Credit Cards

[blazzinbird]

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

[netpanther]

---

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?

[blazzinbird]

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.

[netpanther]

---

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?

[blazzinbird]

Just over the phone.

So it isnt a sign Ill be getting it then?

[netpanther]

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...

[blazzinbird]

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.

[netpanther]

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.

[TheCynicalOne]

---

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.