


Google store $1.5K

Amazon store card $1.3K

PayPal credit $1K

 

1) I have never requested a limit increase

2)I didn't lie on my income, im 21 years old and honestly I don't make that much money, but still I didn't embellished the numbers.

3)I got this three applications accepted within the last 2 and a half months. 

 

My oldest credit card is not a year old yet as I mentioned before, but it is a Capital One card.

 

I see people here with crazy amounts of credit lol, I can't believe they want to audit me. 

 

 


seriously, looking at this, i would Relax and call Synch or wait for The Letter. something triggered "FRAUD",

and I am sure they want to Verify some things. don't lose any sleep over it.  just my .02 cents worth.




Message 22 of 62
wasCB14
Super Contributor

Re: Synchrony blue envelope.


@KJinNC wrote:
If a company chooses to conduct business by implying its customers may likely be dishonest fraudsters and demand that they compromise data security to prove they aren't, that is certainly their right. But that is not a company I want to deal with, unless there is a clear, unusual reason for it.

By that line of reasoning, would you refuse to do business with a CC issuer that wanted to pull your credit?

 

Hard or soft, a credit pull distributes sensitive data...and a bank could just trust you when you say you pay all your accounts as agreed and don't have too much debt.

 

For me, it's not about principle or the type of debt. It's about the overall reasonableness of the request and the value I put on the account. As my overall credit with Amex or Chase might hit 6 figures on my next app with one of them, I would probably be willing to share tax info for an approval.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 23 of 62
Bufftahmkench
Member

Re: Synchrony blue envelope.

If they don't want to take the risk with <5K accounts. 

 

Why allow people like me to apply and get approved so freely?

 

Message 24 of 62
Saeren
Mega Contributor

Re: Synchrony blue envelope.


@Bufftahmkench wrote:

If they don't want to take the risk with <5K accounts. 

 

Why allow people like me to apply and get approved so freely?

 


You don't even know that's the case yet. A number of us have expressed that we doubt this is a blue letter situation. Fraud verification and blue letter are two entirely different things. Blue letter is a "we have too much exposure here" thing and fraud verification is "we want to make sure you are who you say you are."



Message 25 of 62
wasCB14
Super Contributor

Re: Synchrony blue envelope.


@Saeren wrote:

@Bufftahmkench wrote:

If they don't want to take the risk with <5K accounts. 

 

Why allow people like me to apply and get approved so freely?

 


You don't even know that's the case yet. A number of us have expressed that we doubt this is a blue letter situation. Fraud verification and blue letter are two entirely different things. Blue letter is a "we have too much exposure here" thing and fraud verification is "we want to make sure you are who you say you are."


3 cards in 2.5 months from a single issuer could easily raise fraud/identity concerns.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 26 of 62
Saeren
Mega Contributor

Re: Synchrony blue envelope.


@wasCB14 wrote:

@Saeren wrote:

@Bufftahmkench wrote:

If they don't want to take the risk with <5K accounts. 

 

Why allow people like me to apply and get approved so freely?

 


You don't even know that's the case yet. A number of us have expressed that we doubt this is a blue letter situation. Fraud verification and blue letter are two entirely different things. Blue letter is a "we have too much exposure here" thing and fraud verification is "we want to make sure you are who you say you are."


3 cards in 2.5 months from a single issuer could definite raise fraud concerns.


Absolutely, totally agreed but that's not a tax request. It could be as simple as address verification, could be drivers license, any number of things that don't involve tax transcripts. 



Message 27 of 62
Obscure-Expert
Valued Contributor

Re: Synchrony blue envelope.

Everyone gets so fired up about a post when the OP hasn't even gotten the letter in the mail yet.

 

BE isn't the end of the world.  Either you provide the info to attempt to keep the accounts or you don't and you move onto somewhere else.

 

21 yo probably doesn't have much to "expose" through LN by providing the verification if this ends up being POI it could be as simple as a paystub and not the 4506-T.  

 

While a 4056-T is invasive to some it's not the be all, end all of privacy in a world in which there is rarely any provided anyway even if you live off grid there's still a foot print that's exposed with a data breach.  CK provides a breach list and there's some stuff on there I never saw any news on other than maybe a small blurb if you went searching for it specifically.  If you deal w/ Amex and want to push your limit in a short period of time then you get prompted for a 4506-T because they don't take paychecks for POI.  Amex handles their POI in house and don't outsource it like Sync.

 

Everyone needs to take a deep breath and get over it until the letter is received.

500K+ TCL / 800+ FCOs
Message 28 of 62
CJ7
Frequent Contributor

Re: Synchrony blue envelope.

Information obtained via an 4506-T is stale at best.  If requested Mar-19, then year 2017 is used.

There seems to be this presumption that income is static for everyone.  What you made last year

is what you make this year is what you will make next year give or take.  Income could have

taken a drastic turn up or down since that dated tax return.

 

Bottom line is you could have been making 6 figures in 2017 and are now jobless and homeless

and you'll pass the 4506-T test with flying colors.  The inverse is also true.

 


Message 29 of 62
KJinNC
Valued Contributor

Re: Synchrony blue envelope.

Responding to comments by a few different people -

 

1 - No, I do not consider a credit pull as the same as access to tax transcripts. The two are both "private" information, but that's the only thing they have in common. I really don't think I need to explain the differences about how they are compiled or maintained or who has access to them.

2 - That said, you may draw the line at a different place than I do. That is fine. To me, access to tax transcripts might be something I would grant in a special case, where I knew at the time I applied for something that it may be a fair request. Access to tax transcripts to approve a regular credit card, with no particular request for a high limit, with an accurate (and not exhorbitant ... low six figures) claimed income, with many less invasive ways to verify income such as digital paystubs or W2s, including the context that they know I was issued a corporate card by my blue-chip employer (so how low could my income really be and how likely would I be to engage in fraud in this case?), crosses the line *for me*. It may not for you and that is ok. It's just not something I will do ... again, unless it's some special case where I anticipate the request going in.

3 - As CJ7 notes, it's not even a good way to validate current income. I could have had a good job last year, got fired in January, and be getting eviction notices, and my tax transcripts would say I have a good income. Or, I could have been unemployed last year, finally got my dream job in January, be doing great, and my tax transcripts would say I have terrible income. These situations probably don't apply to the actual, valid uses for this request (basically, high-roller requests for massive limits), but they will often apply to the "regular-guy regular-card" scenario I am talking about. In my situation, my income listed on a credit card application is 8% higher this year than it was last year, so along with other concerns, I worried they'd use that difference as some sort of evidence of fraud.

 

Having said that, as others have noted, at this point we're responding to a probably inaccurate thread title. It doesn't sound to me like this is what's happening with the OP in this case.


FICO Resilience Index: 62. Cards: 17/24, 5/12, 0/6. Accounts including loans: 21/24, 6/12, 0/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $104,100, not counting the AU card. The AU card brings the total to $129,100. In March 2019, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 30 of 62
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.