@Anonymous wrote:
@takeshi74 wrote:
@Anonymous wrote:
I recently applied for a credit limit increase with Capital One and was asked to submit documents verifying my income. The thing is, the income I reported was rather padded...I included scholarships and grants, for example, in addition to my (rather meager) wages. None of it is false, but am I likely to be declined for using these kinds of sources in figuring my income? The website did not specify what sorts of income were acceptable, beyond receiving support from others under 21, so I figured I should risk it.Can't speak to CO specifically but there's usually a bit of leeway. However, one should always consider what evidence would be required for income verification. With AmEx, for example, only the 4506-T is used for income verification.
May I inquire as to what a 4506-T asks for w/ respect to documentation?
Its a request to the IRS for a transcript of your tax return for the year they are asking, they see everything line by line form by form.
@Anonymous wrote:Without sending in the documents, I noticed online that my credit limit was increased from $300 to $2300--though I did not receive any communication. I faxed the verification today (including documents for the "padding,") so let's see whether that makes the limit go up or down.
It looks like you're 'in'; congrats on the CLI!
I don't see Capital One increasing the CL then immediately taking it back, so I suspect you'll be fine. 