Discover 4506-T request for Secured card???

[Lazyduck85]

I am in the process of rebuilding my credit after neglecting it for many years. After reading lots of good things about Discover here, I applied and was approved for a Discover Secured Card. My Experian Fico 8 is 590. I have no debt (paid off all baddies)  and currently have a $1000 limit Open Sky Secured card with a $41 balance. I deposit $300 and about a week later they sent me an email to esign form 4506-T from Equifax. They want my 2017 + 2018 tax transcripts but I put down my current income which is about 30% more than 3 years ago. I agreed and esign the documents. This is just ridiculous for a $300 Secured card. Hopefully they don't shut me down!

[ChargedUp]

---

@Lazyduck85 wrote:

I am in the process of rebuilding my credit after neglecting it for many years. After reading lots of good things about Discover here, I applied and was approved for a Discover Secured Card. My Experian Fico 8 is 590. I have no debt (paid off all baddies)  and currently have a $1000 limit Open Sky Secured card with a $41 balance. I deposit $300 and about a week later they sent me an email to esign form 4506-T from Equifax. They want my 2017 + 2018 tax transcripts but I put down my current income which is about 30% more than 3 years ago. I agreed and esign the documents. This is just ridiculous for a $300 Secured card. Hopefully they don't shut me down!

---

Discover has been on a hit and miss 4506-T tirade for a while now. No one knows exactly what triggers this, but it has been happening sporadiaclly on recent apps for everything from secured cards to 2nd Discover cards.

Just speculation, but I believe there's something in one of the lesser known CRA's triggering this. Sagestream, LN or EWS maybe?

[Anonymous]

---

@ChargedUp wrote:

---

@Lazyduck85 wrote:

I am in the process of rebuilding my credit after neglecting it for many years. After reading lots of good things about Discover here, I applied and was approved for a Discover Secured Card. My Experian Fico 8 is 590. I have no debt (paid off all baddies)  and currently have a $1000 limit Open Sky Secured card with a $41 balance. I deposit $300 and about a week later they sent me an email to esign form 4506-T from Equifax. They want my 2017 + 2018 tax transcripts but I put down my current income which is about 30% more than 3 years ago. I agreed and esign the documents. This is just ridiculous for a $300 Secured card. Hopefully they don't shut me down!

---

Discover has been on a hit and miss 4506-T tirade for a while now. No one knows exactly what triggers this, but it has been happening sporadiaclly on recent apps for everything from secured cards to 2nd Discover cards.

Just speculation, but I believe there's something in one of the lesser known CRA's triggering this. Sagestream, LN or EWS maybe?

---

I wonder if it's that much lampooned  resiliency index that FICO and EQ have been working on. (For which I'm the current "high score" record holder. 

[M_Smart007]

---

@Lazyduck85 wrote:

I am in the process of rebuilding my credit after neglecting it for many years. After reading lots of good things about Discover here, I applied and was approved for a Discover Secured Card. My Experian Fico 8 is 590. I have no debt (paid off all baddies)  and currently have a $1000 limit Open Sky Secured card with a $41 balance. I deposit $300 and about a week later they sent me an email to esign form 4506-T from Equifax. They want my 2017 + 2018 tax transcripts but I put down my current income which is about 30% more than 3 years ago. I agreed and esign the documents. This is just ridiculous for a $300 Secured card. Hopefully they don't shut me down!

---

Just a bit ridiculous for a $300 secure card.

[Credit4Growth]

It is definitely a bit disheartening & discouraging to think about ... at least to me.😥

Best wishes to you! 👍

  You have already chosen to put the ball back into their field so I hope that info you provided will be all they ask of you.

Give it a few days & let know how this turns out... thanks!

[randomguy1]

Tbh I don't think it's ridiculous for a lender to ask for more qualifications based on what they deem is a risky credit score. 

It is what it is. 

[M_Smart007]

---

@randomguy1 wrote:

Tbh I don't think it's ridiculous for a lender to ask for more qualifications based on what they deem is a risky credit score. 

It is what it is. 

---

But they ask people without a risky score too.

[randomguy1]

---

@M_Smart007 wrote:

---

@randomguy1 wrote:

Tbh I don't think it's ridiculous for a lender to ask for more qualifications based on what they deem is a risky credit score. 

It is what it is. 

---

But they ask people without a risky score too.

---

Also a true statement. 

[Anonymous]

I have been waiting to get this letter. I know they are going to send me one. Even tho my income is low. If I was going to lie I would take my income up to the 100,000 range. Lol. Go big or go home. Now that you're saying it's 2017-2018 tax returns they want and not 2019 I'm really confused. I wonder what they really want. Especially since they say you can add in things that won't be on taxes, like child support. I'm lost. I stated what's on 2019. Who cares about 17-18? And why not verify our info BEFORE approval. When I called they said "approved pending payment" and I wanted to say "pending payment and what else?" 

[Anonymous]

---

@randomguy1 wrote:

Tbh I don't think it's ridiculous for a lender to ask for more qualifications based on what they deem is a risky credit score. 

It is what it is. 

---

But they don't ask until AFTER they have our deposit.