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4506'ed by Discovery


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On ‎8‎/‎6‎/‎2020 at 4:16 PM, pandmel said:

My CU card with 25K limit has cash back.  It only pays out annually.

I am going to wait until first of the year and app citi and amex.

 

I have three citi products Shell 200 limit, Exxon 600 limit and Best Buy Visa 3500.

 

I really do not have a need for cards other than rewards and to not use debit, which I despise.

 

My credit profile is thick enough to get what I need when I want it.  Just have no needs now.

 

My FICO simulator puts me in the Mid to Low 700's after first of year with ontime payments and low utilization.

What are the top FICO factors adversely affecting your scores right now?

Edited by Rogue
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3 hours ago, Rogue said:

What are the top FICO factors adversely affecting your scores right now?

This^ and also 2 years ago.

 

OP's Discover should have graduated 2 years ago. They didn't trust him with their money for some reason.

 

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9 hours ago, Rogue said:

What are the top FICO factors adversely affecting your scores right now?

Negative Trades

 

One paid chargeoff for less than full balance DLA 8-17

Several 30 day lates in late 2017 (2) Navy Fed (1) FMC (1) Lendmark

 

To many inquiries and new tradelines.


I am at a point of indifference now.  In time my file will age and all will be good. 

 

 

 

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On 8/6/2020 at 6:16 PM, pandmel said:

My CU card with 25K limit has cash back.  It only pays out annually.

I am going to wait until first of the year and app citi and amex.

 

I have three citi products Shell 200 limit, Exxon 600 limit and Best Buy Visa 3500.

 

I really do not have a need for cards other than rewards and to not use debit, which I despise.

 

My credit profile is thick enough to get what I need when I want it.  Just have no needs now.

 

My FICO simulator puts me in the Mid to Low 700's after first of year with ontime payments and low utilization.

Always better to try to obtain credit when you don't need to than when you do.  Not saying to go crazy and app for a bunch of cards, but you don't want to have to rely on getting credit when you're up against it or when things tighten up.

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6 hours ago, CTSoxFan said:

Always better to try to obtain credit when you don't need to than when you do.  Not saying to go crazy and app for a bunch of cards, but you don't want to have to rely on getting credit when you're up against it or when things tighten up.

Thanks... I do have an additional LOC that is fairly substantial, in my book, 75K. I have only used it
once to by equipment for my business and paid it off in 60 days. It is a personal LOC.  I did just 
apply for a business LOC and was approved with a PG for the same amount. I will close it on Friday.
 

Only thing that worries me with that is the personal and business LOC and my largest CC 25K is all

with the same credit union which also has a vehicle loan. I do have all my eggs in one basket.

 

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On 8/8/2020 at 12:04 PM, Kat58 said:

This^ and also 2 years ago.

 

OP's Discover should have graduated 2 years ago. They didn't trust him with their money for some reason.

 

Just an elaborate long con to convince some guy on CB that they aren't subprime. ;)

 

In all seriousness, there's clearly some red flag here, one that perhaps just got locked in place years ago. But there's no way I would go through with that over a secured card, regardless of lender.

 

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13 hours ago, pandmel said:

Thanks... I do have an additional LOC that is fairly substantial, in my book, 75K. I have only used it
once to by equipment for my business and paid it off in 60 days. It is a personal LOC.  I did just 
apply for a business LOC and was approved with a PG for the same amount. I will close it on Friday.
 

Only thing that worries me with that is the personal and business LOC and my largest CC 25K is all

with the same credit union which also has a vehicle loan. I do have all my eggs in one basket.

 

Do you even need this secured card anymore then?

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On 8/12/2020 at 7:09 PM, pandmel said:

Thanks... I do have an additional LOC that is fairly substantial, in my book, 75K. I have only used it
once to by equipment for my business and paid it off in 60 days. It is a personal LOC.  I did just 
apply for a business LOC and was approved with a PG for the same amount. I will close it on Friday.
 

Only thing that worries me with that is the personal and business LOC and my largest CC 25K is all

with the same credit union which also has a vehicle loan. I do have all my eggs in one basket.

 

I would be worried about this as well.  CUs can be very quirky, and having all your lines with one lender can cause a serious issue if they decide to pull back or take any AA.  Another thing most CUs do is cross-collateralize, where they can take your deposits to satisfy balances on outstanding loans should you have issues.

 

I would look to diversify your lenders, at least over the next couple of years. 

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On 8/8/2020 at 8:20 AM, pandmel said:

4506 hold on my discovery account has been lifted.

 

I did complete the 4506 and uploaded 3 months bank statements.  Bank statements verified substantially

more income than what is in their system for my income amount.

 

I did not want to lose the tradeline due to the fact it was my oldest reporting revolving account. It has been

a 4 year rebuild/repair process and the only thing that will improve my credit file is time and increasing AAoA.

 

I was told by their verification department that it was requested due to my account being eligible to graduate.

They also stated that EVERY discovery cardholder will be asked to do this at some point. Not sure if I believe

those statements but that was the excuse given.

 

Just this statement cycle so far. $4510 has posted to the account with -$3,873.87 in payments on a $2500 credit

probably has more than anything to do with this request. I understand that is not normal use on a secured card. :P

 


After logging back in the verbiage that says. "We review accounts every month for graduation..."that shows in the 

sidebar is gone. I may be about to graduate. My 39th statement cuts in 11 days.

 

 

I will tell Discovery to KMA if they want my tax returns.    AmEx I would consider for a few minutes before telling them to fook off.  But Discovery?  No way.  

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4 hours ago, hdporter said:

PotO's stance is, of course, very sound.

 

That said, I respect any effort to reasonably retain a long-lived credit account.  I have 3 accounts with open dates 1981-1986; if required, I'd have no problem authorizing a 4506 is order to keep these accounts open (fwiw, they're two "backdated" Amex and a Macy's).

 

Agreed.  My AmEx is older than dirt and I don't want to close it.  

 

AmEx has only asked me for a 4506-T for a CLI, and I passed.  I have found what I think to be a way to avoid 4506-T's.  Just maintain a BFD in AmEx Bank. 

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On 8/7/2020 at 10:21 AM, hegemony said:

that is a lot of spending on a turd rewards card. Did you comply with the 4506-t request.

Yeah spend probably could have been better utilized but I was trying to juice up my limits.  I did comply.  The actually requested last 3 months bank statements, too.  I told them they were lucky to get the 4506-t and if they wanted the bank statements they could kick rocks.  Account was cleared for use last week.

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