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MyFako Condones this Crap

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49 minutes ago, TheVig said:

What Pot O describes here is the step before trying the Velvet Jones methodology. 

 

God bless Velvet Jones!  He is my all-time favorite capitalist!  🤣

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1 hour ago, hegemony said:

just a normal day in the kiddie pool: Anyone have 2 Ollo accounts?

 

Remedios, clearly a re ... -- Ooppsss, can't use that word here -- "Community Leader".  
 

If brains were gasoline, those people -- collectively -- wouldn't have enough to power a piss-ant's motorcycle around the inside of a Cheerio.  

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Has anyone been following those Synchrony account closure posts on MyFAKO? Clearly, there are some very "special" people over there.

 

2 people have had all of their Synchrony accounts closed. Apparently, one of them had $95,000 (the other was $75k) in Synchrony cards and was wondering why they decided to close them all. I believe this person said their income was around $110,000. $95k in available credit on store credit cards is not normal in any situation, let alone when they are near the amount of your annual income.

 

Synchrony likes to issue $300 limit cards to people at the Gap or JCPenney, then make thousands in interest in fees off of people who do not understand how to use credit cards. Low risk and high profit. They aren't interested in lending anyone $95,000 LOL.

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47 minutes ago, RehabbingANDBlabbing said:

Has anyone been following those Synchrony account closure posts on MyFAKO? Clearly, there are some very "special" people over there.

 

2 people have had all of their Synchrony accounts closed. Apparently, one of them had $95,000 (the other was $75k) in Synchrony cards and was wondering why they decided to close them all. I believe this person said their income was around $110,000. $95k in available credit on store credit cards is not normal in any situation, let alone when they are near the amount of your annual income.

 

Synchrony likes to issue $300 limit cards to people at the Gap or JCPenney, then make thousands in interest in fees off of people who do not understand how to use credit cards. Low risk and high profit. They aren't interested in lending anyone $95,000 LOL.


I've got over $100k with Synchrony and no signs of closure.  
 

No sane lender wants to lend only $300.  First, they make no money.  Second, and most importantly, their co-brand partner makes no money and then dumps Synchrony for another of the many waiting eagerly to take their place.

 

If Synchrony's cutting, there's a common reason.  Perhaps they have an IQ meter and realized it correlates to risk.  

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9 hours ago, PotO said:

 

If brains were gasoline, those people -- collectively -- wouldn't have enough to power a piss-ant's motorcycle around the inside of a Cheerio.  

I'm going to borrow this for the next time I need to do an assessment on somebody at work.

 

Thanks!

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5 hours ago, RehabbingANDBlabbing said:

Has anyone been following those Synchrony account closure posts on MyFAKO? Clearly, there are some very "special" people over there.

 

2 people have had all of their Synchrony accounts closed. Apparently, one of them had $95,000 (the other was $75k) in Synchrony cards and was wondering why they decided to close them all. I believe this person said their income was around $110,000. $95k in available credit on store credit cards is not normal in any situation, let alone when they are near the amount of your annual income.

 

Synchrony likes to issue $300 limit cards to people at the Gap or JCPenney, then make thousands in interest in fees off of people who do not understand how to use credit cards. Low risk and high profit. They aren't interested in lending anyone $95,000 LOL.

 

I spent some time over on myFUKO looking at the Synchrony closure threads and noticed a few things.  First, the adverse action notice one received from Sync was pure mumbo-jumbo bullshiat. IIRC, it stated something like "activity on your accounts is indicative of high risk of failure to pay."  IMO, the purpose of an AA letter is to tell you how you've fooked up and what you could do to improve.  Sync's excuse  is just a lame attempt at subterfuge.  I would seriously consider suing them.  I distinctly remember FTC Advisories stating a lender must give concrete, real reasons for AA.

 

I noticed three Sync victims over there.  One had been at 25% on one of his Sync accounts for a prolonged period of time, but "making double the minimum payments".  This always cracks me up when someone brags how they are so financially savvy and cool by making more than minimum payments.  Minimum payment on $5,000 is something like $183 [(5,000 x 2%) + (5,000 x 20% / 12)] Where 20% would represent the APR.  So if your minimum payment is $183, some re ... -- Oopss, can't use that word here -- arse-hat clown wants a medal for paying $366??   Seriously, if humanity has any chance for long-term survival, the cockroaches on myFUKO should be exterminated.   Then there were the 6 pages of "But you have such a great FICO Score @ TU of 751!"  🙄   That his total exposure with Sync was, as R & B pointed out, 90% of his income, I would have been surprised if Sync didn't nuke him.  

 

The other I noticed there is a lady with 20% UTIL on two or three of her cards and a 4-year-old BK.  Her FICO is around 670.  I didn't notice whether or not she included Sync in her BK.  

 

The third guy I can't remember.  I believe it was the result of high balances and a late payment.  

