DISCOVER FORM 4506-T???

[CreditCuriosity]

Its pretty clear that discover is using 3rd party data sources now most likely to verify income as well and if they see a significant difference than these data sources such as the number works it appears people are more likely to get hit with the 4506 request.  Stinks for the people that have significant increases in earning over the last time since filing, but obviously there is a reason to their madness.

[Anonymous]

Well, maybe people should just report last known income that is likely to be pulled. I mean I doubt the increased income would factor in too much in regards to CLI/SL etc. There have been a few DP's suggesting income isn't heavily depended on, but more based on the facors in one's profile that determines the SL. Like exising CL's and utilization?

Going from $50K to $100K might make a difference over time once you've been established with said lender. But when you first apply?

However, asking for a 4506-T for a $500 SL? That seems overkill. How much trouble can you get into with $500? 

I'm curious if this is across the board, or only on certain profiles where Income cannot be verified?

[Anonymous]

Should it take discover 10 days to process after I completed the irs form and submited it to them or is the time shorter?

[CreditCuriosity]

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@Anonymous wrote:

Should it take discover 10 days to process after I completed the irs form and submited it to them or is the time shorter?

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Depends on the response delay from the IRS.. Can certainly give discover a call and see if they got the response back from the 4506-t request as they should be able to answer that questions.  4506's can be within a few days to months depending..

[Anonymous]

> Psst... Don't open the Form 4506-T request email for the prepaid $500 "Secured" Disco card...
>> Why???
> IT'S A TRAP!!!

🤣🤣🤣

[Anonymous]

Not to be all conspiracy theory "ish" and all but I find it quite strange Discover is doing some heavy data mining all of a sudden with no rhyme or reason. If you look back at the history and beginnings of the CRAs and sub entities you'd be floored. Wiki and Youtube a few and youll be wearing a tinfoil hat in no time.

I would have to tell them please refund my secured deposit or let me know when I can expect accrued interest payments. Just not worth the headache given the circumstances.

[Anonymous]

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@Anonymous wrote:
Not to be all conspiracy theory "ish" and all but I find it quite strange Discover is doing some heavy data mining all of a sudden with no rhyme or reason. If you look back at the history and beginnings of the CRAs and sub entities you'd be floored. Wiki and Youtube a few and youll be wearing a tinfoil hat in no time.

I would have to tell them please refund my secured deposit or let me know when I can expect accrued interest payments. Just not worth the headache given the circumstances.

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Computer probably spit out a determination that people who get secured cards lie about their income more often which prompted deeper dives into finances of flagged customers. Could have been a glitch. We won't likely ever know to be honest. 

[CreditCuriosity]

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@Anonymous wrote:

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@Anonymous wrote:
Not to be all conspiracy theory "ish" and all but I find it quite strange Discover is doing some heavy data mining all of a sudden with no rhyme or reason. If you look back at the history and beginnings of the CRAs and sub entities you'd be floored. Wiki and Youtube a few and youll be wearing a tinfoil hat in no time.

I would have to tell them please refund my secured deposit or let me know when I can expect accrued interest payments. Just not worth the headache given the circumstances.

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Computer probably spit out a determination that people who get secured cards lie about their income more often which prompted deeper dives into finances of flagged customers. Could have been a glitch. We won't likely ever know to be honest. 

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Certainly not a glitch.. Data is key.  This is what i do for a living analytics and data mining among other things.  Just not currently in the financial industry and you are correct most likely they found a trend about people fudging their income via analytics and now are covering their arses and certain indicator will deem other data sources to be pulled being third party ones or simply asking for a 4506-t to see if a person fudged the numbers.  I am not certainly in discovers shoes, but guarantee it goes something along those lines as currently doing data analytics etc in another field and we simply won't offer people products if they seem to match certain patterns and will just pass up their business as the risk isnt worth it.  Different, but very similar.  Alot of these people aren't lying, but only takes a few percentage to put these measures in place and that apparently has been what has been done.  Also others factors play into why they would be doing this such as higher charge off rates, tightening credit criteria, etc.. not just some "bad" apples

[CreditInspired]

Definitely makes sense to me, CreditCuriosity. Data are facts and something got Discover's you-know-what in a bunch and they're not taking any chances with secured cards. 

[Anonymous]

I was just recently approved for my $200 secured card from Discover on the 19th and the deposit was taken out on the 26th. Received a phone call this morning followed by an email from Equifax requesting my signature for it. I’ve read through the forums and seen this has been an issue for quite some months now.

Does any one know how to get the account removed once it start reporting? I called just now to have the account closed but I rather not for it to report all together.

Also, any recommendations for other cards with a new profile?
I was just recently approved for $9,500 with NFCU so I’m not sure if I still should go the secured route or just stick with having NFCU as my only card for a while.

And correct me if I’m wrong but it’s better to have three trade lines in total reporting to maximize your score, right? That doesn’t matter the mixture? Do I need 2 credit cards or will 1 credit card and 2 loans would be sufficient?