Done with myfico, apparently!

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CarefulBuilder14
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Thu Jul 07, 2016 8:47 pm

After a few reports of Synchrony sending out 4506-T forms, some people who exaggerated their incomes to Synchrony (and/or under-reported their incomes to the IRS) are now closing their accounts or requesting CLDs. The "$100k crowd" might soon be a lot smaller...
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
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SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red


Nixon
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Re: Done with myfico, apparently!

Postby Nixon » Fri Jul 08, 2016 7:15 am

CarefulBuilder14 wrote:After a few reports of Synchrony sending out 4506-T forms, some people who exaggerated their incomes to Synchrony (and/or under-reported their incomes to the IRS) are now closing their accounts or requesting CLDs. The "$100k crowd" might soon be a lot smaller...


I got 35K on my Marvel card.

If they send me one I'll just as soon have them close it. I'll give up a 4506 for AX but not for Sync.
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CarefulBuilder14
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Tue Jul 12, 2016 12:43 am

Nixon wrote:
CarefulBuilder14 wrote:After a few reports of Synchrony sending out 4506-T forms, some people who exaggerated their incomes to Synchrony (and/or under-reported their incomes to the IRS) are now closing their accounts or requesting CLDs. The "$100k crowd" might soon be a lot smaller...


I got 35K on my Marvel card.

If they send me one I'll just as soon have them close it. I'll give up a 4506 for AX but not for Sync.

In a sense, Amex has already FRed me via the Schwab credit.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

JonE
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Re: Done with myfico, apparently!

Postby JonE » Sat Jul 16, 2016 10:54 pm

CarefulBuilder14 wrote:After a few reports of Synchrony sending out 4506-T forms, some people who exaggerated their incomes to Synchrony (and/or under-reported their incomes to the IRS) are now closing their accounts or requesting CLDs. The "$100k crowd" might soon be a lot smaller...

Pigs get fed, hogs get slaughtered!
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Wed Jul 27, 2016 10:11 am

That site is such a joke at this point. People post about BT "methodology" and such, and are applauded for doing several BTs. Meanwhile the person has 9% util with a 250k overall limit,i meaning they have what, almost 25k in debt? And they're just shuffling it around and using BT "methods"?

Here's a method for you, pay your debt off! Jeez. I've never seen such crazy people

To My Credit
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Re: Done with myfico, apparently!

Postby To My Credit » Wed Jul 27, 2016 12:35 pm

kdm31091 wrote:That site is such a joke at this point. People post about BT "methodology" and such, and are applauded for doing several BTs. Meanwhile the person has 9% util with a 250k overall limit,i meaning they have what, almost 25k in debt? And they're just shuffling it around and using BT "methods"?

Here's a method for you, pay your debt off! Jeez. I've never seen such crazy people

LOL, I'd like to see this post. What topic can I find it under?
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
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kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Wed Jul 27, 2016 1:44 pm

To My Credit wrote:
kdm31091 wrote:That site is such a joke at this point. People post about BT "methodology" and such, and are applauded for doing several BTs. Meanwhile the person has 9% util with a 250k overall limit,i meaning they have what, almost 25k in debt? And they're just shuffling it around and using BT "methods"?

Here's a method for you, pay your debt off! Jeez. I've never seen such crazy people

LOL, I'd like to see this post. What topic can I find it under?


http://ficoforums.myfico.com/t5/Credit- ... -p/4694703

People also talk about "testing" BTs and stuff. I mean, why shuffle debt around and incur fees unless it's necessary? It's ridiculous

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Vattené
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Re: Done with myfico, apparently!

Postby Vattené » Wed Jul 27, 2016 3:54 pm

I shudder to think of the interest this person wastes on credit cards in a typical month, given that they're planning to stretch out several BTs over a year. Maybe they got in an unfortunate situation of having no choice but to run up a lot in credit card balances and they're taking advantage of what options are available...it's probably better than being in the habit of carrying balances. Sure, there's no fee on this one (but those options will run out fast) and the interest is low by comparison, but it doesn't address the root problem of spending more than you earn.

At the very least if I had to use BTs to help me tackle debt, I'd use the terms offered to my full advantage and not care as much about how much these big banks "like" me. The truth of the matter is if you don't do anything too risky (like start missing payment), you'll never even show up on their radar.
-Vattené
FICO-8:
EX - 827 (4/17) | TU - 812 (4/17)
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American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

To My Credit
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Re: Done with myfico, apparently!

Postby To My Credit » Wed Jul 27, 2016 4:43 pm

kdm31091 wrote:http://ficoforums.myfico.com/t5/Credit-Cards/The-CM7-Method-of-Balance-transferring-to-Barclay-Ring/td-p/4694703

People also talk about "testing" BTs and stuff. I mean, why shuffle debt around and incur fees unless it's necessary? It's ridiculous
LOL, that's pretty scary. I'm not ever going to let my overall credit go over $100K.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

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Re: Done with myfico, apparently!

Postby Tubpbs » Wed Jul 27, 2016 5:16 pm

I think the best part of that thread is how the OP reacts to anyone questioning the fact that he has several balance transfers going on at the same time - as if that can't possibly be unreasonable.

Even to the point of, if you don't want anyone to comment on your behavior, leave off your total CL AND the fact that you have 9% utilization. If you're going to voluntarily share that, you may receive questions...
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It



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