DISCOVER FORM 4506-T???

[hawkins]

That’s quite unfortunate. Sorry to hear that nonsense from Discover. I have 2 cards from them they never asked for anything. I don’t understand why they would want that on a secured card of all things. Try Capital One. They won’t ask for that nonsense. Discover screwing up.

[BronzeTrader]

Both Discover and Cap1 are somehow odd ball banks.  No logic to say.

[Anonymous]

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@GApeachy wrote:

Sorry for your little brother having that problem.  So what should he have put on the application?  That he made 0 last year?  Do the banks go by the prior year only?

A little off here but this post and those links made me wonder if and when is everyone supposed to update their income?  Do we do it after tax season or when?

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I would like to know this answer also. I got a promotion this year so my salary is 30% higher,  if they went only by my tax return it would be way off.  Would it cause any problems if I go in and lower my income amount to what I made last year?

[AverageJoesCredit]

I dont think people should start panicking about what they put down for income and start changing things up based off a couple reports. If you were truthful about what was asked about your income, relax. This might be a new trend with Disco it might not. Either one complies or doesnt. Plenty of lenders out there who offer secured credit cards so just be mindful imo.

[GApeachy]

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@AverageJoesCredit wrote:
I dont think people should start panicking about what they put down for income and start changing things up based off a couple reports. If you were truthful about what was asked about your income, relax. This might be a new trend with Disco it might not. Either one complies or doesnt. Plenty of lenders out there who offer secured credit cards so just be mindful imo.

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But aren't we supposed to update every year like after tax season?  Idk, I haven't had a card for a year yet.  Just reading this post made me think of that question.  So we do? or we don't?  hahaha, that's the question (but maybe I should have asked it not in this thread, apolgies to op for highjacking)

[ChargedUp]

This just seems bizarre to me. Discover is asking for tax docs on these people with pretty small credit lines from what it seems? I wouldn't think that the effort to have someone attain and review all these 4506-T's would be worth the effort on a $1800 CL. A "secured" credit line at that?
When Amex asks for the same info, it's generally someone looking to go north of $35K, which is substantial... But $1800??? I'm guessing  there's something in one of the odd-ball CRA's (Lexis Nexus, etc.) that may be throwing some very strange info out on people but even then, I'd tell Disco to get lost if they asked for tax docs for anything under $30K.

[Raisondetre]

What I'm wondering is if someone is hit with a 4506-T request, would they be allowed to submit other documentation on top of it? Or would Discover not allow it and just want to see tax documents right from the IRS?

For example, my income is taxed but my husbands isn't (he's a disabled vet). If they were to pull my taxes they'd only see my income, which would possibly make them think I lied on the income portion of the CC application. If Discover only wants tax documents and won't accept other documentation on top of it, wouldn't that make it a bit unfair? Because if someone is over 21, they're allowed to use all household income that they have access to.

[Anonymous]

Hello everybody sorry for not answering for this days i was busy at work and forgot about it my brother is 18 cap1 wouldn't prequalify him because you must be 21 i put his income only 21k based on his monthly paycheck deposit and we try to talk with discover couple times and they sound really rude im thinking i should file a complain regarding this because his 18 and instead of building credit now he have closed account by credit grantor really sad for this

[AverageJoesCredit]

Someone posted in another thread about reading the fine print of income resources Disco finds acceptable. You would think there is some leeway.

[GApeachy]

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@AverageJoesCredit wrote:
Someone posted in another thread about reading the fine print of income resources Disco finds acceptable. You would think there is some leeway.

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From the CashBack app:

Financial Info

Employment Status

If you are a college student, whether you have a job or not, select "College Student".

Total Gross Income

Income means wages, salary or tips, you currently earn or can reasonably expect to earn. Other examples include bonus pay, commissions, and income from rental property, interest, dividends and retirement benefits paid.

You do not have to include alimony, child support or separate maintenance income unless you want it considered as a basis for repayment.

If you are 21 or older, you may include another person's income that is available to you. If you are under 21, you may consider the amount of another person's income that is regularly deposited into your account.