topic Re: CP1 Platinum requires income verification help please in Credit Card Applications

CP1 Platinum requires income verification help please

Anonymous — Mon, 17 Sep 2018 21:23:05 GMT

So after having my Discover IT for around 2 years, I went and applied for the WF Propel and was approved 1.5k. I posted my success on this forum and someone replied that I would likely be a sure for an AMEX. I applied for that and was instantly approved for 1k. Being finger itchy, I pushed the button on a Chase Sapphire Preferred and C1 Platinum.

To my surprise I was approved for the CSP for 8k. However C1 emailed me stating they need documents proving my annual income for verification purposes. Now given my success with the Propel, Everyday, and Sapphire, I'm wondering if I even want to bother with the C1 Platinum anymore. I'm not really interested in having a big stack of credit cards. I'm thinking that 5-7 is the max I would bother to have. I don't care to upgrade the C1 Platinum down the line either. I'd rather get a low interest US Bank/credit union card or some store cards down the line. The C1 Platinum was more of an impulsive application.

Question) What happens if I don't send C1 any documents at all, especially given that I don't really want the card anymore?

I don't want to have to send C1 all the documents and then call them later saying I don't want the card. I'd rather not start the relationship to begin with.

Please help and thank you.

Re: CP1 Platinum requires income verification help please

Time2letgo — Mon, 17 Sep 2018 21:45:56 GMT

Congrats on the approvals. I'm sure you can ignore the request and they will likely close the application and send you a letter that says failure to provide documentation in a timely matter resulted in the application being closed and you can reapply.... something to that effect. You could also call them and tell them you wish to withdraw the application. Maybe you should wait quite a while before you apply for any more cards, based on the new accounts and your income limit, other creditors may request the same after the new accounts start reporting. All the best OP.

Re: CP1 Platinum requires income verification help please

FireMedic1 — Mon, 17 Sep 2018 21:53:18 GMT

As stated. You dont need the Cap1 Plat starter card after being approved for those other great cards that many would love to have but cant. No need for a starter subprime after those prime approvals. Let it go and move on. Dont respond.

Re: CP1 Platinum requires income verification help please

Anonymous — Mon, 17 Sep 2018 22:03:46 GMT

Yeh your definitely right Time2letgo. I think I have all the cards I need and I can just grow those limits. I think I'll go into the garden for 2 years to remove all the inquiries.

Re: CP1 Platinum requires income verification help please

MrDFinance — Mon, 17 Sep 2018 23:23:52 GMT

Congrats on those quality approvals..... The platinum card is usually a card you use to build enough history to get the type of cards you were already approved for...

Re: CP1 Platinum requires income verification help please

MyDataMyChoice — Tue, 18 Sep 2018 00:22:00 GMT

In my experience if Capital One is requesting docs.. they usually hand out a nice limit. 10K or more

And you already took a TRIPLE CREDIT PULL just go for it. (its approved or they wouldnt ask for docs)

Re: CP1 Platinum requires income verification help please

FinStar — Tue, 18 Sep 2018 00:33:48 GMT

@MyDataMyChoice wrote:
In my experience if Capital One is requesting docs.. they usually hand out a nice limit. 10K or more

And you already took a TRIPLE CREDIT PULL just go for it. (its approved or they wouldnt ask for docs)

Not on a Capital One Platinum tier. If the OP had decided to pursue it it would likely yield a low SL. In the grand scheme of things, the Platinum CC will not really serve much purpose.

I'm sure the OP realized it after the fact since a triple pull already took place.

Re: CP1 Platinum requires income verification help please

Anonymous — Tue, 18 Sep 2018 01:02:39 GMT

I mainly applied for the Platinum in case I was denied for the Sapphire. The No Foreign Transaction Fee was off big interest since I plan on traveling overseas at least twice within the next six months. But the Sapphire fills that roll with a better APR. I also agree that having the Platinum now makes zero sense given the cards I have. Wasted hard pull, oh well. I can wait 2 years before applying again now.

Re: CP1 Platinum requires income verification help please

SweetCreditObsession — Tue, 18 Sep 2018 05:01:04 GMT

@ OP Have they already HP you?

Re: CP1 Platinum requires income verification help please

Anonymous — Tue, 18 Sep 2018 14:17:19 GMT

I would definitely not send Capital One any information. You do not want the Platinum. And it can keep you from gettting more Chase cards due to their 5/24 rule. I would be thankful they asked you for documentation so you don't get a card you have no need for.

Re: CP1 Platinum requires income verification help please

MyDataMyChoice — Tue, 18 Sep 2018 15:02:21 GMT

The Platinum is not soley for rebuild... it does hand out large limits...

Re: CP1 Platinum requires income verification help please

Anonymous — Tue, 18 Sep 2018 18:58:10 GMT

Yeh they pulled from all 3 bureaus =(

I didn't know they gave out high limits. That would make it more interesting. But even with that, I think holding off is better since like the previous poster said, I don't want to go over the 5/24 rule. I like the idea of having the Freedom that way I'd have 2 rotating 5% cards. But I think my Discover would be removed from 5/24 rule soon since I've had that for 20 months so far which would make that a bad argument.

I applied for the Cap1 Plat. off of a mail offer. The mail offer on the C1Plat included a 0% apr on purchases/transfers till June 2019 period unlike the direct application from the website. There's also no balance transfer fee on the C1Plat card and I do have around 1k balance on the Discover still. I still have till 10/05 to respond. Is it worth it just for balance transfer? Or am I just being too greedy here and should just let it go?

Re: CP1 Platinum requires income verification help please

AverageJoesCredit — Tue, 18 Sep 2018 23:43:24 GMT

@Anonymous wrote:
I mainly applied for the Platinum in case I was denied for the Sapphire. The No Foreign Transaction Fee was off big interest since I plan on traveling overseas at least twice within the next six months. But the Sapphire fills that roll with a better APR. I also agree that having the Platinum now makes zero sense given the cards I have. Wasted hard pull, oh well. I can wait 2 years before applying again now.

Thats a really weird back up plan lol. Like shooting for a Lambo and having a Yugo as a back up. Glad of all your approvals. I hope all the approvals werent all at once as Chase can be hard on app sprees. Best of luck going forward

Re: CP1 Platinum requires income verification help please

AverageJoesCredit — Tue, 18 Sep 2018 23:45:25 GMT

@MyDataMyChoice wrote:
The Platinum is not soley for rebuild... it does hand out large limits...

Maybe so but more often than not its a starter card. This Plat cant compare to say a Navy Plat for instance

Re: CP1 Platinum requires income verification help please

Anonymous — Thu, 20 Sep 2018 02:29:24 GMT

@MyDataMyChoice wrote:
The Platinum is not soley for rebuild... it does hand out large limits...

I am not sure why anyone who wasn't in a rebuild would want the card. High interest rate and no rewards. If you aren't in a rebuild any card will give you a high limit.

Re: CP1 Platinum requires income verification help please

Anonymous — Tue, 25 Sep 2018 02:10:07 GMT

Yeah, I definitely messed up on that one. I'm going to call them tomorrow and ask if they could switch it to another type of card that co-branded and if not I'm not really interested. I'm thinking something like the Playstation Card, only for the reason of purchasing playstation stuff for family. Thanks for the advice on calling them to see if they can drop the request, I'll give it a shot.