DISCOVER FORM 4506-T???

[Anonymous]

@Elixerin Yes I was approved for 9.5k with NFCU, not an AU. My NFCU app was after Discover’s though. If I would’ve app’d with NFCU first I would’ve never applied for any secured cards.

NFCU is my main hub for all my financial needs anyway so I’m not stressing over Discover. Especially for lending me my own money.

[Anonymous]

Pretty much the same for me, except it wasn't a secured card, a normal one with a $2000 limit.

While I would be willing to sign, I've never earned income or paid tax in the USA and never will.

[Anonymous]

Honestly, Discover would do better to just deny the app outright than ask for tax returns on a SCC. There's a reason why its a secured app and secondly... its secured!!! 🤣 Why approve then have applicant jump through hoops? This would be way more appropriate on a large unsecured CL than a $200 limit. Would be hilarious if OP asked Discover for 3 years returns for extending a $200 interest free loan to them. 🤣

[Anonymous]

These AA's from Discover, scope and increasing frequency begs a larger question as to what is happening behind the scenes or what are they seeing in the markets? Is it issuer specific or are lenders in trouble?

[FinStar]

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@Anonymous wrote:
These AA's from Discover, scope and increasing frequency begs a larger question as to what is happening behind the scenes or what are they seeing in the markets? Is it issuer specific or are lenders in trouble?

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It's likely driven by more AI and machine learning implementations which tends to look deeper into an individual's data, consumer behaviors, etc.  CC lenders' adjustments to their UW models have changed over the years, and more so recently.

[AceTen]

"These AA's from Discover, scope and increasing frequency begs a larger question as to what is happening behind the scenes or what are they seeing in the markets? Is it issuer specific or are lenders in trouble?"

I am no expert on lending or economics but if I had to bet I would say the reason is because the lenders know the collective we are going to be in trouble due to a swiftly approaching, if not here already, downturn in the economy. I personally believe that uur economy has been on a bit of a sugar high and that can not last with all the other econmic and social pressures on the  US and global economy. 

[omgitsMatt]

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@CreditCuriosity wrote:

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@Velar_nyc19 wrote:

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@CreditCuriosity wrote:

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@Velar_nyc19 wrote:

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@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

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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.

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

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

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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.

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On top of all that, with the economy shifting or _seeming_ to shift in a direction lenders are uncomfortable with, they may be testing things out verification wise.

They may be working on a new method to madness for vetting applications. How else could you explain the motivation for all of this over a $500 secured?

My guess is something didn't jive, obviously. We can all come to that conclusion easy enough.

I bet it's more of a test on their end to see how a new method for vetting folks works in the wild, you just happen to be one of the 1st possibly. OP and ytheir $500 secured CC don't spook them is my guess, because who gives a crap. Their profile just happens to be perfect for them testing out a new vetting method if someone trips the right buttons.

That's absolutely a guess and I'm just trying to figure out the insanity behind all this over a secured CC.

[omgitsMatt]

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@FinStar wrote:

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@Anonymous wrote:
These AA's from Discover, scope and increasing frequency begs a larger question as to what is happening behind the scenes or what are they seeing in the markets? Is it issuer specific or are lenders in trouble?

---

It's likely driven by more AI and machine learning implementations which tends to look deeper into an individual's data, consumer behaviors, etc.  CC lenders' adjustments to their UW models have changed over the years, and more so recently.

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I remember reading these threads on and off for last few months.

It's weird, really weird.

The only explanation that is logical to me is this. They're testing something new out and working out the kinks. Maybe they're picking on secured accounts first before taking it wider? IDK.

They're working something out though. Seems like a new way they might possibly want to vet applicants.

Very interesting I think

[Anonymous]

We have actually seen a few that were not secured cards too but those had other red flags. 

[Anonymous]

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@Anonymous wrote:

We have actually seen a few that were not secured cards too but those had other red flags. 

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I got a reminder today after they sent the first one yesterday. Divided on whether I should phone them or just let them cancel the card, since there are no tax records for them to look at

Monday morning update: I phoned them. Bank statements, credit card statements, etc won't work. So they went to the trouble and expense of approving and mailing a card that can never be used. I can't fathom why they don't make this the final step before approval.