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Discover IT secured approval. Grueling process

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Regular Contributor

Discover IT secured approval. Grueling process

Where to even begin... this is my 3rd attempt at a rebuild as I enter my 30s. My 20s were rocky to say the least. 

 

Fast forward to April 2020, serious about my rebuild and am in a stable position to do so. 

 

Tried the discover preapproval link and was preapproved for the secured. This was my goal rebuilder card so I applied and put the $200 deposit down on the 5th of April. The money cleared my account on the 12th and the card was in the mail on April 21st. 

 

I then receive an email wanting the dreaded 4506T form. Which was fine but I was nervous as I made more now than I did in 2018. Sent that in April 22nd. I still hadn't heard anything from them by the 1st of May, so I gave them a call. They told me with covid-19 going on, the IRS was slow. So they allowed me to upload my last 3 banking statements as an alternative. Did that within the hour. 

 

Received an email on May 7th that I passed the IRS verification and that my card was now unrestricted... not TWO HOURS later I get another email stating my account has again been restricted, this time for SSN verification/ID verification. OMG. 

 

I sent that information in on the 7th and today I received another email stating I passed the new verification and that my account was once again active and unrestricted. 

 

Whew, what a process but I am glad it's over. I am able to see my card online for the first time since I have had the account. To me this is a little much for a secured card and I feel like they were trying to give every reason to not give me the card lol. If this wasn't a card I really wanted due to the reviews, cash back, and graduation I would not have jumped through these hoops. 

 

 

20 REPLIES 20
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Moderator

Re: Discover IT secured approval. Grueling process

Congrats on finally getting it done!
Message 2 of 21
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Super Contributor

Re: Discover IT secured approval. Grueling process

Congratulations on your approval!
Message 3 of 21
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Valued Contributor

Re: Discover IT secured approval. Grueling process

Congratulations!  Yeah, it's more than what most people go through, but I'm glad you got the card you wanted.  I started with a secured Discover.  It's a good card to start with.





Message 4 of 21
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Valued Contributor

Re: Discover IT secured approval. Grueling process

Congratulations on your Discover It secured approval!



Current FICO 8:

Credit Age:

Inquiries:

Goal Cards:


Message 5 of 21
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Valued Contributor

Re: Discover IT secured approval. Grueling process

Congratulations! 

 

It’ll be worth it as that card does graduate and usually to a $2000 limit upon graduation. 

July 2020
Experian Fico 8. 707
Transunion Fico 8. 705
Equifax Fico 8. 724

Capital one QS1. $2450
Discover IT Cashback. $12,000
PNC cash rewards signature Visa. $17,500
Chase SW rapid rewards signature visa $6900
Amex Green Card NPSL POT $11,000

Amex Hilton Honors $1000
Citi Rewards $3900
Message 6 of 21
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Valued Contributor

Re: Discover IT secured approval. Grueling process


@CS1974 wrote:

... that card does graduate and usually to a $2000 limit upon graduation. 


Yup, makes it worth a bit more exertion on the front end. Smiley Wink Congrats! on seeing it through to the finish line. Smiley Happy

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (11/11/2020): FICO 08 EXP: 747; TU: 762; EQ: 782
2020 Goal Score: 760 across the board


Take the myFICO Fitness Challenge
Message 7 of 21
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Regular Contributor

Re: Discover IT secured approval. Grueling process


@James_A wrote:

@CS1974 wrote:

... that card does graduate and usually to a $2000 limit upon graduation. 


Yup, makes it worth a bit more exertion on the front end. Smiley Wink Congrats! on seeing it through to the finish line. Smiley Happy


I totally agree. Because of the lag time with the IRS verification, I almost gave up. Especially that there was probably a difference in the income stated, but not by much due to them pulling back from 2018. I'm hoping my bank statements are what sealed the deal and made them more comfortable. 

 

I will cherish this card and reap the rewards and benefits. Hopefully it graduates within the first year, but I know they are unpredictable. 

Message 8 of 21
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Valued Contributor

Re: Discover IT secured approval. Grueling process

Usually 6-8 months time 

July 2020
Experian Fico 8. 707
Transunion Fico 8. 705
Equifax Fico 8. 724

Capital one QS1. $2450
Discover IT Cashback. $12,000
PNC cash rewards signature Visa. $17,500
Chase SW rapid rewards signature visa $6900
Amex Green Card NPSL POT $11,000

Amex Hilton Honors $1000
Citi Rewards $3900
Message 9 of 21
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Frequent Contributor

Re: Discover IT secured approval. Grueling process


@torry590 wrote:

@James_A wrote:

@CS1974 wrote:

... that card does graduate and usually to a $2000 limit upon graduation. 


Yup, makes it worth a bit more exertion on the front end. Smiley Wink Congrats! on seeing it through to the finish line. Smiley Happy


I totally agree. Because of the lag time with the IRS verification, I almost gave up. Especially that there was probably a difference in the income stated, but not by much due to them pulling back from 2018. I'm hoping my bank statements are what sealed the deal and made them more comfortable. 

 

I will cherish this card and reap the rewards and benefits. Hopefully it graduates within the first year, but I know they are unpredictable. 


Most people are graduating in the first year and most do get the CLI. After you have had the card for a month, I would hop on the live chat and ask them to switch your card to the 5% ctageories rewards program, which will give you much better earnings than the one that comes with the secured card. I would definitely make use of the cash back match during the first year too, which you will get with the secured card. I think I got like $600 total in cash back during my first year, so it is definitely a good program if you stick with it.

Message 10 of 21
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