topic Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request in Credit Card Applications

Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Anonymous — Sun, 28 Mar 2021 23:41:04 GMT

I researched for a credit card with an extended 0% interest offer that would be beneficial to me the next 6-9 months. Capital One Quicksilver was no fee and I was 'pre-approved' with 15 months at 0% so I applied. I have a few credit cards in great standing (no Capital One) and my last card I opened was the Apple Card in Fall 2020. My credit scores are all above 750.

Anyway, I didn't get instantly approved for Capital One. I'm currently staying at home while my spouse works, but I put household income as that is allowed. When I went back and did more exact math after I wasn't approved, I actually understated the income about 5%. Capital One wants our 1040 tax form, pay stubs and bank statements. I'm not comfortable giving the 1040 or bank statements. It's unfortunate as Capital One pulled an inquiry across all 3 reports (lesson learned) - I don't like to have more than 1 inquiry a year.

I've never been denied on an application in more than 15 years and I've never been asked for income verification. Like I said, I don't mind pay stubs but a 1040 and bank statements for a run of the mill card isn't something I want to do. If they don't accept only pay stubs for verification is it basically treated as a denial? Do I have to tell them to cancel my application? It's frustrating about the 3-bureau pull on a pre-approval that is likely not going to work out.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

FinStar — Mon, 29 Mar 2021 01:38:42 GMT

Hi @Anonymous and welcome to the forums.

If the requested information is not provided, then the application will be denied. You can call them to cancel the application but the inquiries will still remain. Unfortunately, whether pre-approved or not, Capital One is known for pulling all 3 reports. This has been their policy for a very long time. So, if you're not comfortable providing the tax forms, that's entirely up to you.

That said, there's no obligation on your part to submit the documents, but by the same token, they're not obligated to open an account unless certain conditions are met. Capital One isn't exclusive to these tax forms requests, though -- AmEx, Discover, BoA, Citi, plenty of CUs, etc., are also known to request this information from time to time.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Horseshoez — Mon, 29 Mar 2021 01:46:37 GMT

I find this whole tax form/POI request thing bizarre, if anything, I should think I would have been tasked with providing proofs of my income when I applied last year following my Chapter 13 discharge and not somone like @Anonymous, however, I was instantly approved and got my card ten days later. My wife, who has a Chapter 7 on her record, just applied for a Quicksilver card two weeks ago and was also instantly approved with no proofs asked for.

I genuinely do not understand the logic behind asking someone with a stellar credit history for proof while someone like me is ushered through the system without a hitch.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Anonymous — Mon, 29 Mar 2021 01:48:00 GMT

Thanks for the welcome! The forums are very helpful.

I appreciate your input. I didn't realize tax forms were ever asked for credit card applications so another thing learned. I will call to see what they require but if the tax forms aren't negotiable I'll just live with the denial.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

FinStar — Mon, 29 Mar 2021 01:52:08 GMT

@Anonymous wrote:
Thanks for the welcome! The forums are very helpful.

I appreciate your input. I didn't realize tax forms were ever asked for credit card applications so another thing learned. I will call to see what they require but if the tax forms aren't negotiable I'll just live with the denial.

If they're willing to accept paystubs and/or bank statements in lieu of the tax forms, then you might have some leverage and hopefully that will suffice.

Let us know how it turns out.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

FinStar — Mon, 29 Mar 2021 01:55:52 GMT

@Horseshoez wrote:
I find this whole tax form/POI request thing bizarre, if anything, I should think I would have been tasked with providing proofs of my income when I applied last year following my Chapter 13 discharge and not somone like @Anonymous, however, I was instantly approved and got my card ten days later. My wife, who has a Chapter 7 on her record, just applied for a Quicksilver card two weeks ago and was also instantly approved with no proofs asked for.

I genuinely do not understand the logic behind asking someone with a stellar credit history for proof while someone like me is ushered through the system without a hitch.

