Discover 4506T

[Rmullens2208]

So last week I got approved for a discover it 10k limit shocks the hell out of me 3 days later I got a call with request for 4506 T thru the Equifax? So I submitted this form they asked for 2018 and 2017 returns my income was 2.5 k less in 2017 and 1.5k in 2018 then 2019 which is the income I used will they close my account buy 2.5 k less in 2017 then I see on application as I used my last gross income? Very odd and first time I've seen?

[Anonymous]

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@Rmullens2208 wrote:

So last week I got approved for a discover it 10k limit shocks the hell out of me 3 days later I got a call with request for 4506 T thru the Equifax? So I submitted this form they asked for 2018 and 2017 returns my income was 2.5 k less in 2017 and 1.5k in 2018 then 2019 which is the income I used will they close my account buy 2.5 k less in 2017 then I see on application as I used my last gross income? Very odd and first time I've seen?

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Do not have to type answer here but what percent of income is $2,500?

Difference between $97,500 and $100,000 is almost certainly meaningless.

Difference between $7,500 and $10,000 would matter more.

Any idea whether your employer provides data to The Worker Number?

The Work Number is an Equifax unit that's provides salary data if it has it.

If data is available from "The Work Number" and Discover is still fishing for more data that would not sound good.

4506-T requests are becoming common for Discover.

[ccquest]

Agree with above, if the differences are within "cost of living" increase realm (under 3%), you should be just fine.

[Anonymous]

They have been accepting bank statements since the pandemic has slowed down the 4506-T processing time. Offer those since that will show the income you currently have, not the income you had previously. 

[Anonymous]

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@Anonymous wrote:

They have been accepting bank statements since the pandemic has slowed down the 4506-T processing time. Offer those since that will show the income you currently have, not the income you had previously. 

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Just in tbe past couple weeks Disco refused to accept bank statments from my SO and said they would only accept the signed 4506T. When he said he did not get it ( had not checked his email) and explained the time to sign it had passed (i believe there is a time window to sign it) and that they were shutting his card down. He appd and got the card june 21st, i believe the date for the 4506T was a week later (but expired like 2 days it was sent to him), but somehow they said it had to be signed by Aug 5th? The CSR was rude and said it was going to be considered a "bad mark" on his credit since they closed the account.

Oh well!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

They have been accepting bank statements since the pandemic has slowed down the 4506-T processing time. Offer those since that will show the income you currently have, not the income you had previously. 

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Just in tbe past couple weeks Disco refused to accept bank statments from my SO and said they would only accept the signed 4506T. When he said he did not get it ( had not checked his email) and explained the time to sign it had passed (i believe there is a time window to sign it) and that they were shutting his card down. He appd and got the card june 21st, i believe the date for the 4506T was a week later (but expired like 2 days it was sent to him), but somehow they said it had to be signed by Aug 5th? The CSR was rude and said it was going to be considered a "bad mark" on his credit since they closed the account.

Oh well!

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Hmm. Seems it's hit or miss. A number of people have reported succeeding in being able to send bank statements. Worth asking either way though. 

[AverageJoesCredit]

i think gone are the days of getting 2 Disco cards without risk of the blue. Im glad i got my two and dont think ill ever combine. Disco is not the Belle of the Ball anymore

[Anonymous]

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@AverageJoesCredit wrote:

i think gone are the days of getting 2 Disco cards without risk of the blue. Im glad i got my two and dont think ill ever combine. Disco is not the Belle of the Ball anymore

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They have been hitting all kinds of people. I know of one example who has a seven figure income who got hit with a 4506-T. Discover said they are doing them randomly and continuing to do them until everyone has been verified. Considering the excellent condition and thickness of this person's credit and insanely high income, I am inclined to believe that. Hopefully they'll still take bank statements when they get to me but if not I'll just let them go. 

[Remedios]

I don't believe that for one second.

These requests have to be looked at by a human being.

Discover has 44 million issued cards, and 15,500 employees. 

Out of those employees, maybe 5% are the ones capable to perform this task. 

Unless they are willing to hire outside companies to perform this task and lose a lot of money by paying them, logistically it's not happening. 

I'm certain requests will continue but not for everyone.

Some may be triggered, some may be random, but regardless of who gets them, the sample should give them a good idea on how often they should expect income to be misstated, and act accordingly. 

The logistics behind IV on 44 million (even when adjusted for those with two cards) is mind numbing, and logistically impossible. 

[Anonymous]

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@Remedios wrote:

I don't believe that for one second.

These requests have to be looked at by a human being.

Discover has 44 million issued cards, and 15,500 employees. 

Out of those employees, maybe 5% are the ones capable to perform this task. 

Unless they are willing to hire outside companies to perform this task and lose a lot of money by paying them, logistically it's not happening. 

I'm certain requests will continue but not for everyone.

Some may be triggered, some may be random, but regardless of who gets them, the sample should give them a good idea on how often they should expect income to be misstated, and act accordingly. 

The logistics behind IV on 44 million (even when adjusted for those with two cards) is mind numbing, and logistically impossible. 

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I don't see why this would have to be reviewed by a human. Equifax automates the 4506-T process, its very easy to look at income on 4506-T and income reported to Disco and act accordingly.

When bank statements get involved, yeah, that has to be reviewed by a human but that would also explain why Disco was totally unwilling to go that route until IRS delays from the pandemic forced their hands.