Capital One Income Verification?

Jerry45 · ‎06-06-2016

I just hit 6 months on my Venture card, and requested a CLI. Income in the 60'sk. Given the 2-3 day message, and then received a email requesting income documents.

I called customer service, and then not only wanted pay stubs, but also want tax returns. This blows me away, nothing with my financial profile has changed to warrant this.

Have no problem sending pay stubs, but I will never hand over tax returns to a credit card bank. Is it possible to just let this pass and not send anything, and have them auto decline the CLI? Or will they close my account outright? Thanks for all advice

Anonymous · ‎06-06-2016

Wow that's crazy. Is the Venture your only card with them? I would just send the pay stubs if you're ok with that and hope it's good enough (without the tax returns). I think this is the first I've ever heard of Cap1 requiring tax returns, usually their income verification consists of sending pay stubs, W2, or bank statements.

Anonymous · ‎06-06-2016

Yes please keep us posted.

RonM21 · ‎06-06-2016

That is strange. Although, I think I read a recent thread saying the same thing happened to them.

Total CL: $321.7k

UTL: 2%

AAoA: 7.0yrs

Baddies: 0

Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

Jerry45 · ‎06-06-2016

@Anonymous wrote:
Wow that's crazy. Is the Venture your only card with them? I would just send the pay stubs if you're ok with that and hope it's good enough (without the tax returns). I think this is the first I've ever heard of Cap1 requiring tax returns, usually their income verification consists of sending pay stubs, W2, or bank statements.

I agree Just. I just called them and told them I would be willing to send them pay stubs, supervisor, who was very nice, said they also wanted tax return.

I have nothing to hide, but just do not want to go thru taxes to get a Cli. Friends went thru this with Amex, and advised not to submit them. I Have decided to ignore the whole thing.

Obviously, I will never get a CLI at Cap1, but I have a decent limit and want to keep it. Will they close they account?

Jerry45 · ‎06-06-2016

@Anonymous wrote:
Yes please keep us posted.

Copper, I am just going to stay put, and hope they do not DK the account. Very surprised, Cap one must have picked up a algorithm of some type.

Jerry45 · ‎06-06-2016

@RM21 wrote:
That is strange. Although, I think I read a recent thread saying the same thing happened to them.

Strsnge indeed. I thought only amex did this stuff.

Anonymous · ‎06-06-2016

@Jerry45 wrote:
@Anonymous wrote:
Yes please keep us posted.
Copper, I am just going to stay put, and hope they do not DK the account. Very surprised, Cap one must have picked up a algorithm of some type.

Yeah, I would fly under the radar.

In my personal experience, I have several of their cards. I combined a few after requesting a CLI - which was denied each time. I stopped bugging them.

Anonymous · ‎06-06-2016

@Jerry45 wrote:
@Anonymous wrote:
Wow that's crazy. Is the Venture your only card with them? I would just send the pay stubs if you're ok with that and hope it's good enough (without the tax returns). I think this is the first I've ever heard of Cap1 requiring tax returns, usually their income verification consists of sending pay stubs, W2, or bank statements.
I agree Just. I just called them and told them I would be willing to send them pay stubs, supervisor, who was very nice, said they also wanted tax return.

I have nothing to hide, but just do not want to go thru taxes to get a Cli. Friends went thru this with Amex, and advised not to submit them. I Have decided to ignore the whole thing.

Obviously, I will never get a CLI at Cap1, but I have a decent limit and want to keep it. Will they close they account?

I honestly don't know what will happen if you don't comply. That's why I said you should at least send in your pay stub (and maybe your W2 as well) and hope that will satisfy them. Something is better than nothing

Loquat · ‎06-06-2016

Wow. I've never read of this happening with CapOne...Amex sure, but not CapOne. If you don't me asking...what is your current limit on your Venture card and how long have you had the account with them? As for closing if you don't provide...that's anyone's guess as you just don't see this type of behavior from CapOne much, if at all, around here...