topic Discover secured approved then closed in Credit Card Applications

DISCOVER FORM 4506-T???

Velar_nyc19 — Thu, 03 Oct 2019 16:34:44 GMT

I was approved for the Secured Discover and i put $500 down for it, they got the money and opened the account, havent received card yet even though sais it on the way. Yesterday i get an email from equifax verification services stating that DFS is requesting a FORM 4506-T to verify the income i out on the application, i called and told them this doesnt make sense at all since they are requesting my last 2 tax return 2017/2018, which are going to be way off from the income i stated on the app because the income i stated was my expected income this year which im estimating based on my new job,

I really dont care about them seeing my past rax transcripts since they are not my full rax returns and i have nothing to hide,

Have this happened to someone on the community ? I just dont want these people to think im lying or something.

Thanks

06-18-19 UPDATE: they closed my account stating they couldnt veryfy my information and now it just showed up on my credit report reported as closed by grantor current and paid, will that hurt my score ???

Re: FORM 4506-T???

Remedios — Wed, 12 Jun 2019 16:06:39 GMT

I cannot say I've ever seen income verification for secured card.

What kind of income did you report on your application?

Re: FORM 4506-T???

Velar_nyc19 — Wed, 12 Jun 2019 16:17:23 GMT

@Remedios wrote:
I cannot say I've ever seen income verification for secured card.

What kind of income did you report on your application?

Since it says annual income and it clearly states income you expect to make, thats what i put down. As of right now, im making 35k from full time job and i stated 45K, but since im a realtor part time and i get commision money but thats a 1099 and its not income im currently receiving right now as i dont have many clients.

Re: FORM 4506-T???

FicoGuy2019 — Wed, 12 Jun 2019 16:23:32 GMT

For 500.00????

Re: FORM 4506-T???

Velar_nyc19 — Wed, 12 Jun 2019 16:24:26 GMT

@FicoGuy2019 wrote:
For 500.00????

Yes, put down $500 for the secured CC

Re: FORM 4506-T???

Remedios — Wed, 12 Jun 2019 16:25:04 GMT

Sometimes for people with limited or no credit, Discover will pull secondary reports. I know in my case (I got it before Fico was even generated) they pulled Chexsystems (lolwut) and SageStream. They did list my income. It was very close to what it really is.

Maybe in your case, secondary report was pulled and there was large income discrepancy. Maybe if you picked "self employed", it lead to the request, but again, I've never seen this before on a secured card.

Dont know if that's what happened, but it's just a thought.

Re: FORM 4506-T???

Meanmchine — Thu, 13 Jun 2019 01:45:33 GMT

Call Discover and verify this wasnt a computer malfunction

$500 secued card???? Gotta be a screw up unless you accidently put down $450.000

Re: FORM 4506-T???

Velar_nyc19 — Thu, 13 Jun 2019 12:29:36 GMT

@Meanmchine wrote:
Call Discover and verify this wasnt a computer malfunction
$500 secued card???? Gotta be a screw up unless you accidently put down $450.000

They sent me another email today saying to call again to the Customer service protection line and they said they are doing this with old and new accounts accross the board, they just want to veryfy the income ??? But if they really wanted to do that, why would they ask for past tax transcripts and not my paystubs ? I dont get it, its BS actually.

I guess i will have to wait a week to find out what happens.

Re: FORM 4506-T???

CreditCuriosity — Thu, 13 Jun 2019 12:39:53 GMT

@Velar_nyc19 wrote:
@Meanmchine wrote:
Call Discover and verify this wasnt a computer malfunction
$500 secued card???? Gotta be a screw up unless you accidently put down $450.000
They sent me another email today saying to call again to the Customer service protection line and they said they are doing this with old and new accounts accross the board, they just want to veryfy the income ??? But if they really wanted to do that, why would they ask for past tax transcripts and not my paystubs ? I dont get it, its BS actually.

I guess i will have to wait a week to find out what happens.

Pay Stubs can be easily forged, tax transcripts straight from the IRS cannot be.

Re: FORM 4506-T???

Velar_nyc19 — Thu, 13 Jun 2019 13:04:28 GMT

@CreditCuriosity wrote:
@Velar_nyc19 wrote:
@Meanmchine wrote:
Call Discover and verify this wasnt a computer malfunction
$500 secued card???? Gotta be a screw up unless you accidently put down $450.000
They sent me another email today saying to call again to the Customer service protection line and they said they are doing this with old and new accounts accross the board, they just want to veryfy the income ??? But if they really wanted to do that, why would they ask for past tax transcripts and not my paystubs ? I dont get it, its BS actually.

I guess i will have to wait a week to find out what happens.

Pay Stubs can be easily forged, tax transcripts straight from the IRS cannot be.

So how would they know what im making now currently if i have a new job ? through paystubs, im assuming...

Re: FORM 4506-T???

