As I posted previously, I was approved for a secured Discover It card. I made the minimum deposit of $200 because I just wanted to get in the door (I don't want the low tier subprime cards for my rebuild, and I have an unsecured card with Cap 1). Well this morning, I get the infamous "Equifax Verification" email. Initially I was like absolutely not, but it's really annoying that if you don't they will close the account and ding your CR. I verified that the request was legit, and submitted the form. My only concern is the approval, because I've read a few of the horror stories about accounts being closed after the verification. Everything's good on my end, but I was wondering if the income I applied with has to match my tax return. I actually applied using mine and DH's base income, but our return shows a lot more in income. Anyone have this experience?
If your returns show a higher income than you stated, I wouldn't be concerned. It's when it's the other way around that it presents an issue.
Ok, great. Well things have certainly changed in the credit world! This is the first time I've heard of submitting returns for a card...
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@hawkins wrote:4506-C is for identity purposes not income verification. 4506-T is for the income verification. So far as I know the IRS stopped doing the T a while ago. So this will not show income. Besides its a secured card not needed anyways just to verify your identity.
Actually the 4506-C is a tax verification form, not ID verification form. A 4506-C is used through an authorized third party participant in the IRS Income Verification Express Service (IVES). Where as a 4506-T is a request for tax documents directly from the IRS (and still in use).
For verifying ID, or SSN credit card companies might request you fill out a SSA-89 to verify your identity, or SSN number
@hawkins wrote:
@JoeRockhead wrote:
@hawkins wrote:4506-C is for identity purposes not income verification. 4506-T is for the income verification. So far as I know the IRS stopped doing the T a while ago. So this will not show income. Besides its a secured card not needed anyways just to verify your identity.
Actually the 4506-C is a tax verification form, not ID verification form. A 4506-C is used through an authorized third party participant in the IRS Income Verification Express Service (IVES). Where as a 4506-T is a request for tax documents directly from the IRS.
For verifying ID, or SSN credit card companies might request you fill out a SSA-89 to verify your identity, or SSN number
Well then I stand corrected. I have never had to do one but read somewhere that it was for identity but it's all good. Thanks for the info always good to know in case I ever have to do one.
The whole thing can be confusing for sure.
Well, it apparently went well and only took a day to clear. They called the same night that the form was submitted to make sure I sent it...lol. I've heard of people having to wait 2 weeks for the verification to come back. I got the card the next day and set the account up with no problem.
