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Discover 4506-T @ random

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Re: Discover 4506-T @ random

Yeah, that's about right.  I didn't think that was a lot considering I don't have a mortage and my rent is under $2K/mo.  I could technically pay it off in under a year; months really.  I mean if they don't like that they should probably get out of the credit card business.  Maybe it would make more sense for them to offer loans with proper terms.  The entire point of a credit card is risk and unsecured debt.  My entire debt portfolio is under $100K, which includes all other debt.  Maybe lenders look at it differently.  In my mind it's nothing compared to what most other people hold for debt.  All of my family/friends/co-workers have hundreds of thousands of dollars in debt.  They have no where near the monthly income I do.

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Total revolving credit $180,700

FICO 8: Equifax 736 | Experian 729 | TransUnion 739
Message 11 of 50
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Re: Discover 4506-T @ random

I owe 400k+ in debt, but that includes a house with is considered a secure debt and your rent payment of 2k is figured into your DTI ratio.  Thing with a house a bank can simply take it if I or others defaulted.  CC debt is also usually at a considerably higher APR than say a 3-4% home loan.  So yes banks do look at cc debt differently from a car loan which they can repo and a house they can foreclose on.  Where-as CC debt is truly unsecured debt.  It isn't out of control, but it is getting up there and if i were you i would start to widdle that down as throwing away alot of cash in interest most likely.  Thanks for clarifying some stuff.  ss stated let us know how it all works out as a good DP with discover for the rest of the community.

 

Now if this is the reason discover asked for a 4506-t I have no idea, but speculate it is at least part of this reason, but we will never know unless they choose to share that info with you

Message 12 of 50
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Re: Discover 4506-T @ random

Well, kind off off-topic but I know it's unsecured debt vs secured debt.  Just because something is secured doesn't make it a sure thing.  You can buy a car, which is secured debt, let insurance lapse, and push it off a cliff.  You can buy a house for $400K and the market can drop out and it could then be worth $200K (which happened in 2009 and left a lot of banks with "secured" debt that wasn't enough to cover the defaulted loan).

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AMEX EveryDay $2,000
BECU Visa $12,500
CapitalOne BuyPower $1,250
CapitalOne QS $7,950
Chartway Federal Credit Union Visa Rewards $20,400
Chase Amazon Prime Rewards $1,000
Chase Disney Rewards $2,500
Citi Double Cash $3,600
Comenity Bank/Arhaus $11,000
Comenity Bank/RH $14,000
Discover Miles $24,000
Jax Fed Platinum Visa $15,000
Langley Cash Back Visa $15,000
Nordstrom Visa $7,500
PenFed Power Cash $4,500
Syncb/Amazon Store Card $6,000
Syncb/Google Store Card $2,200
Syncb/PayPal Cash Back $8,000
Syncb/Walmart Credit Card $500
Target MasterCard $800
Vystar Platinum Visa $10,000
Total revolving credit $180,700

FICO 8: Equifax 736 | Experian 729 | TransUnion 739
Message 13 of 50
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Re: Discover 4506-T @ random


@Sasuke wrote:

Well, kind off off-topic but I know it's unsecured debt vs secured debt.  Just because something is secured doesn't make it a sure thing.  You can buy a car, which is secured debt, let insurance lapse, and push it off a cliff.  You can buy a house for $400K and the market can drop out and it could then be worth $200K (which happened in 2009 and left a lot of banks with "secured" debt that wasn't enough to cover the defaulted loan).


All fairly valid points, but most lenders for car if you lets your insurance lapse will throw insurance on you once they realize it and your car payments will go up with said lender at about 3-4x what normal insurance would cost you, part of your loan contract with lender and you don't have a choice about it your car payment just goes up.  It is called forced placed insurance

 

Yes the housing market can crash as it did in 2008/09, but alot more things are in place to safe guard this that weren't in place back in 08/09 such are verifying income, etc).  also a housing bubble certainly can happen and a 400k house could become a 250k house, but hopefully one has enough equity in house to offset a banks risk and people arent as likely to walk away from a house unless they are reallly underwater as the house will most likely recover most of its value in time then some.  With rates being dropped again being fed rates the likelyhood of a housing crash is unlikely in the near future as money is cheaper to borrow and houses are going to be in higher demand as people can afford to buy vs. rent, etc. if they so choose assuming their credit and other things support it.