You'll be surprised what lenders know behind the scenes and the amount of information they have access to (outside of just CRA data). It's not really about logic, it's a very complex algorithm engine powered by AI that knows what to look for.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Anonymous — Mon, 29 Mar 2021 01:56:32 GMT

@Horseshoez Had you applied for another credit card recently when you applied for Capital One? My Apple Card was about 4 months ago so maybe it was too soon for them. I've done some searching on the forums and it seems that sometimes cards are more strict if you've applied for another card recently. But it's hard to say what is recent. 3 months? 6 months?

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Horseshoez — Mon, 29 Mar 2021 08:47:57 GMT

@Anonymous wrote:
@Horseshoez Had you applied for another credit card recently when you applied for Capital One? My Apple Card was about 4 months ago so maybe it was too soon for them. I've done some searching on the forums and it seems that sometimes cards are more strict if you've applied for another card recently. But it's hard to say what is recent. 3 months? 6 months?

Yes, I applied for a Discover IT card (Denied!) about 3 months before I got the pre-approval E-Mail.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Horseshoez — Mon, 29 Mar 2021 08:50:36 GMT

@FinStar wrote:
@Horseshoez wrote:
I find this whole tax form/POI request thing bizarre, if anything, I should think I would have been tasked with providing proofs of my income when I applied last year following my Chapter 13 discharge and not somone like @Anonymous, however, I was instantly approved and got my card ten days later. My wife, who has a Chapter 7 on her record, just applied for a Quicksilver card two weeks ago and was also instantly approved with no proofs asked for.

I genuinely do not understand the logic behind asking someone with a stellar credit history for proof while someone like me is ushered through the system without a hitch.
You'll be surprised what lenders know behind the scenes and the amount of information they have access to (outside of just CRA data). It's not really about logic, it's a very complex algorithm engine powered by AI that knows what to look for.

Well..., maybe...

I work for a large financial institution (not in banking or credit) and am the chief architect for one of their AI departments; connecting the dots between not asking me for POI and yet asking @Anonymous is a bit of a reach.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

4sallypat — Mon, 29 Mar 2021 14:09:09 GMT

Wow, with all that info requested from Cap 1 you may as well apply for the New Tech FCU Mastercard that gives out $35,000+ SL...

I received that pre-approved offer in the mail for a $35K Mastercard but declined due to their request for 4506-T IRS transcript authorization, bank statements the last year and POI (pay stubs + W2)...

You can do a lot better without Cap 1 - I have not enjoyed their product because I have never been able to get a CLI over the 10 years I have had their card.... Still the same lowly SL.....

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Anonymous — Mon, 29 Mar 2021 14:46:19 GMT

@Horseshoez wrote:
@FinStar wrote:
@Horseshoez wrote:
I find this whole tax form/POI request thing bizarre, if anything, I should think I would have been tasked with providing proofs of my income when I applied last year following my Chapter 13 discharge and not somone like @Anonymous, however, I was instantly approved and got my card ten days later. My wife, who has a Chapter 7 on her record, just applied for a Quicksilver card two weeks ago and was also instantly approved with no proofs asked for.

I genuinely do not understand the logic behind asking someone with a stellar credit history for proof while someone like me is ushered through the system without a hitch.
You'll be surprised what lenders know behind the scenes and the amount of information they have access to (outside of just CRA data). It's not really about logic, it's a very complex algorithm engine powered by AI that knows what to look for.
Well..., maybe...

I work for a large financial institution (not in banking or credit) and am the chief architect for one of their AI departments; connecting the dots between not asking me for POI and yet asking @Anonymous is a bit of a reach.

Actually I can easily see how this happened.

"I'm currently staying at home while my spouse"

Sounds to me like for some reason they couldn't tie OP to their spouse's income. Not the first time I have heard of this happening with a lender (although it's the first time I have heard of it with Capital One - POI requests seem to actually be quite rare from them).

Sorry that this happened to you, @Anonymous - I would be surprised if Capital One budges on what they will accept since they're pretty much directed by the computer. I would normally recommend Discover but they started the whole "we want a 4506-T from everyone, even if the card is secured" trend anyway. Your best bet would be to have your spouse open a new account and make you an authorized user IMO. If this happened with Capital One, it can happen with other lenders too.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Horseshoez — Mon, 29 Mar 2021 15:26:57 GMT

@4sallypat wrote:

You can do a lot better without Cap 1 - I have not enjoyed their product because I have never been able to get a CLI over the 10 years I have had their card.... Still the same lowly SL.....

