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Regular Contributor
Posts: 132
Registered: ‎05-31-2013
0

Re: Capital One (Income verification?)

I had an old Orchard Bank card that had a $600 limit and I obtained a new Cap One card  (credit builder) in June of this year with a $400 limit.  In September, I asked for an increase online - and got denied.  Went through the EO, and asked for $5K on each, and QS upgrades. They asked for income verification, and increased both cards to $1000.  Hey, its was a start.  Later on, they increased the credit builder card to $1,500.  So, it can work.  I'm gardening, and next year, I'm going to see if I can get a little closer to that 5K limit. 

Venture 10K /Walmart 4K /Amazon 3.5K/ Wyndham Reward 2.5K /Cap 1 QS1 1.65K /Merrick 1.6K /Gettington 1.6K/ Discount Tire 1.2K /Cap 1 Platinum 1.15K /Amex BCE 1K /Chase Freedom 1K / Blaze 1K/ Show 600/ Kohl's 300
Starting Score: 6/1/13 TU 566 EXP 632 EQ 611
Current Score: 05/31/15 TU 722 EXP 709 EQ 703
Goal Score: 740 Across the Board
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Valued Contributor
Posts: 1,599
Registered: ‎11-10-2012
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Re: Capital One (Income verification?)


JustJen wrote:

Even though they never increase my CL, even when I tried through the executive office...it's been awhile so I figured I would try hitting the button on the website. I got the dreaded you'll receive a response in the mail so I just figured it was another denial. I almost didn't even open the letter once it arrived, but it turns out it was a request for income verification from them via USPS before they will make a final decision. Anyone else ever had to do this with capital one? If so, what were the results?


I've read about this happening to students on another forum...are you a student?

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Established Contributor
Posts: 510
Registered: ‎03-06-2007
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Re: Capital One (Income verification?)

I have never had a CCC ask for income verification.  I have 7 CC's and for all they know I make $500/year.  Yet, they still give me CLI's when I put in how much I make.

Barclays US Air $17K| TTCU $15K| Citi Diamond $10.5K| Discover IT $9000| CapOne $2K| Best Buy $2K
Established Contributor
Posts: 510
Registered: ‎03-06-2007
0

Re: Capital One (Income verification?)

With that said, when a CCC asks for my tax returns, I will be closing that account.  None of their business.

Barclays US Air $17K| TTCU $15K| Citi Diamond $10.5K| Discover IT $9000| CapOne $2K| Best Buy $2K
Senior Contributor
Posts: 8,517
Registered: ‎06-05-2013
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Re: Capital One (Income verification?)

[ Edited ]

JustJen wrote:

Anyone else ever had to do this with capital one? If so, what were the results?


Income verification is something that any creditor can request.  Results will vary as everyone's credit and income are not the same.

 


dallasjetfan wrote:

With that said, when a CCC asks for my tax returns, I will be closing that account.  None of their business.


A borrower's income is certainly a creditor's business -- especially when a creditor suspects that a borrower may be exceeding whatever threshold they've established for underwriting and needs to validate that the borrower does have the stated income.  That said, it's your call whether or not you want to comply with an income verfication that requires tax transcripts as evidence.

Regular Contributor
Posts: 171
Registered: ‎01-03-2012
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Re: Capital One (Income verification?)

Can't remember who asked...but no I'm not a student. I believe at the time I first got the card I was either in grad school or just finished. Either way at the time I didn't have a very high income at the time and admittedly this cap1 card was my first after being irresponsible with credit in my late teens, so I'm sure it's probably their rebuilder card. 

 

It's my oldest card so even though the limit is paltry I leave it open...lol hoping one day it will increase. I have two with them...and by the looks of it the other has been converted to the Quicksilver card (still a low limit, but higher than the one the CLI is in for).

Senior Contributor
Posts: 11,485
Registered: ‎10-21-2012
0

Re: Capital One (Income verification?)


takeshi74 wrote:

JustJen wrote:

Anyone else ever had to do this with capital one? If so, what were the results?


Income verification is something that any creditor can request.  Results will vary as everyone's credit and income are not the same.

 


dallasjetfan wrote:

With that said, when a CCC asks for my tax returns, I will be closing that account.  None of their business.


A borrower's income is certainly a creditor's business -- especially when a creditor suspects that a borrower may be exceeding whatever threshold they've established for underwriting and needs to validate that the borrower does have the stated income.  That said, it's your call whether or not you want to comply with an income verfication that requires tax transcripts as evidence.


+1

Valued Contributor
Posts: 3,679
Registered: ‎11-23-2013
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Re: Capital One (Income verification?)


JustJen wrote:

Even though they never increase my CL, even when I tried through the executive office...it's been awhile so I figured I would try hitting the button on the website. I got the dreaded you'll receive a response in the mail so I just figured it was another denial. I almost didn't even open the letter once it arrived, but it turns out it was a request for income verification from them via USPS before they will make a final decision. Anyone else ever had to do this with capital one? If so, what were the results?


Yes. When I talked to them about a CLI they sent me the forum requesting my proof of income. I ended up getting an increase of $150. To be fair, I got an increase of $100 a week or so (more or less) before I decided to contact the EO.

 

That all being said, after I sent in those documents, received the increase of $150 and stewed a while.. I paid off both of my cap 1 accounts completely to zero and emailed the EO again. I got a call from a new person, a gentleman, and then managed to get another $750. So after the button pressing gave me $100, $150 from the first EO and my talk with the second EO, my account went from $750 to $1750 in about a month to 6 ish weeks.

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700   Seedling again as of 07/29/14
Valued Contributor
Posts: 3,679
Registered: ‎11-23-2013
0

Re: Capital One (Income verification?)

PS- I will be contacting them again in June for another increase. They are incredibly nice in the EO department, and I think my card will continue to grow with me if I use them and if I keep my balances low. I don't blame them really for the $150 increase, and requesting the income proof. I carried balances for basically the entire two years I've had my accounts, and never actually PIF'd them til recently as I didn't realize what an impact it had on my scores and their wanting to give me CLIs. I usually had my utilization at 60-98%.. and understandably, they didn't like that.

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700   Seedling again as of 07/29/14
Moderator
Posts: 8,666
Registered: ‎08-12-2013
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Re: Capital One (Income verification?)


JustJen wrote:

Even though they never increase my CL, even when I tried through the executive office...it's been awhile so I figured I would try hitting the button on the website. I got the dreaded you'll receive a response in the mail so I just figured it was another denial. I almost didn't even open the letter once it arrived, but it turns out it was a request for income verification from them via USPS before they will make a final decision. Anyone else ever had to do this with capital one? If so, what were the results?


I just received this letter.  I requested a CLI through the EO...figured I'd request 3x my current CL.   I received a letter asking for income verification.   I will get a recent earning statement when I return to work on Monday and fax to them.   Wish me luck!




Start: 619 (TU08, 9/2013) | Current: 775 (TU08, 11/16/16)
Sam's Club MC $25000 | AMEX BCE $20400 | Sallie Mae WMC $16500 | Cap 1 QS WMC $16500 | JCP $15000 | Discover IT $11500 | Care Credit $10200 | BofA BBR #1 $10100 | CU Visa $10000 | Marvel MC $10000 | Citi DC $8000 | Amazon Store $8000 | US Bank Cash+ VS $7500 | Blispay $7500 | BofA BBR #2 $7000 | Macy's Store $5400 | Sony Card $4250 | Macy's AMEX $3500 | Gold Violin $3050 | Target $1900 | Costco Anywhere $1700 | ~~Gardening Since 10/28/16

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