topic Re: Discover Shutdowns, should I worry? in Credit Cards

Discover Shutdowns, should I worry?

Isacking97 — Mon, 02 Mar 2020 02:15:43 GMT

Do I need to worry?

I have 5 cards

Data Points:

Discover $18,400 Util: 5% (Carry Balance at 0% APR)

AMEX ED: $13,200 Util: 6% (Pay in full every month)

AMEX BCP: $10,000 Util: 7% (With a balance since last month, well be paid in full this month)

Citi Costco: $1,200 Util: 27% (Pay in full every month)

BBPR VIsa: $600 Util: 0% (Pay In full every month)

Car Loan: 36 month (24 months left)

Student Loan: Deferred (In-School)

I only carry balances on Discover (Balance transfers) and maybe for a month or 2 with amex

Income: 15k (Student with Part-time job)

Household Income: $40,000

Credit Card Info on file 16k-23k

Fico: TU 761 EX 756

I know i have a lot in my plate, but for some I keep paying and keep everything under control.

One of the cards my parents use it

Re: Discover Shutdowns, should I worry?

Jnbmom — Mon, 02 Mar 2020 02:25:23 GMT

@Isacking97 wrote:
Do I need to worry?
I have 5 cards
Data Points:

Discover $18,400 Util: 5% (Carry Balance at 0% APR)
AMEX ED: $13,200 Util: 6% (Pay in full every month)
AMEX BCP: $10,000 Util: 7% (With a balance since last month, well be paid in full this month)
Citi Costco: $1,200 Util: 27% (Pay in full every month)
BBPR VIsa: $600 Util: 0% (Pay In full every month)

Car Loan: 36 month (24 months left)
Student Loan: Deferred (In-School)

I only carry balances on Discover (Balance transfers) and maybe for a month or 2 with amex
Income: 15k (Student with Part-time job)
Household Income: $40,000
Credit Card Info on file 16k-23k
Fico: TU 761 EX 756

I know i have a lot in my plate, but for some I keep paying and keep everything under control.
One of the cards my parents use it

With disco lately they have been requesting 4506T form mostly for new accounts not sure if existing customers will be next. YOUR income must match YOUR tax return, if it doesn't they are shutting people down. Again I am not sure if this has happened to existing accounts?

That's why I stress always use your income or household with spouse and make sure it matches tax returns. It baffles me why people use their parents income on credit card applications. My daughter is a college student works and we support her. She uses her own income . This way she can prove her income if she needs to one day with a creditor.

Re: Discover Shutdowns, should I worry?

Anonymous — Mon, 02 Mar 2020 02:32:16 GMT

The bottom line is if they select you and your income doesn't match your tax return, you're going to lose the card. Unless you're married and file jointly, using household income with Discover isn't recommended right now.

I wouldn't freak about it though. There's nothing you can do about it and it may not even be something that ever comes up.

Re: Discover Shutdowns, should I worry?

M_Smart007 — Mon, 02 Mar 2020 02:48:04 GMT

OP ..I would not even worry.

Re: Discover Shutdowns, should I worry?

Jnbmom — Mon, 02 Mar 2020 02:54:44 GMT

@M_Smart007 wrote:
OP ..I would not even worry.

Yes I wouldnt either at the moment. I just suggest not trying a second card with them.

So far "it looks" like these requests are for new apps, but who knows what can happen. we just have to wait and see I suppose.

Re: Discover Shutdowns, should I worry?

CreditCuriosity — Mon, 02 Mar 2020 02:58:49 GMT

wouldnt worry about things you cant worry about or out of your control or will drive you nuts.. strange how your CL > your income is only weird thing. Hopefully you didnt use household income?

Re: Discover Shutdowns, should I worry?

thornback — Mon, 02 Mar 2020 02:58:02 GMT

@Jnbmom wrote:
@Isacking97 wrote:
Do I need to worry?
I have 5 cards
Data Points:

Discover $18,400 Util: 5% (Carry Balance at 0% APR)
AMEX ED: $13,200 Util: 6% (Pay in full every month)
AMEX BCP: $10,000 Util: 7% (With a balance since last month, well be paid in full this month)
Citi Costco: $1,200 Util: 27% (Pay in full every month)
BBPR VIsa: $600 Util: 0% (Pay In full every month)

Car Loan: 36 month (24 months left)
Student Loan: Deferred (In-School)

I only carry balances on Discover (Balance transfers) and maybe for a month or 2 with amex
Income: 15k (Student with Part-time job)
Household Income: $40,000
Credit Card Info on file 16k-23k
Fico: TU 761 EX 756

I know i have a lot in my plate, but for some I keep paying and keep everything under control.
One of the cards my parents use it

With disco lately they have been requesting 4506T form mostly for new accounts not sure if existing customers will be next. YOUR income must match YOUR tax return, if it doesn't they are shutting people down. Again I am not sure if this has happened to existing accounts?

That's why I stress always use your income or household with spouse and make sure it matches tax returns. It baffles me why people use their parents income on credit card applications. My daughter is a college student works and we support her. She uses her own income . This way she can prove her income if she needs to one day with a creditor.

