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Discover 4506-T @ random

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Contributor

Re: Discover 4506-T @ random

OP you can pay off the debt in a year? But you prefer paying CC interest rates on 30k?
Message 21 of 50
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Valued Contributor

Re: Discover 4506-T @ random

its not at random, lets get that out of the way.  you are paying interest.  every do a cash advance or a balance transfer?  some lenders like swipes, some interest, some both.  you hit the risk button with them, plain and simple.  lots of cards and exposure, if they locked you down my guess that account is history.   hope I am wrong.  how much to you owe them?  they could have bal chased you but they didn't

Message 22 of 50
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New Contributor

Re: Discover 4506-T @ random

I got a 4506-t request three weeks ago with discover. I had a discover card for two years with only a 2000 limit. Could not get it too grow. I checked the prequal site and it came up with a preapproval on the Discover it card. Applied and got instant approval for 10.5K.  Two days later I got the 4506-t request.  I decided to close both accounts. I have plenty of other big limit cards. Here’s the shocker that happened after.  Three of my children have discover cards.  They all got emails that there accounts were temporarily suspended, and they needed to send proof of SS# and government id’s.  My son closed his account, and my daughters sent the proper paperwork that was required.  It took discover 2 weeks to reactivate their accounts.  I’m baffled by the events that took place. Needless to say I will no longer ever deal with discover again. 

FICO TU 721,, EX 705, EQ 715 Cap1 QS 11.3K, NFCU Sig GoRewards 17.5K,, NFCU Sig cash rewards 18.5k, NFCU Navchek 15K, Chase Disney 3K, Chase Amazon Sig 3K, PayPal Extras MC 6K, Bloomingdales 16K, Macy's Amex 19K, , Marvel MC 6K, Lowes 17K, Penfed 36K. Utilization 16%. Inquires 18 on each
Message 23 of 50
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Established Contributor

Re: Discover 4506-T @ random


@Sasuke wrote:

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.


If you can pay off $30k+ of credit card debt in a few months, why in god’s name do you keep carrying the balance and presumably wasting money paying interest? I think Discover saw $30k cc debt plus another $30k auto loan and they wanted to make sure your income can comfortably support that before they extend you more credit. 

 

Oh, just because the people around you are deeper in debt, it doesn’t mean you’re in a great situation. 

Message 24 of 50
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Community Leader
Super Contributor

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).


This statement doesn’t make sense. With a secured debt, at least the bank would retrieve some of its money vs zero if loan had been an unsecured debt. Using your example: the mortgage company can still get at least $200K vs $0. Same with car based on lender automatically insuring car if customer’s insurance lapses. 



DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 25 of 50
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Community Leader
Mega Contributor

Re: Discover 4506-T @ random

I must be blind but where does Op say they have 30k in cc debt? My understanding is Op baught a car for 30k so that is the debt, which for many people is normal. Car payment and all.
Message 26 of 50
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Frequent Contributor

Re: Discover 4506-T @ random

I don't understand how Discover could even come up with conclusive POI after a 4506-T given their language on income.

 

Discover's Language

Types of income to include

Examples include current or reasonably expected salary, wages, bonus pay, tips, commissions, internships, living expenses, scholarships or grants, and income from investments.

 

If you are 21 or over, you may include another person's income that is available to you, such as a spouse or domestic partner.

 

A 4506-T does not always reflect the above. Not every spouse, domestic partner or another person who resides in your household, files a tax return together.

Message 27 of 50
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Moderator

Re: Discover 4506-T @ random

@AverageJoesCredit somewhere either in signataure (at one point) or upthread it had his utilization.  Don't have time to search it, but did a quick calculation of his available credit against utilization and he agreed with approx. number.

 

edit form above:  "My Overall Util is 18%" then in signature overall CL's around 180k+ then math does the rest Smiley Happy

Message 28 of 50
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Moderator

Re: Discover 4506-T @ random


@steelers1 wrote:

I don't understand how Discover could even come up with conclusive POI after a 4506-T given their language on income.

 

Discover's Language

Types of income to include

Examples include current or reasonably expected salary, wages, bonus pay, tips, commissions, internships, living expenses, scholarships or grants, and income from investments.

 

If you are 21 or over, you may include another person's income that is available to you, such as a spouse or domestic partner.

 

A 4506-T does not always reflect the above. Not every spouse, domestic partner or another person who resides in your household, files a tax return together.


Guessing a significant difference in the 10-20% range as mentioned above and a 3rd party source such as the number works or similiar that has financial info on alot of people.  Along with other outliers the would flag a person.  Hopefully they will take pay stubs and other things into consideration as well.  Although it is their money and their sandbox so they can do whatever they would like to protect their capital.

Message 29 of 50
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Community Leader
Mega Contributor

Re: Discover 4506-T @ random

C'mon @CreditCuriosity ! Were this @K-in-Boston in this thread i could understand Math being forced to use, but i thought we got to goof off a little when you are running the class?Smiley Wink AJC no likey math, why else would i get a DiscoverSmiley Happy
Message 30 of 50
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