New Discover Secured Card, now in 4065-T- is a close likely if I didn't file?

[ocheosa]

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@mpls_njl wrote:

I recently opened a DC Sec card. My credit file had been in shambles for a long time due to ID theft and student loans.  I've been paying attention this year, and as a result my score jumped from like 5xx to 636. When the stimulous payments hit, I didn't have a pressing need for the cash, so I combined $1,200 with my own money and opened a $2,000 secured card with Discover. (Maybe not the best use of the money, but I wanted a card with a limit that would accomodate most of my spending for the cash back, **bleep** is the point of a $300 card?). 

Two days ago, Discover started the Verification process or whatever (over 24 hours and I still haven't goten this mysterious 'email' from them). I did upload three months of bank statements. Each month shows $4k to $7k of income coming into the accounts. Oh - here's the twist: I didn't file in 2017 (the year they're asking for) because I was irresponsible. I finally DID file this year but it was a paper return and I sent it in sometime in February- shortly before the IRS announced that they'd stop processing paper apps due to COVID19. So that tax year is in a state of limbo - I filed my return, I mailed it certified, the IRS has it, but they also haven't/won't process it. I know this because I'm due a refund from the year that I haven't received yet and my online IRS account has yet to reflect the return.  

I've had two statements and made four payments, haven't paid a cent of interest yet. 

So I guess my questions are: 

1) Is Discover likley to close my account? Has anyone had this situation before? Can I just send them the IRS transcipt (or letter of non-filing myself)? 

2) Has anyone else had the email requesting the 4065-T not arrive within the 24 hour timeframe?

3) Why the flying **** do they care - it's a secured card, the bank is in a posistion of ZERO risk... 

Anyway, thoughts and comments, particularly based in experience are welcome. Lectures and thinly vieled judgements at my personal financial choices are not. 

For reference, I also have 4 student accounts with "exceptional" payment history, one brand new $500 CO QSO card, and one judgement/collection from 2015 from another matter. 

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Totally agree with you on the request for tax transcript on a secured card. I would have told disco to kick frickin rocks ! In my opinion if an application warrants a financial review, it should happen before requesting the deposit and opening account; the current process is backwards. Good luck to you! But whether it works out, or not, consider also building a relationship with a credit union.

[torry590]

Here is a link with my experience when I went through this in May. I didn't even get to use the card before the request. They sent the request BEFORE it came in the mail. 

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Discover-IT-secured-approval-Grueling-process...

I haven't had a problem since I went through all of this. I max the card out about twice a month and PIF, rinse and repeat. The only reason I put up with all of the above was because this was one of my goal cards for my rebuild and it graduates. 

If the bank statements you sent match roughly to the stated income you gave, you will have no issues. 

[CreditCrusader]

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@recoveringfrombk7 wrote:

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@CreditCrusader wrote:

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@tcbofade wrote:

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@mpls_njl wrote:

Anyway, thoughts and comments, particularly based in experience are welcome. Lectures and thinly vieled judgements at my personal financial choices are not. 

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That's hysterical!  (...and no judgement, we've all made silly choices at some point...)

If Discover can't get the information that they want from the IRS, they'll ask for something else... like the bank statements that you've already provided.

As long as you cooperate with them, I think that you'll be fine.

Good luck!

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Not specific to the OP but rather in general, but I'm always amused by those who post questions, but with a list of stipulations attached. 

Sometimes what posters need to hear isn't what they WANT to hear. 

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Right, but as adults we can avoid lecturing people who have already pointed out and embraced their own missteps.  The preaching gets tiresome.

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I get that, but come on now. "Being adults" sometimes means hearing what you don't want to hear.

This forum is one of help and support, but sometimes we have to put forth some uncomfortable truths in order to help members. If that help flies in the face of pre-conditions requested by posters, so be it.

[Remedios]

I really dont want to go back and clean up posts. 

It's a public forum, and as long as posts are FSR, we dont "order" members what they can or cannot address if its pertinent to the topic. 

With that said, if someone indicates they are uncomfortable with certain line of questioning, we should respect that, and if we cannot abide by their wishes (especially when request is stated somewhat forcefully), we can always opt to stay out.

If one isnt willing to address true problems, answers will be incomplete and reflect that. 

Thank you

🦦

[recoveringfrombk7]

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@CreditCrusader wrote:

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@recoveringfrombk7 wrote:

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@CreditCrusader wrote:

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@tcbofade wrote:

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@mpls_njl wrote:

Anyway, thoughts and comments, particularly based in experience are welcome. Lectures and thinly vieled judgements at my personal financial choices are not. 

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That's hysterical!  (...and no judgement, we've all made silly choices at some point...)

If Discover can't get the information that they want from the IRS, they'll ask for something else... like the bank statements that you've already provided.

As long as you cooperate with them, I think that you'll be fine.

Good luck!

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Not specific to the OP but rather in general, but I'm always amused by those who post questions, but with a list of stipulations attached. 

Sometimes what posters need to hear isn't what they WANT to hear. 

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Right, but as adults we can avoid lecturing people who have already pointed out and embraced their own missteps.  The preaching gets tiresome.

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I get that, but come on now. "Being adults" sometimes means hearing what you don't want to hear.

This forum is one of help and support, but sometimes we have to put forth some uncomfortable truths in order to help members. If that help flies in the face of pre-conditions requested by posters, so be it.

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I firmly disagree.  If someone asks us not to do something because they are an adult and we are too we should be respectful of their wishes.  I think it's fine to say, "you're stuck in this spot because of the bad history you mentioned, it will just take time/resolving that to move forward", but I personally find it very disrespectful to lecture at length when someone has explicitly asked for that not to happen.  If someone can't offer help/advice in a manner that also respects the poster's wishes, then that person should scroll on by and keep their lecture/advice to themselves.  We are not here to parent folks or shame them or discipline them.  Yet sometimes that is all you see in the longer threads.  Everyone here, for the most part, has a story that starts with a mistake, a bk, scores in the 500s, collections, etc.  We all came here to learn and improve.  But, the very last thing someone who is down and out needs is to be condescendingly preached to by someone else who has probably been in some form of a bad spot themselves and has benefited from the extremely helpful and non judgemental members of this forum.  If advice cannot be given in a way that respects a person then it should be withheld, or better, rephrased to be both helpful and respectful.

[Remedios]

I think we were typing at the same time. 

Now we can all go back to the original topic, providing there is something left unsaid 

[mpls_njl]

No, it was more a cautionary comment that such content would be wasted energy, I came here for a specific reason to seek out specific experiences and remarks - I judge myself plenty, I needed to hear from other's experiences.  

[mpls_njl]

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Right, but as adults we can avoid lecturing people who have already pointed out and embraced their own missteps.  The preaching gets tiresome.

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EXACTLY my intent. Thanks for hearing me