Discover IT secured approval. Grueling process

[torry590]

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@RehabbingANDBlabbing wrote:

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@torry590 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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

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

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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. 

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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.

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Thank you for the tip! I didnt know I could chat with them to get switched to the 5%. So I should definitely wait a month, or two just to be safe? 

[Mr_Mojo_Risin]

Wow! They put you through the wringer! Glad you finally got it and good luck with the rebuild. 

[RehabbingANDBlabbing]

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@torry590 wrote:

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@RehabbingANDBlabbing wrote:

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@torry590 wrote:

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@Anonymous wrote:

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@Anonymous 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.  Congrats! on seeing it through to the finish line. 

---

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. 

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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.

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Thank you for the tip! I didnt know I could chat with them to get switched to the 5%. So I should definitely wait a month, or two just to be safe? 

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Yeah, I think you have to wait for your first statement to cut before you can switch, but many people have done it, including myself. You may even need to wait until the second statement, but it doesn't take long to check, so I would just keep asking. And I can confirm that you will get the cash back match even if you switch to the 5% program.

[M_Smart007]

Congratulations!

[MrZero]

Congrats! That's crazy that a 4506T request was issued over their secured card, what did you put in as your income?

I also need to put in a request to switch to the rotating 5% CB.

[torry590]

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@MrZero wrote:

Congrats! That's crazy that a 4506T request was issued over their secured card, what did you put in as your income?

I also need to put in a request to switch to the rotating 5% CB.

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Nothing crazy. I put down 48k a year. On my return I think it may have had 44K on there from 2018, so that's why I was worried. It's more than that if I included my spouses income, but I knew discover was known for this so I only put mine. If I were to include my spouse it would be closer to 80k so I'm glad I didn't do that. 

To me its overkill for a secured card, but something must have tripped their algorithms. Discover seems to behaving oddly during all of this. 

[Meanmchine]

Congrats on good luck on your rebuild

[cr101]

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@torry590 wrote:

... 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. 

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congrats on your approval and decision to rebuild!

i would have preferred to submit the irs form vs having my cc company go over my banking history lol... i wonder if they have instructions to just confirm your income and not analyze your spending habits.

in regards to you switching to 5%, i'd try to do it asap. i can't remember if you have to wait a month. i think that it just doesn't take affect til the next billing cycle. so, best to contact now before this one ends.

[Jannelo]

Congratulations!   Great job getting approved. I really enjoy my Discover card with the 5 percent categories.  I've had it for about eight months now. 

[torry590]

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@cr101 wrote:

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@torry590 wrote:

... 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. 

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congrats on your approval and decision to rebuild!

i would have preferred to submit the irs form vs having my cc company go over my banking history lol... i wonder if they have instructions to just confirm your income and not analyze your spending habits.

in regards to you switching to 5%, i'd try to do it asap. i can't remember if you have to wait a month. i think that it just doesn't take affect til the next billing cycle. so, best to contact now before this one ends.

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Hahaha, I didnt mind. I have quite a bit of ATM usage and it crossed my mind that they may have an issue with that or question it. But then I thought they probably wouldn't mind if the deposits added up to the stated income lol. I'm glad it turned out okay for me.