2nd Discovery Card

[FireMedic04]

Hi Guys,

I had a secured disco card and graduated to a Chrome it card. Started with a small SL and in the course of 2 years I got 3 CLIs with that card.

My question is - now that my score has improved during my rebuild to over 100 points, I keep getting pre approved for the IT cashback card 5%. Is it ok to apply for a second disco card? will they 4056t me or cancel out both cards if approved?

Thanks

[coldfusion]

There's no inherent issue with holding 2 x Discover cards and it's not uncommon to do so. 

4506-T requests are generally tied to a lack of confidence that you accurately reported your income.   If you were completely truthful in your application as supported by your federal income tax returns you have nothing to fear in the unlikely circumstance that they do make a request.

[M_Smart007]

Before myFICO, I did not even know you could hold (2) Discover cards.

I applied and was approved for a Discover IT card ($8200 CL)

Then product changed my old chrome card to a second IT card.

Because I could utilize the spending cap on (2) cards for certain quarters.

Also if you get a second discover card, you will get a full year of cash back match.

Which effectively makes it a 2% on everything card and 10% on the rotating quarters up to the cap.

Good Luck!

[FireMedic04]

Awesome thank you for the advice 

[Anonymous]

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@FireMedic04 wrote:  will they 4056t me or cancel out both cards if approved?

Discover very rarely asks for POI or 4056T unless they decide a big line of credit limit is given initially like $20k or more. I doubt they will ask in your case since you have graduated from secured card to unsecured one and now wants another card. I am more than certain that nothing will be asked from you. Besides, Discover is not like Chase and Amex as these two lenders freeze all the cards with them when they request POI. With Discover, if and when they do ask for POI then they wait for 30 days to get POI from the applicants, and if applicants fail to send it in given time then that particular application for particular account/credit card will be considered abandoned and closed out. That's all. It will not affect any other account.

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[coldfusion]

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@Anonymous wrote:

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@FireMedic04 wrote:  will they 4056t me or cancel out both cards if approved?

Discover very rarely asks for POI or 4056T unless they decide a big line of credit limit is given initially like $20k or more. I doubt they will ask in your case since you have graduated from secured card to unsecured one and now wants another card. I am more than certain that nothing will be asked from you. Besides, Discover is not like Chase and Amex as these two lenders freeze all the cards with them when they request POI. With Discover, if and when they do ask for POI then they wait for 30 days to get POI from the applicants, and if applicants fail to send it in given time then that particular application for particular account/credit card will be considered abandoned and closed out. That's all. It will not affect any other account.

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AMEX generally makes 4506-T/POI requests in response to a cardholder requesting a CLI and in those circumstances can be ignored as long as one understands the request will be denied.   AMEX does not freeze accounts when a POI request is outstanding. 

They can and do freeze accounts when conducting a financial review, and those are generally done in response to suspected fraud or other gross abuse.   A financial review is substantially more detailed than a 4506-T request and carries the risk of account closures if AMEX is unsatisfied with the results gleaned from the FR.

[Anonymous]

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@FireMedic04 wrote:

Hi Guys,

I had a secured disco card and graduated to a Chrome it card. Started with a small SL and in the course of 2 years I got 3 CLIs with that card.

My question is - now that my score has improved during my rebuild to over 100 points, I keep getting pre approved for the IT cashback card 5%. Is it ok to apply for a second disco card? will they 4056t me or cancel out both cards if approved?

Thanks

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The instances I have seen most frequently regarding the 4506-T request is for secured cards and second cards. Just what I have seen since they became more eager in doing FRs.

So it is possible you may get a request or you may not get one at all. As long as your income you provide lines up with you 2018/2019 taxes, it should be a non-issue.