How to avoid Amex, Chase, or Discover shutting down your accounts. [ Blog Post ]
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39 comments
don't lie and you'll have no issue, also if you actually read the contract you agreed to when you got the card then it's all within their rights
The Dave Ramsey philosophy of debit cards only might be a good idea. Distressing how credit accounts can be frozen / locked up nowadays without notice even if the account is in good standing.
Maybe keep a secured credit card as back up for car rentals etc.
Business borrowers used to say a banker is someone who will lend you an umbrella but wants it back when it looks like rain. Now consumers are getting the same treatment.
Discover IT, not it, did that to me, closed my card. screw discover
Discover just put a hold on my discover it secured credit card. Are they shutting down secured credit cards as well even tho it’s OUR money that we put into it? All I’m trying to do is rebuild my credit and I’ve been making all my payments in full.
Sebby… Keep Posting on YouTube I don't do Instagram…👊🏾
Chase do have that 4506 tax form. Chase give it to you when in hardship with home owners joining their hardship program for their mortgage.
The only cc I've ever had that hasn't caused me grief is Discover. I've been with them since the 90's. BUT I will say this, if all of a sudden they start questioning me after all these years…I will close my account. I'm 58 and with my credit score I can get any card I want. I can understand wanting verification of employment and wages at the time of opening an account, but its def not cool harassing long term customers that aren't delinquent or asking for a credit increase.
Hi Sheeby, Should one close down store cards how much does that affect my credit. I really keep them at a 0 don't use them since I've been in the points game, but I'm always wondering if I should close them or keep them open and use them a little bit since some of them are probably my older accounts on my report. Thanks as usual love your videos.
I had been a Discover customer for over 5 years my CL was around 9K. Now I have a nontaxable non-reported income because I have a few businesses overseas. I told Discover this and even sent them a copy of my bank statements and those idiots still closed me down! Screw discover. They have no right to dig in my Taxes! I called Citi and they just approved me for 20K lol. Discover is going to lose a ton of customers!
Discover closed my card.
Regions bank has started doing this. My experience chase is good, first citizens bank , sun trust bank is good. The best one is 5th and 3rd is the best card with 0% on cash advances for the first year.
Sebby your starting alot of plp to wrry with this one why would discover do that i have a secured card think im good i just got it tho wht they are doing to plp is not right
I feel like sebby im new to your channel. And because of you in these last past 3-4 weeks been watching you and learning about cc i got my discover it secured cc like 3 weeks ago just wanting to build my credit up..i have plans and everything but you putting out this video makes every body uneasy bro you have to explain more
Like if there doing that should the people who just got there cc should put there money into another secured cc to be safe or what let us know sebby
Just got approved for a discover it card a couple days ago and it comes in the mail on thursday. Did i fuck up?
I had an Amex financial review last year early April and got a spending limit put on my charge cards and reduced credit limit on one of my 2 cards that had over 10K limit. after one year the spending limit is automatically removed.
Recently applied for the CFU through a “just for you offer”. Forgot I had my credit accounts on lock. So I received a we’ll respond to you in 7-10 days. I unlocked my account and gave them a call. Lady looked and told me I was approved. A month later, I went after my final card the CF. Was denied. Called recon spoke to a analyst for 40 mins. He went thru my Credit file with a fine tooth comb and verified my info and intentions. He saw were my heart was, great credit score and low utilization. He gave me favorable consideration but said it will still be looked at. A day or two later the card appeared on my account. I’m glad I was able to talk to him, because at least he was able to make a record of my intentions and where my head is at on top of giving me a favorable determination.
I had a 300$ deposit secured discover it card and now I have to fill a 4506 t form. That why I’m here to learn about the form.
I just got an Amex Cash Magnet card with $2600 limit and I want to buy a $1200 laptop using that card.
Is that okay?
Discover allowed me to submit paystubs and other documentation vs waiting for the IRS to respond.
