@Remedios wrote:
@Anonymous wrote:
@Remedios wrote:
@practical1 wrote:Thanks for this education, folks. I've never had a Discover card nor had any reason to explore their particular corporate behaviors -- so my ignorance shows.
If in a similar situation, I'd certainly agree with other posters for a major, long-term loan (e.g. a mortgage, etc.) then I'd view tax returns requests as completely appropriate. For secured products, way too invasive -- and completely beside the whole point! Lenders are fully protected with cash collateral; why on Earth would anything else be required to support the extension of credit.
Not that this is at all to the point, but a perhaps interesting story for anyone interested in "thinking outside the box" to address financial situations:
Many years ago, my then-wife insisted that we purchase a co-op apartment in New York City. Very long story, but cutting to the chase: I had more than enough verifiable income, assets, credit, etc. to support the purchase, including a firm mortgage committment from a major bank. None of this was good enough to satisfy the co-op board of my financial standing. They demanded that I pre-pay the first 2 years of common charges, to be approved for the building. Totally outrageous! Of course, I walked away.
My wife, however was 8 1/2 months pregnant at the time and absolutely disconsolate. She loved that apartment and wanted it desparately. After hearing her cries for days, I relented -- but still wasn't willing to accede to this stipulation -- I didn't trust these lousy people with 10 cents of my money and further, there was a larger principle at stake.
My solution: I offered them a stand-by letter of credit, issued by any bank of their choosing. Kept my cash in an interest-bearing CD, made my payments and solved the problem. Of course, it took my lawyer hours to explain what this was and how it would work -- no personal transaction like this had ever been done New York previously, but everyone got what they needed.
Of course, it helped that I was teaching Finance and Risk Engineering at the time and knew a thing or two about the subject....
The moral of the story remains the same old bromide "Illigitemi non te carorundum" MOD CUT - Language
I am not sure what exactly you mean by "Lenders are fully protected with cash collateral". This card graduates, deposit is returned, collateral gone. Consumer is no longer playing with their own money.
Except the consumers card in question had not graduated.
Discover seems to send this request to unsecured members as frequently as with graduated cards. But agree its a personal choice in the end.
As far as the search engine...its not particularly helpful. Its never been especially helpful on this platform honestly. Even playing around with settings. So I understand encouraging its use but for any of you that did in fact attempt it with less than adequate results I understand that too.
I know it did not graduate yet, grammar in my post clearly indicates present continuous tense, indicating an ongoing process.
Ok
@Anonymous wrote:Morning,
13th statement closed a couple days ago. Received 4506-C email request. Immediately called to close the card.
~Never unsecured. Started at $200, increased to $1500. Never late, never over the limit, moderate usage etc.,~Haven't falsified income but if I submit to this request it needs to be for a new account, didn't feel secured was worth it.
Recently approved for a $1000 Target card which is far more valuable to me based on spending habits so this wasn't a particularly hard decision. Might consider Discover again in the future, loved the customer service.
Yeh many of us have had to submit. I submitted on opening secured account with $200. Graduated to $1500 7 months later. My credit wasn't the best and I needed trade lines so I conceded. This could've been the last thing needed to graduate.
@Anonymous wrote:
@Trini88 wrote:Did your request come in a letter with Discover labeled on the front of the envelope.
Hi there. It was an email request.
Its possible they also sent it via regular mail but I haven't checked the mail this week.
That looks so much like a phishing email. I would have almost deleted it given it says "Verfication Services"
Is there anything in that email to indicate that Discover made the inquiry? Seems like it was legit but i'm just curious.