Well that's annoying. My wife and I both have Quicksilver cards now and while the card doesn't provide the nth degree of rewards, what rewards it does provide are really easy to use, that and my wife has already benefited significantly from the auto-coupon thing they have going.

Last year, before I knew any better, I applied for an unsecured CapOne card (don't remember which), resulting in 3 HPs, six weeks later I opened a CapOne secured card, took another 3 HP hit for it, hated the card, closed it after six weeks, and then took the bait on the Quicksilver card six months later, and got another 3 HPs for my effort. In hind sight, I would have been better off cooling my heels and just waiting until I could get a Quicksilver without the stupid mistake of getting the secured card. So, in less than 12 months I've taken a 9 HP hit from CapOne.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Anonymous — Mon, 29 Mar 2021 23:20:35 GMT

@Horseshoez My 3 inquiry hits were enough - I'll definitely research how many are pulled for future applications on cards. It wouldn't be so terrible if I got the card but I'm betting they won't budge on the tax documents and am waiting to hear back.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Anonymous — Mon, 29 Mar 2021 23:25:42 GMT

@Anonymous I wonder if credit card applications are usually able to tie a spouse's income to the other spouse's application? I didn't think of that.

I wonder if I apply again next year when I'm working if it'd ask for POI. Interesting. Maybe I'll try then to see if they still have the $200 bonus.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Iusedtolurk — Tue, 30 Mar 2021 00:46:40 GMT

@4sallypat wrote:
Wow, with all that info requested from Cap 1 you may as well apply for the New Tech FCU Mastercard that gives out $35,000+ SL...

I received that pre-approved offer in the mail for a $35K Mastercard but declined due to their request for 4506-T IRS transcript authorization, bank statements the last year and POI (pay stubs + W2)...

You can do a lot better without Cap 1 - I have not enjoyed their product because I have never been able to get a CLI over the 10 years I have had their card.... Still the same lowly SL.....

@4sallypatNo cli in over 10 years! Wow! I had my mouth frowning because it took 2 1/2 years for me to get one.

Still slightly frowning tho because my secured card is still secured after 3 years 3 months. (and I see now others are getting unsecured even with less time).

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Anonymous — Tue, 30 Mar 2021 01:20:22 GMT

@Anonymous wrote:
@Anonymous I wonder if credit card applications are usually able to tie a spouse's income to the other spouse's application? I didn't think of that.
I wonder if I apply again next year when I'm working if it'd ask for POI. Interesting. Maybe I'll try then to see if they still have the $200 bonus.

I don't know specifically how they verify household income but I know they have ways of doing so. What I imagine happened here is that your spouse's wasn't being tied to yours for some reason.

There are all kinds of cards with SUBs that don't do 3 HPs that I would recommend looking at before trying Capital One again. I like them for rebuilders and they have served me well as the least likely to decline a charge and decent customer service but there are lenders that are much more generous with limits and who don't want to do a triple pull. US Bank Cash+, Chase Freedom Flex (they may double pull), incognito offers from AMEX for BCE/BCP... all good options for SUBs and actual good cards you can use long term for their rewards.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

missji — Mon, 05 Apr 2021 21:46:30 GMT

Double check the request. The same thing happened to me today but the email I received says to provide ONE of those three documents, not all three.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Duriel — Tue, 06 Apr 2021 00:59:23 GMT

Do you have a high income? It's possible they have a threshold for income.

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Horseshoez — Tue, 06 Apr 2021 01:06:09 GMT

@Duriel wrote:
Do you have a high income? It's possible they have a threshold for income.

I'm curious, what do you call a "high income"?

Re: Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

Duriel — Tue, 06 Apr 2021 01:24:34 GMT

100k+. Or maybe they draw the line at 80k. Who knows? I just don't think they throw income verification at people who claim like 20k.