topic Re: Discover Approval 4506-C in Credit Card Approvals

Discover Approval 4506-C

blkroyalT — Fri, 01 Sep 2023 01:14:51 GMT

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?

Re: Discover Approval 4506-C

JoeRockhead — Fri, 01 Sep 2023 01:23:57 GMT

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.

Re: Discover Approval 4506-C

blkroyalT — Fri, 01 Sep 2023 01:29:16 GMT

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....

Re: Discover Approval 4506-C

hawkins — Fri, 01 Sep 2023 11:38:07 GMT

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.

Re: Discover Approval 4506-C

JoeRockhead — Fri, 01 Sep 2023 12:06:09 GMT

@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

Re: Discover Approval 4506-C

hawkins — Fri, 01 Sep 2023 12:05:06 GMT

@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.

Re: Discover Approval 4506-C

JoeRockhead — Fri, 01 Sep 2023 12:07:20 GMT

@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.

Re: Discover Approval 4506-C

coldfusion — Fri, 01 Sep 2023 12:32:46 GMT

@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.

The 4506-T still exists but only to request a copy of one's own tax return.

The 4506-C allows a taxpayer to authorize a specifically named 3rd party who is an Income Verification Express Service (IVES) participant to see their wage transcripts or tax returns; per the IRS the IVES program exists to allow such authorizations "for income verification" (their term).

The IRS uses the IVES program as a vetting process that requires application and IRS validation/approval in order to be granted access to 4506-C data; taxpayer authorization for such disclosure is necessary but not sufficient.

Re: Discover Approval 4506-C

blkroyalT — Mon, 04 Sep 2023 18:14:25 GMT

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.

Re: Discover Approval 4506-C

NoMoreE46 — Sun, 10 Sep 2023 01:55:50 GMT

Welcome to My Fico @blkroyalT .

Congrats on this approval.

Re: Discover Approval 4506-C

finallyfree — Wed, 20 Dec 2023 02:38:34 GMT

Congratulations on the approval!!! 🎉🎉🎉