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

mpls_njl
Member

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

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. 

17 REPLIES 17
ImTheDevil
Community Leader
Super Contributor

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

The main thing they're trying to do is verify that the income you claimed at application time aligns with what your IRS filings show. If they request 2017 from the IRS and it's not available, the IRS will tell them that. It seems that's happened as you've been asked to upload bank statements.

 

If your claimed and actual income line up, you should be fine. If your claimed income exceeds your actual by more than a grand or two, you're looking at account closure. That's about it. And I agree, a 4506-T for a secured card is stupid in my mind.



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Message 2 of 18
tcbofade
Community Leader
Super Contributor

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


@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. 

 


smiley-laughing021.gif

 

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!

10/01/21 Fico 8: EX 739, EQ 754, TU 758.
10/04/21 Fico 9: EX 739, EQ 756, TU No idea.

Zero percent financing is where the devil lives...
Message 3 of 18
mpls_njl
Member

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

ty Smiley Happy


@tcbofade wrote:

@mpls_njl wrote:

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

 

Good luck!


ty Smiley Happy

Message 4 of 18
M_Smart007
Epic Contributor

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

@mpls_njl,

As long as you have uploaded what they are asking for, and it matches your stated Income?

You should be fine. Give it about 5-7 bus. days. You will receive an email from them.

Message 5 of 18
Remedios
Moderator

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

Why do they care? 

 

Because card will eventually unsecure, and at that point your deposit will be returned. 

Once that happens, you are no longer playing with your money, you're playing with theirs. Your scores indicate credit troubles, so Discover is doing proactively what they can to minimize losses.  

If your income is close to what you stated on the application and there are no overdrafts, it should be fine. 

Message 6 of 18
CreditCrusader
Valued Contributor

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


@tcbofade wrote:

@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. 

 


smiley-laughing021.gif

 

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!


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. Smiley Very Happy

 

 

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

In my wallet: Cap1 QS $10,000 Apple $1,500 Interra CU $5,000 Sweetwater $15,000

Current scores (EQ, EX, TU): 756, 758, 770
Message 7 of 18
recoveringfrombk7
Established Contributor

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


@CreditCrusader wrote:

@tcbofade wrote:

@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. 

 


smiley-laughing021.gif

 

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!


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. Smiley Very Happy

 

 

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


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











Desired BK recovery line up complete 7/12/2021. Planning to garden until 8/2023 and potentially try for AMEX.
Message 8 of 18
coldfusion
Community Leader
Super Contributor

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


@mpls_njl wrote:

one brand new $500 CO QSO card


For half a second I thought you might be talking about something like this

 

W9PO QSL Card--Greeley, Colorado--1941 | eBay

 

 

[to the uninitiated PII is a non-issue, contact info for callsigns in the US is in the public domain and this particular card is pre-WWII.]



(10/2021)
FICO 8 (EX) 804 (TU) 830 (EQ) 827
FICO 9 (EX) 827 (TU) 826 (EQ) 838

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 9 of 18
ocheosa
Valued Contributor

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


@recoveringfrombk7 wrote:

@CreditCrusader wrote:

@tcbofade wrote:

@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. 

 


smiley-laughing021.gif

 

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!


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. Smiley Very Happy

 

 

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


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


+1,000,000,000,000

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Message 10 of 18
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