 

So what do we learn from all this?  Aside from the obvious that everybody here on CB already knows -- such as PIF, no balances, ... -- it's important to plan ahead and not place all your eggs in one basket.  If you have a whopping total of, say, $200k in available credit and you are satisfied, it's only because you are crazy.  The way to survive this game and the inevitable ups and downs along the way is by becoming the very best credit whore you can.  Sync or any other lender nuking 1/3 of your overall available credit -- if not more -- will hurt ... a lot.  If Sync nukes my $130k, although I will be pissed, the 6% loss is of no real practical effect.  I will still thrive and for the next X years think of how to extract revenge.  And I will get revenge.        

 

 

 

 

 

 

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It would seem that all of those idiots have no clue about the bustout score that one of the bureaus was peddling...and the reason cited on the AA letter sounds EXACTLY like one would expect to get when their behaviors peg the bustout model at the upper bands...

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9 hours ago, centex said:

It would seem that all of those idiots have no clue about the bustout score that one of the bureaus was peddling...and the reason cited on the AA letter sounds EXACTLY like one would expect to get when their behaviors peg the bustout model at the upper bands...


More data needs to be seen before we can say they fit bust-out models.  One key indicator is AAoA and length of oldest account.  Another would be indicators of manufactured identity.  
 

Synchrony is well-known for their fits of re ... -- Oopss, can't use that word here -- arsehattery.  I would hesitate to ascribe reasonable, logical thinking to a bank that is known for having the cognitive and developmental skills of a dyslexic chimp.  
 

If anybody should be suspected of bust-out it should be me.  Or Hege, perhaps.  $130k in Synchrony lines spread over 1/2 dozen products and each one seeing precisely $10 in usage every 3 months over several years.  Sometimes I'll slip and let a very large balance report on another account and I'll see a flurry of soft INQs.  Yet never AA.  The only thing that saves me is that they see 1/2 dozen 30+-year-old accounts and a few AmEx older than Moses.  Your typical bust-out has about <5 years of patience before hitting payday.  

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19 hours ago, PotO said:


Typical mumbo-jumbo bullshiat from the idiot turds at Experian.

 

Basically, EX believes every credit  and aspiring credit whore is a bust out artist.  Should I disappoint them?

 

Sorry, but smart CW's don't suddenly start ramping up utilization / outstanding balances -- the most significant attribute of potential bust-outs identified in the paper.  The most aggressive, intelligent CW's will still likely have a low bust out score.

 

But don't think I'm trying to dissuade you from the conviction that they're out to get you ...

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52 minutes ago, creditmaze said:

Very good read Kat.

I am glad I paid off Discover for my appliance purchase. After the purchase I went 2-months making the minimum payment on zero interest intro offer miles card. I wasn't comfortable with that mainly because I didn't trust myself and though my reports are clean my AAOA is low. I worried I may not be making a good impression with a new creditor. I basically fit that Experian Bust Out profile except I haven't carried balances (except Discover appliance purchase) and I have next to none inquiries. I have no intentions of being a bust out.

Edited by creditmaze
Additional sentence inserted.

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34 minutes ago, hegemony said:

same DERP thinks he deserves a higher limit with amex despite not having the income... https://ficoforums.myfico.com/t5/Credit-Cards/Achieving-Very-Large-Amex-Personal-Revolving-Limits/m-p/5912854#M1698586

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1 hour ago, hdporter said:

 

Sorry, but smart CW's don't suddenly start ramping up utilization / outstanding balances -- the most significant attribute of potential bust-outs identified in the paper.  The most aggressive, intelligent CW's will still likely have a low bust out score.

 

But don't think I'm trying to dissuade you from the conviction that they're out to get you ...


I'm sorry you have difficulties reading.  We can all pitch in so you can afford a Literacy Volunteer.  

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13 hours ago, PotO said:


Typical mumbo-jumbo bullshiat from the idiot turds at Experian.

 

Basically, EX believes every credit whore and aspiring credit whore is a bust out artist.  Should I disappoint them?

From your posting history, I don't recall you having escalating rates of utilization...thus you would not blip their model, nor would other credit xxxxxxx.  The MyFUKO wunderkind who think the shopping trick is the greatest thing since sliced bread, on the other hand, do NOT pay attention to things like utilization, they don't pay in full and they rarely look at the OTHER part of utilization ratios (you know, the number of cards with a balance compared to the number of cards).  The bustout modeling looks at them as the ideal candidate...and their own actions suggest they are primed given how many believe that paying double the minimum is some huge feat or major accomplishment.  

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Wait...we can say credit *Admin does not allow masked profanity. Please read our Terms of Service.* but NOT credit *Admin does not allow masked profanity. Please read our Terms of Service.*?  Speaking of things that make no sense...

 

Never mind...apparently only some of us can use that term...

Edited by centex

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Everyday they prove that it is indeed possible to fookup the worlds oldest profession.

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1 hour ago, MarvBear said:

FYI. Nobody can use that term.

And yet it appeared on this very page in a post made within the past day...

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