CreditInspired — Thu, 13 Jun 2019 13:21:29 GMT

@Velar_nyc19 wrote:
@Meanmchine wrote:
Call Discover and verify this wasnt a computer malfunction
$500 secued card???? Gotta be a screw up unless you accidently put down $450.000
They sent me another email today saying to call again to the Customer service protection line and they said they are doing this with old and new accounts accross the board, they just want to veryfy the income ??? But if they really wanted to do that, why would they ask for past tax transcripts and not my paystubs ? I dont get it, its BS actually.

I guess i will have to wait a week to find out what happens.

Have you called yet? This can be cleared up in a matter of minutes. Otherwise, we are just speculating!

Re: FORM 4506-T???

Anonymous — Thu, 13 Jun 2019 13:22:20 GMT

That’s the stupidest thing I have ever heard of requiring a 4506-T for a $500 secured card.

Re: FORM 4506-T???

CreditCuriosity — Thu, 13 Jun 2019 13:29:26 GMT

@Velar_nyc19 wrote:
@CreditCuriosity wrote:
@Velar_nyc19 wrote:
@Meanmchine wrote:
Call Discover and verify this wasnt a computer malfunction
$500 secued card???? Gotta be a screw up unless you accidently put down $450.000
They sent me another email today saying to call again to the Customer service protection line and they said they are doing this with old and new accounts accross the board, they just want to veryfy the income ??? But if they really wanted to do that, why would they ask for past tax transcripts and not my paystubs ? I dont get it, its BS actually.

I guess i will have to wait a week to find out what happens.

Pay Stubs can be easily forged, tax transcripts straight from the IRS cannot be.
So how would they know what im making now currently if i have a new job ? through paystubs, im assuming...

They don't really care what you are making now as they want verifiable income.. Most lenders especially saying if you are going after a mortgage wants to see up to 3 years of taxes aka 1099 transcripts. Granted this isn't a mortgage. I agree with others for a secured card this is silly, but something is spooking them. They might be using something like theworknumber which can show a difference in what you stated vs. your earning, etc.. Other services also exist other than that one that might of put up a red flag. All speculation though. Lenders use ALOT of datasources that the general public does or doesn't have access to other than the 3 major CRA's.

Re: FORM 4506-T???

Velar_nyc19 — Thu, 13 Jun 2019 13:30:53 GMT

Yes indeed I did call. They said they are doing this with old and new accounts accross the board, they just want to verify the income.

Re: FORM 4506-T???

Velar_nyc19 — Thu, 13 Jun 2019 13:32:49 GMT

@CreditCuriosity wrote:
@Velar_nyc19 wrote:
@CreditCuriosity wrote:
@Velar_nyc19 wrote:
@Meanmchine wrote:
Call Discover and verify this wasnt a computer malfunction
$500 secued card???? Gotta be a screw up unless you accidently put down $450.000
They sent me another email today saying to call again to the Customer service protection line and they said they are doing this with old and new accounts accross the board, they just want to veryfy the income ??? But if they really wanted to do that, why would they ask for past tax transcripts and not my paystubs ? I dont get it, its BS actually.

I guess i will have to wait a week to find out what happens.

Pay Stubs can be easily forged, tax transcripts straight from the IRS cannot be.
So how would they know what im making now currently if i have a new job ? through paystubs, im assuming...
They don't really care what you are making now as they want verifiable income.. Most lenders especially saying if you are going after a mortgage wants to see up to 3 years of taxes aka 1099 transcripts. Granted this isn't a mortgage. I agree with others for a secured card this is silly, but something is spooking them. They might be using something like theworknumber which can show a difference in what you stated vs. your earning, etc.. Other services also exist other than that one that might of put up a red flag. All speculation though. Lenders use ALOT of datasources that the general public does or doesn't have access to other than the 3 major CRA's.

It is stupid, thats what i told them on the phone, nonsense!! But they still said they have to follow this process and to wait 5-7 business days for them to get the tax transcript from IRS.

Re: FORM 4506-T???

CreditInspired — Thu, 13 Jun 2019 13:42:44 GMT

@CreditCuriosity wrote:
@Velar_nyc19 wrote:
@CreditCuriosity wrote:
@Velar_nyc19 wrote:
@Meanmchine wrote:
Call Discover and verify this wasnt a computer malfunction
$500 secued card???? Gotta be a screw up unless you accidently put down $450.000
They sent me another email today saying to call again to the Customer service protection line and they said they are doing this with old and new accounts accross the board, they just want to veryfy the income ??? But if they really wanted to do that, why would they ask for past tax transcripts and not my paystubs ? I dont get it, its BS actually.

I guess i will have to wait a week to find out what happens.