Message 14 of 50
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Valued Contributor

Re: Discover 4506-T @ random

Couldn’t remember for the life of me ever recall hearing or reading about a Disco FR!

Will be really interested on the outcome of this GL OP!
BK7 dc in 01/2011 with FICO8 in the 500s

HPs EX 6 EQ 4 TU 2
AAoA 5y4m
UTIL 1% - 3%

$200K+ Total Limits







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Message 15 of 50
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Re: Discover 4506-T @ random

Yep, I know of forced placed insurance.  It's all a delayed reaction.  It takes 3-4 months for them to do that.  That means 3-4 months of a secured debt technically being unsecured.  A lot of banks actually closed down because of that 2008/09 collapse.  The bank closure rate was very high.  All because they treated secured debt as an absolute.  

 

Yeah, It'll be interesting to see what happens considering there are lower incomes with higher limits with Disco.  I've never heard of Disco doing this before either.   I mean I have moved 3 times in the last 3 years.  Maybe they don't like that?  Sorry, but I won't pay a rent increase.  It's easy to move.  So I do. lol 

Alliant Platinum Visa $10,000
AMEX Blue Cash Everyday $1,000
AMEX EveryDay $2,000
BECU Visa $12,500
CapitalOne BuyPower $1,250
CapitalOne QS $7,950
Chartway Federal Credit Union Visa Rewards $20,400
Chase Amazon Prime Rewards $1,000
Chase Disney Rewards $2,500
Citi Double Cash $3,600
Comenity Bank/Arhaus $11,000
Comenity Bank/RH $14,000
Discover Miles $24,000
Jax Fed Platinum Visa $15,000
Langley Cash Back Visa $15,000
Nordstrom Visa $7,500
PenFed Power Cash $4,500
Syncb/Amazon Store Card $6,000
Syncb/Google Store Card $2,200
Syncb/PayPal Cash Back $8,000
Syncb/Walmart Credit Card $500
Target MasterCard $800
Vystar Platinum Visa $10,000
Total revolving credit $180,700

FICO 8: Equifax 736 | Experian 729 | TransUnion 739
Message 16 of 50
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Re: Discover 4506-T @ random

On myFico there is aleays a first. Sorry you had to be it. Unless you have something to hide i wouldnt worry about it. You either comply or you dont and lose a 24k card. Something triggered it and most likey wasnt you directly. Could be combo of things like if you updated your income, their sp of your account showed new debt and possibly all the address changes could possibly have triggered their fraud algorithm even if it wasnt fraud. Best of luckSmiley Happy
Message 17 of 50
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Re: Discover 4506-T @ random

It’s not the first but it’s definitely rare. 

 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/FORM-4506-T/td-p/5645421

 

Good luck OP, keep us all posted.



01/2019:
03/2020:

Closed: CareCredit $10K, B&H Payboo $7500
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Message 18 of 50
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Mega Contributor

Re: Discover 4506-T @ random

Good find @Saeren though the two posters who had this happen i wonder about their profiles. For me something about their profiles spooked Disco snd sometimes "info" is conveniently left out of convo so we'll never know for sure.
Message 19 of 50
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Re: Discover 4506-T @ random


@AverageJoesCredit wrote:
Good find @Saeren though the two posters who had this happen i wonder about their profiles. For me something about their profiles spooked Disco snd sometimes "info" is conveniently left out of convo so we'll never know for sure.

Yeah totally agreed. I guess we will see as time goes on but it's definitely not something they commonly do. 



01/2019:
03/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 20 of 50
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