Discover Is Asking For Signed Consent

[jnbowmar]

I havent been through it yet, but there are some posts in the mega thread that their income did not match and they still lifted the hold on the account once the IRS got back to Discover with the tax transcripts.

I think it is verify the person is real and social is real and that there is some kind of income and to verify address. 

I plan to just sign mine when Discover gets around to making me sign one.

Seems like they are just being proactive about compliance to me, Discover is owned by Morgan Stanley, there not going to do anything that is bad for buissnes, IMHO.

[Nikita2008]

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@jnbowmar wrote:

I havent been through it yet, but there are some posts in the mega thread that their income did not match and they still lifted the hold on the account once the IRS got back to Discover with the tax transcripts.

I think it is verify the person is real and social is real and that there is some kind of income and to verify address. 

I plan to just sign mine when Discover gets around to making me sign one.

Seems like they are just being proactive about compliance to me, Discover is owned by Morgan Stanley, there not going to do anything that is bad for buissnes, IMHO.

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Having the the request through Equifax is bad for business.

[Nikita2008]

  Not sure how I feel about this on multiple levels.

I have a Disco that is about 3 months old ( 9k limit) they did not ask me for this info on application and I likely not would have provided if they had. 

I did call cs and verify that I could use HHI and they said I could, and we have joint accounts. Also 50k of my income comes from VA Disibility Payments which are not reflected in my tax returns as it is not taxable income. I get a yearly POI letter which has been accepted by every creditor that asks for POI, never once an issue.  Clearly though, the 4506 would not match my stated income for these reasons. I would be fine providing them with bank statements, POI letter and paystubs. However, I would not be excited about providing it through Equifax given that I was included in their data breach, and I have found multiple errors that were on my Equifax reports only, and they were less than stellar to deal with in getting corrected.

I don't know if or when I will be asked, I wonder if I should update income, or just close the account now. I have not nor do I intend to ask for a second product, CLI, or run high utilization. I've run the card up to 1k max at any given time. The highest reported balance has been $448. Close it? Wait and see? I don't know. Somewhere in a google search it says they have about 57 million card holders......wonder what triggers this? I find it hard to believe that they will request them on 57 million folks, also they are just going to discriminate against those receiving a disibility payment?

I am currently 3 months in the garden. I guess I will have to shop around to app for a replacement card in the event it happens, although not apping now.

[Horseshoez]

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@Nikita2008 wrote:

I am currently 3 months in the garden. I guess I will have to shop around to app for a replacement card in the event it happens, although not apping now.

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In your shoes I'd open either a PenFed or Navy Federal (if you are eligible) savings account now with a few dollars in it, then if/when Discover hits you with the 4506 request, you can open a credit card via one of those credit unions and be as well off, or better, than you are now with the Discover card.

[Nikita2008]

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@Horseshoez wrote:

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@Nikita2008 wrote:

I am currently 3 months in the garden. I guess I will have to shop around to app for a replacement card in the event it happens, although not apping now.

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In your shoes I'd open either a PenFed or Navy Federal (if you are eligible) savings account now with a few dollars in it, then if/when Discover hits you with the 4506 request, you can open a credit card via one of those credit unions and be as well off, or better, than you are now with the Discover card.

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I am already a member of both. I only have like $50 in Pen Fed. Honestly, I don't do much with them although I've been a member for 5 years. I got a pre approval from them about a month ago ,I didn't take it though as I had 3 new cards that had reported recently. I did an app spree in April, applied for 3 and got all 3, as I am trying to get rid of my subprime cards.

I got an AMEX BCE-2k, Discover -9k, and NFCU Cash Rewards 15k. I think I am in pretty decent with NFCU. I ended up putting my direct deposit for VA benefits with them, and I also made an 11k deposit with them for money I got from something else. I do quite a bit with my NFCU accounts. I hit the 90 day mark on my Cash Rewards Card in 2 weeks, I was not planning a second card with them, but if Discover becomes an issue, I am guessing they will be my best chance. I have a charge off that's 2 years old and some lates out there,  but my current scores are 711-TU,  729-EQ, 711 -EX, TCL- 31,950, and util. is 6%, most cards are at 0% util. with the exception of 2 that are 25-28% that I am still paying off, and then NFCU and Disco- hovering around 5%. I am laying low with Disco, no large purchases, product or CLI changes etc. I don't want to lose it but , it is what it is. I probably would not have apped if I knew about the 4506. I still find it hard to believe they will hit 50 million cards, I think there is some orher criteria it who knows.

Hopefully I'll have options if it happens.

[Jnbmom]

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@gdale6 wrote:

Yes it is something that happens to help mitigate their risk. I have had Disco since 2012 and have not been asked for it. My personal stance on it is they dont get it for a credit card no way no how.

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Me too if this comes my way I will close as well .

[Nikita2008]

Same, not for any credit card. I've produced POI for a car loan once.  I'd do it for a mortgage,  not a CC, and not through Equifax.

[Anonymous]

I also was annoyed by this. I even have a secured card that I've had for about 2 years. This does not make any since for my situation. I now wish I'd of just told them too Shut down my card. I feel that I let them have me do something I didn't want to do. Mainly because I just made 2 payments and actually needed to use my card. Then I find out it's probably going to take weeks. I probably could of had them return my deposit and be done with them. Good luck all