Pay Stubs can be easily forged, tax transcripts straight from the IRS cannot be.
So how would they know what im making now currently if i have a new job ? through paystubs, im assuming...
They don't really care what you are making now as they want verifiable income.. Most lenders especially saying if you are going after a mortgage wants to see up to 3 years of taxes aka 1099 transcripts. Granted this isn't a mortgage. I agree with others for a secured card this is silly, but something is spooking them. They might be using something like theworknumber which can show a difference in what you stated vs. your earning, etc.. Other services also exist other than that one that might of put up a red flag. All speculation though. Lenders use ALOT of datasources that the general public does or doesn't have access to other than the 3 major CRA's.

+10

Re: FORM 4506-T???

Remedios — Thu, 13 Jun 2019 13:43:45 GMT

@Velar_nyc19 wrote:
@CreditCuriosity wrote:
@Velar_nyc19 wrote:
@Meanmchine wrote:
Call Discover and verify this wasnt a computer malfunction
$500 secued card???? Gotta be a screw up unless you accidently put down $450.000
They sent me another email today saying to call again to the Customer service protection line and they said they are doing this with old and new accounts accross the board, they just want to veryfy the income ??? But if they really wanted to do that, why would they ask for past tax transcripts and not my paystubs ? I dont get it, its BS actually.

I guess i will have to wait a week to find out what happens.

Pay Stubs can be easily forged, tax transcripts straight from the IRS cannot be.
So how would they know what im making now currently if i have a new job ? through paystubs, im assuming...

They are requesting two years worth of tax transcripts. Maybe it's about stability of income, in addition to establishing your ability to repay.

I still think this is ridiculous request. I'm sorry you're having to do this, especially if you already funded your account.

Re: FORM 4506-T???

CreditInspired — Thu, 13 Jun 2019 13:49:15 GMT

@Velar_nyc19 wrote:
@CreditCuriosity wrote:
@Velar_nyc19 wrote:
@CreditCuriosity wrote:
@Velar_nyc19 wrote:
@Meanmchine wrote:
Call Discover and verify this wasnt a computer malfunction
$500 secued card???? Gotta be a screw up unless you accidently put down $450.000
They sent me another email today saying to call again to the Customer service protection line and they said they are doing this with old and new accounts accross the board, they just want to veryfy the income ??? But if they really wanted to do that, why would they ask for past tax transcripts and not my paystubs ? I dont get it, its BS actually.

I guess i will have to wait a week to find out what happens.

Pay Stubs can be easily forged, tax transcripts straight from the IRS cannot be.
So how would they know what im making now currently if i have a new job ? through paystubs, im assuming...
They don't really care what you are making now as they want verifiable income.. Most lenders especially saying if you are going after a mortgage wants to see up to 3 years of taxes aka 1099 transcripts. Granted this isn't a mortgage. I agree with others for a secured card this is silly, but something is spooking them. They might be using something like theworknumber which can show a difference in what you stated vs. your earning, etc.. Other services also exist other than that one that might of put up a red flag. All speculation though. Lenders use ALOT of datasources that the general public does or doesn't have access to other than the 3 major CRA's.
It is stupid, thats what i told them on the phone, nonsense!! But they still said they have to follow this process and to wait 5-7 business days for them to get the tax transcript from IRS.

Yep @CreditCuriosity has a valid point. Something spooked them. For a

secured card, I would have said, forget it, and took my business to another lender.

Re: FORM 4506-T???

Velar_nyc19 — Thu, 13 Jun 2019 13:59:11 GMT

@Remedios wrote:
@Velar_nyc19 wrote:
@CreditCuriosity wrote:
@Velar_nyc19 wrote:
@Meanmchine wrote:
Call Discover and verify this wasnt a computer malfunction
$500 secued card???? Gotta be a screw up unless you accidently put down $450.000
They sent me another email today saying to call again to the Customer service protection line and they said they are doing this with old and new accounts accross the board, they just want to veryfy the income ??? But if they really wanted to do that, why would they ask for past tax transcripts and not my paystubs ? I dont get it, its BS actually.

I guess i will have to wait a week to find out what happens.

Pay Stubs can be easily forged, tax transcripts straight from the IRS cannot be.
So how would they know what im making now currently if i have a new job ? through paystubs, im assuming...
They are requesting two years worth of tax transcripts. Maybe it's about stability of income, in addition to establishing your ability to repay.
I still think this is ridiculous request. I'm sorry you're having to do this, especially if you already funded your account.

Its okay, i mean, we will see how this turns out next week.

I will update once i get word from them.

Thanks

Re: FORM 4506-T???

Anonymous — Thu, 13 Jun 2019 14:10:30 GMT

@Velar_nyc19 wrote:
Yes indeed I did call. They said they are doing this with old and new accounts accross the board, they just want to verify the income.

Well if Disco wants to lose all their customers, maybe. I would never submit this form (and I actually couldn’t even if I wanted to because I don’t file taxes due to my income being exempt from them).