"We'll talk about what we're talking about"… LOL
Was approved for a DiscoverIT secured cc and made my deposit of $500 have only had the card 1 month.. received the request to submit 4506T today, super discouraged because I've read that my account will most likely be closed down… I haven't used my card in any suspicious way… I pay as I go and even opened a Discover checking account. Never been late or returned payment… The form was requesting tax forms from 2017/2018 which I did not file for either… They gave me a link where I could submit 3 most recent bank statements. Trying to rebuild credit and this sucks… I was so happy and excited and now this 😓
I'm in the middle of this nonsense now. I made my 7th call to DISCOVER this afternoon dealing with this issue. Hopefully the last. I bet that CC companies are getting screwed right now, us responsible folks get to deal with it. Thanks a lot for this information. It helped me understand more….. and made me want to tear the account managers at DISCOVER a new one a little less.
I had three discover cards, but they consolidated them into one without ever saying anything.
You are my CNBC of all things credit cards. Keep it up brother!
Sebby, I think during this time, these CC's are looking for anything to deny/cancel you.
I had a charge off with discover from 2016, i just paid it off in 2020. It was only $250. Will i ever be able to get discover again?
Never had any of this happen but now i'm actually afraid of having my accounts shutdown
Discover just decided to do this to me. It upsets me that they found me high risk
Bank: gives you high credit limit
Also bank: how'd you get such a high credit limit?
https://youtu.be/a45HZ2GYMog?t=854
Am I the only one who saw nothing but innuendo with the prop demo? Yes? Okay, I'll see myself out.
I’m Australian, always had CC with Aus banks. Got an American Express card because they offer better points per dollar here with Qantas.I had to upload payslips with the application. Had the card for 3 weeks and got a financial review!! I have never experienced this with Aus banks so was unsure what to expect. Usually here soon as you’re approved for a card the bank has already done all the credit and income checks before they issue you the card. Then Amex asked me for payslips, bank statements, tax return and utility bills. I didn’t have a problem because I didn’t lie on my application. And told them whatever they needed I could send through. No problems. So sent through the documents then received a call the next day to say they have opened my account again. So all good. No problems with that,
The only problem I had was they just suspended my card without telling me so I went to use it to buy something and it declined then I had to call them to ask. And they told me they suspended it to do a financial review and didn’t give a reason, but anyways it’s fine the process so don’t have to be worried or anything if you haven’t done anything wrong.
They were happy to let me know my card account was open again and didn’t have any more problems or questions, not sure. I actually earn a lot more then most people in my industry so maybe they thought I wasn’t honest with my income lol. it’s not in line with other companies in my industry, but once I sent through my tax return and payslips all good. Probably just confirming my income I guess. I’ll never know though.
Discover dropped me from an $11,000 credit limit to $2,700 while I was carrying a $2,600 balance. No late payments and No Warning and highest balance I carried was 50% of my credit line. In fact, as of 7 months ago my balance was $0. My credit score plummeted 50 points. They never asked me for financial documents or income verification.
My wife and I have been FR’d 4 times in the last two years by Amex. Big spending will do it every time. We got thru it but man did it SUCK!!!
Hey man.. I recorded my conversation with discover.. I decided to terminate my accounts with them due to this, asked exactly what this verification process is for.. she stated it was not an income verification, that it was identity verification.. I stated that makes no sense, why use IRS for that? Then she started going in circles.. reading off script.. could absolutely not get a straight answer out of her. So whatever this is is very sketchy.. I hope you research into this more because it’s definitely not what it appears.. I say if they pull this on you, just terminate your account.. or in my case, both accounts.. I may make a video sharing parts of the conversation so people can see how sketchy this truly is.
I got an income verification from Discover this week. My credit line is 18k and I used very little of it. I am considering shutting it down as I’m reading in most cases they do this as a pretext to closing your account to avoid regulatory scrutiny. I think I’m just gonna close the account instead of filling it out even though my income is much higher than 3 years ago when I opened the card.
This was released in February 2020, and then MARCH! 📉📉
Ok so basically each card I own has to be $15k or less except Capital one, I got 3 credit cards with them so $5k a piece 🤣