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What could this mean?

Established Member

What could this mean?

I got a call from cap one last night wanting to verify my income. So what could this mean???
8 REPLIES
Valued Contributor

Re: What could this mean?



blazzinbird wrote:
I got a call from cap one last night wanting to verify my income. So what could this mean???


Exactly what they said- that they want to verify income. Is this in reference to a card you already have- or one that you have just recently app'd for? If it is one you app'd for that is a good sign- it is under manual review.
 
If it is for one you already have- they may be looking at your totaly credit picture.
 
Need more info. Have you recently app'd for credit from Cap One and anyone else?
Established Member

Re: What could this mean?

I applied for a new card with them over the weekend. I want to get rid of several of my cards. Want to go to 2 cards. So I get a call last night asking to verify my income.
Valued Contributor

Re: What could this mean?



blazzinbird wrote:
I applied for a new card with them over the weekend. I want to get rid of several of my cards. Want to go to 2 cards. So I get a call last night asking to verify my income.


Ok- it just means they are taking extra steps to verify some stuff. Not a bad thing. Did they ask you to send any forms or just questions over the phone?
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Established Member

Re: What could this mean?

Just over the phone.
 
So it isnt a sign Ill be getting it then?
Valued Contributor

Re: What could this mean?

Can't say. But it doesn't mean a "no" either. Call them up. However, a question to you- are you closing the other cards because they have an AF? If not...you may not want to close them, especially if you have had them a long time because history counts too...
Established Member

Re: What could this mean?

2 of the ones im closing Ive had less then a year. One of them I cant even get ahold of.  The other has a high intrest which they said they wont reduce.
Valued Contributor

Re: What could this mean?

If they aren't costing you anything you may not want to close them. And the one w/ the high apr- if they won't lower just sockdrawer it and dust it off  2x a year to keep the CL open. It is up to you but closing accounts can actually hurt you if it makes a big diff. in your avg. age and/or utilization.
Frequent Contributor

Re: What could this mean?



netpanther wrote:
If they aren't costing you anything you may not want to close them. And the one w/ the high apr- if they won't lower just sockdrawer it and dust it off  2x a year to keep the CL open. It is up to you but closing accounts can actually hurt you if it makes a big diff. in your avg. age and/or utilization.



agreed.
 
sockdrawering is an awesome strategy.
 
It's like putting a naughty child in timeout, till they calm down and give you what you want.
Time is credit's best friend...it can heal any wound.