Synchrony Bank and 4506 request not so fast!!

[sarge12]

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@Anonymous wrote:

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?  

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Add to that, many have offered to provide copy of W-2 forms and paystubs and that should be sufficient. The 4506-t also provides all family members ssn's, age etc. It provides interest income, and sometimes investments complete with account no.s. If you itemize, it may provide medical problems if that catagory is deductible. Is this information that you are willing to allow these companies to have and use as they wish? Once in their system, what are they doing to keep this information secure? Income can be verified without them getting the right to all the other info on a tax return.

[Anonymous]

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@sarge12 wrote:

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@Anonymous wrote:

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?  

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Add to that, many have offered to provide copy of W-2 forms and paystubs and that should be sufficient. The 4506-t also provides all family members ssn's, age etc. It provides interest income, and sometimes investments complete with account no.s. If you itemize, it may provide medical problems if that catagory is deductible. Is this information that you are willing to allow these companies to have and use as they wish? Once in their system, what are they doing to keep this information secure? Income can be verified without them getting the right to all the other info on a tax return.

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Copies are never going to be sufficient, they want to go to a reliable source such as the IRS.   Now for those on payroll, perhaps a copy of the paystub and verification directly from your bank that the shown amount was deposited might be good, but that doesn't cover all situations, and it is easier for them to have a one-size-fits-all solution.    If enough people declined, that might change, but don't hold your breath.   Just as there are other issuers, there are plenty of other customers seeking credit...

[Anonymous]

What I don't get is who the f**k these people think they are?? AAing people that have perfect payment history and 750-800 scores? It's literally insane. Who wants to have this hassle for a bunch of store cards?!?! Im actually afraid to open accounts with them for fear of some kind of BS like this

[Anonymous]

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@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!!!!

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+1.

[Anonymous]

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@Anonymous wrote:
What I don't get is who the f**k these people think they are?? AAing people that have perfect payment history and 750-800 scores? It's literally insane. Who wants to have this hassle for a bunch of store cards?!?! Im actually afraid to open accounts with them for fear of some kind of BS like this

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They think they are mitigating risk so not insane, at worst misguided.     The OP had lots of accounts with them and this (and other factors) may have suggested, from experience with others, that these accounts were risky.   And with lots of accounts, spend on most of them might have made the card unprofitable

Most of these shutdowns don't impact the "normal" people with a handful of credit cards they keep for ever.   So losing a few of the "strange" accounts, even if they might have turned out to be profitable, is probably OK.

[wasCB14]

With several accounts 6+ years old and no lates, a 701 TU is suspiciously low. I'm guessing overall utilization is high, OP?

I'm not sure what to make of the freezes and LN theories, but with no Synchrony cards I'm delighted to not care.

When someone has a $12.5k balance on $72.9k of credit, though, I don't think it's unreasonable for the lender to want some proof of income, even if the lender didn't ask at any stage until then. If they are going to freeze cards, though, they should make the process of providing information to unfreeze them faster, though.

It's not a house...but some part of the $72.9k could be MSed into a healthy down payment...

[Callandra]

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@Anonymous wrote:
What I don't get is who the f**k these people think they are?? AAing people that have perfect payment history and 750-800 scores? It's literally insane. Who wants to have this hassle for a bunch of store cards?!?! Im actually afraid to open accounts with them for fear of some kind of BS like this

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I would never be afraid to open an account with a lender. Pay your bills on time, be responsible, and you will be totally fine. 

[sarge12]

I will say, I have 15 premium credit cards with 13 seperate financial institutions. Any of them is well within their rights to cancel their cards at any time for no reason, as I have no right to their cards. They are also within their rights to ask for a 4506-t. Now they claim that it is just for simple income verification, but I do not know. They may store this info on a very secure server, but I do not know. They may never sell this info to a third party, but I do not know. It may only be accessed by employees with security clearance, but I do not know. Now, I lived for years without any credit cards, so I know I can. I will never willingly give my tax return to any entity until there is less that I do not know!! It is their right to ask for access via 4506-t, It is my right to tell them NO!!!

[peghede]

Hello all and thanks for all your comments ,i started this post few days back ,i cannot recover the pass on the other screen name. anyways here's the update.This fico was same date i close all accounts from Synchrony.

[bobbay]

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@Anonymous wrote:

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.

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That claim becomes reality when you induce defaults by short sheeting your debtor.