@Jnbmom wrote:
@Isacking97 wrote:
Do I need to worry?
I have 5 cards
Data Points:

Discover $18,400 Util: 5% (Carry Balance at 0% APR)
AMEX ED: $13,200 Util: 6% (Pay in full every month)
AMEX BCP: $10,000 Util: 7% (With a balance since last month, well be paid in full this month)
Citi Costco: $1,200 Util: 27% (Pay in full every month)
BBPR VIsa: $600 Util: 0% (Pay In full every month)

Car Loan: 36 month (24 months left)
Student Loan: Deferred (In-School)

I only carry balances on Discover (Balance transfers) and maybe for a month or 2 with amex
Income: 15k (Student with Part-time job)
Household Income: $40,000
Credit Card Info on file 16k-23k
Fico: TU 761 EX 756

I know i have a lot in my plate, but for some I keep paying and keep everything under control.
One of the cards my parents use it

With disco lately they have been requesting 4506T form mostly for new accounts not sure if existing customers will be next. YOUR income must match YOUR tax return, if it doesn't they are shutting people down. Again I am not sure if this has happened to existing accounts?

Yes, it's happened to existing accounts as well.

OP, not much you can do but wait and see if the request ever even comes your way. No point in worrying about it.

Re: Discover Shutdowns, should I worry?

Isacking97 — Mon, 02 Mar 2020 03:01:41 GMT

@CreditCuriosity wrote:
wouldnt worry about things you cant worry about or out of your control or will drive you nuts.. strange how your CL > your income is only weird thing. Hopefully you didnt use household income?

with Disco No, Just a estimate about 16k

Re: Discover Shutdowns, should I worry?

Jnbmom — Mon, 02 Mar 2020 03:02:20 GMT

@thornback

I wasn't aware of existing accounts, hmmmm.

Re: Discover Shutdowns, should I worry?

Jnbmom — Mon, 02 Mar 2020 03:03:27 GMT

@Isacking97 wrote:
@CreditCuriosity wrote:
wouldnt worry about things you cant worry about or out of your control or will drive you nuts.. strange how your CL > your income is only weird thing. Hopefully you didnt use household income?
with Disco No, Just a estimate about 16k

then you are good)

Re: Discover Shutdowns, should I worry?

thornback — Mon, 02 Mar 2020 03:04:21 GMT

@Jnbmom wrote:
@thornback

I wasn't aware of existing accounts, hmmmm.

Yep. I was one of them. Request received after 1.3 years of having the card. There are a few posts from others... the longest cardholder was ~4.5 years IIRC.

Re: Discover Shutdowns, should I worry?

Jetboy — Mon, 02 Mar 2020 03:06:46 GMT

@Jnbmom wrote:
@thornback

I wasn't aware of existing accounts, hmmmm.

Me neither.

Re: Discover Shutdowns, should I worry?

Anonymous — Mon, 02 Mar 2020 03:07:15 GMT

@thornback wrote:
@Jnbmom wrote:
@Isacking97 wrote:
Do I need to worry?
I have 5 cards
Data Points:

Discover $18,400 Util: 5% (Carry Balance at 0% APR)
AMEX ED: $13,200 Util: 6% (Pay in full every month)
AMEX BCP: $10,000 Util: 7% (With a balance since last month, well be paid in full this month)
Citi Costco: $1,200 Util: 27% (Pay in full every month)
BBPR VIsa: $600 Util: 0% (Pay In full every month)

Car Loan: 36 month (24 months left)
Student Loan: Deferred (In-School)

I only carry balances on Discover (Balance transfers) and maybe for a month or 2 with amex
Income: 15k (Student with Part-time job)
Household Income: $40,000
Credit Card Info on file 16k-23k
Fico: TU 761 EX 756

I know i have a lot in my plate, but for some I keep paying and keep everything under control.
One of the cards my parents use it

With disco lately they have been requesting 4506T form mostly for new accounts not sure if existing customers will be next. YOUR income must match YOUR tax return, if it doesn't they are shutting people down. Again I am not sure if this has happened to existing accounts?

That's why I stress always use your income or household with spouse and make sure it matches tax returns. It baffles me why people use their parents income on credit card applications. My daughter is a college student works and we support her. She uses her own income . This way she can prove her income if she needs to one day with a creditor.
@Jnbmom wrote:
@Isacking97 wrote:
Do I need to worry?
I have 5 cards
Data Points:

Discover $18,400 Util: 5% (Carry Balance at 0% APR)
AMEX ED: $13,200 Util: 6% (Pay in full every month)
AMEX BCP: $10,000 Util: 7% (With a balance since last month, well be paid in full this month)
Citi Costco: $1,200 Util: 27% (Pay in full every month)
BBPR VIsa: $600 Util: 0% (Pay In full every month)

Car Loan: 36 month (24 months left)
Student Loan: Deferred (In-School)

I only carry balances on Discover (Balance transfers) and maybe for a month or 2 with amex
Income: 15k (Student with Part-time job)
Household Income: $40,000
Credit Card Info on file 16k-23k
Fico: TU 761 EX 756

I know i have a lot in my plate, but for some I keep paying and keep everything under control.
One of the cards my parents use it

With disco lately they have been requesting 4506T form mostly for new accounts not sure if existing customers will be next. YOUR income must match YOUR tax return, if it doesn't they are shutting people down. Again I am not sure if this has happened to existing accounts?

