Synchrony asking friend for 4506t

[Anonymous]

She makes over 150k a year off tips from bartending in the city but her actual salary is tiny in comparison.  What should she do?

[Anonymous]

I'm sorry to hear this is happening. Since this is not something we've heard of very much with Synchrony before, details would help. Can you tell us what specifically was in the actual letter she received? What was the reason given for this request?

[Anonymous]

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@Anonymous wrote:

I'm sorry to hear this is happening. Since this is not something we've heard of very much woth Synchrony before, details would help. Can you tell us what specifically was in the actual letter she received? What was the reason given for this request?

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+1

[Anonymous]

She said she tried to login to a couple of her accounts and they were locked and left a phone number for her to call where they said they needed to verify income.  Her scores are between 690-725, AAoA over 3 years, 2 of the Sync accounts are over a year old, only two new Sync accounts in the past month. Perfect payment history. Credit Lines are 4-5k on the two older accounts that were auto increased and the new accounts are 6k each from the tips I gave her.  So ~22k which is low for them.  Her other accounts are a credit union, Citi and BoA with limits on those totalling 29k.  Doesn't own a home and owns her car outright.

[Anonymous]

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@Anonymous wrote:

She said she tried to login to a couple of her accounts and they were locked and left a phone number for her to call where they said they needed to verify income.  Her scores are between 690-725, AAoA over 3 years, 2 of the Sync accounts are over a year old, only two new Sync accounts in the past month. Perfect payment history. Credit Lines are 4-5k on the two older accounts that were auto increased and the new accounts are 6k each from the tips I gave her.  So ~22k which is low for them.

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Sorry this is happening to your friend, but I suspect this is similar to the Comenity situations we read about months ago where there is more to the story than we know in terms of the reason this is happenng.

[CreditCuriosity]

Sorry to hear.. Assume she didn't claim/pay taxes on tips or did they?  If so up to them whether to submit, if not that is another story whether they will take bank statements etc

[Anonymous]

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@CreditCuriousity wrote:

Sorry to hear.. Assume she didn't claim/pay taxes on tips or did they?  If so up to them whether to submit, if not that is another story whether they will take bank statements etc

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Yup, it doesn't matter whether her salary is low or not.  Only matters what she reported to the IRS. If she only reported her salary and small amount of tips she's going to have problems.

[takeshi74]

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@Anonymous wrote:

She makes over 150k a year off tips from bartending in the city but her actual salary is tiny in comparison.  What should she do?

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A bit late for this now but she should always consider the proof of income that a creditor will require when applying.

[Anonymous]

Good luck to your friend! I hope everything works out.

[Sharingan]

Well, all she can do at this point is determine whether or not she wants to comply with the request while considering the possible ramifications of either choice.

Personally, the decision would be very easy for me. I would give Synchrony Bank the same look/response as I would give a street bum asking to see my tax records. Although I am a customer of theirs, it's not a business relationship I would go out of my way to salvage, unlike the many other banks I do business with. It just wouldn't be worth it to me for that Banana Republic (or any that Synchrony underwrites) store card.

She has better although it's certainly possible those banks may want the same form down the road too.