That's why I stress always use your income or household with spouse and make sure it matches tax returns. It baffles me why people use their parents income on credit card applications. My daughter is a college student works and we support her. She uses her own income . This way she can prove her income if she needs to one day with a creditor.
@Jnbmom wrote:
@Isacking97 wrote:
Do I need to worry?
I have 5 cards
Data Points:

Discover $18,400 Util: 5% (Carry Balance at 0% APR)
AMEX ED: $13,200 Util: 6% (Pay in full every month)
AMEX BCP: $10,000 Util: 7% (With a balance since last month, well be paid in full this month)
Citi Costco: $1,200 Util: 27% (Pay in full every month)
BBPR VIsa: $600 Util: 0% (Pay In full every month)

Car Loan: 36 month (24 months left)
Student Loan: Deferred (In-School)

I only carry balances on Discover (Balance transfers) and maybe for a month or 2 with amex
Income: 15k (Student with Part-time job)
Household Income: $40,000
Credit Card Info on file 16k-23k
Fico: TU 761 EX 756

I know i have a lot in my plate, but for some I keep paying and keep everything under control.
One of the cards my parents use it

With disco lately they have been requesting 4506T form mostly for new accounts not sure if existing customers will be next. YOUR income must match YOUR tax return, if it doesn't they are shutting people down. Again I am not sure if this has happened to existing accounts?

Yes, it's happened to existing accounts as well.

OP, not much you can do but wait and see if the request ever even comes your way. No point in worrying about it.

I didn't want to tag you about it. Figured you would find your way here.

Re: Discover Shutdowns, should I worry?

Anonymous — Mon, 02 Mar 2020 03:08:23 GMT

@Isacking97 wrote:
@CreditCuriosity wrote:
wouldnt worry about things you cant worry about or out of your control or will drive you nuts.. strange how your CL > your income is only weird thing. Hopefully you didnt use household income?
with Disco No, Just a estimate about 16k

Impressive that they went past your income. I thought for sure it was HHI too.

Re: Discover Shutdowns, should I worry?

Isacking97 — Mon, 02 Mar 2020 03:18:09 GMT

@Anonymous wrote:
@Isacking97 wrote:
@CreditCuriosity wrote:
wouldnt worry about things you cant worry about or out of your control or will drive you nuts.. strange how your CL > your income is only weird thing. Hopefully you didnt use household income?
with Disco No, Just a estimate about 16k
Impressive that they went past your income. I thought for sure it was HHI too.

My credit is rock solid, pay everything on time and keep utilization under 10% about 3k in total.

(43k in credit lines and a death to income ratio of 30%)

Re: Discover Shutdowns, should I worry?

kdm31091 — Mon, 02 Mar 2020 03:20:26 GMT

It is basically a waste of time worrying about these things as it's beyond your control even if it were to happen. If it happens you can deal with it at that time.

Re: Discover Shutdowns, should I worry?

Anonymous — Mon, 02 Mar 2020 03:21:43 GMT

@Isacking97 wrote:
@Anonymous wrote:
@Isacking97 wrote:
@CreditCuriosity wrote:
wouldnt worry about things you cant worry about or out of your control or will drive you nuts.. strange how your CL > your income is only weird thing. Hopefully you didnt use household income?
with Disco No, Just a estimate about 16k
Impressive that they went past your income. I thought for sure it was HHI too.
My credit is rock solid, pay everything on time and keep utilization under 10% about 3k in total.
(43k in credit lines and a death to income ratio of 30%)

I think you meant debt but that's a hilarious typo. 🤣

That is still a very impressive single card limit from Disco. There are plenty here with a lot more income and a lot lower limit. 😂

Re: Discover Shutdowns, should I worry?

CreditCuriosity — Mon, 02 Mar 2020 03:54:12 GMT

My credit is rock solid as well scores in 800 range and income well lets just say it is well into the 6 figures and you have a higher limit than myself and alot of other high score individual with very high incomes well into the 6 figure being 200-400k on this forum. You are doing very very well with discover. As mentioned I wouldnt worry about something you cant control

Re: Discover Shutdowns, should I worry?

AverageJoesCredit — Mon, 02 Mar 2020 12:09:56 GMT

I wouldnt worry too much. With only 5 cards, you have plenty of future card apps left in you so losing one card would only be a speedbump.

Sorry to lol, but i gotta lol at your BBPR VIsa , your credit is awesome and look how they treat you in comparison to your other cards. And people wonder why they are my arch enemy

Re: Discover Shutdowns, should I worry?

kerplunk — Mon, 02 Mar 2020 13:37:17 GMT

It's generally best to not submit fraudulent information to financial institutions.