topic Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives? in Credit Cards

Cap One froze brand new Venture card on literally first $90 purchase. What gives?

stonesfan75 — Fri, 30 Oct 2015 04:14:53 GMT

Hey all, so I was wondering if anyone has had similar issues? I just recently appied for both a Spark Select business for a new business I started last year, and a personal Venture card and received both. The Spark has a $20,000 limit and Venture is $35,000. During the application process i got the 7-10 day message on the Venture, and they requested income verification. That has never happened to me before and i've had cards for over 20 years that are still active and have huge limits. Anywho, ended up faxing them my W2-G from last year that showed I won $750,000 in a scratch off lottery ticket and then another W2 for over 250k from my personal earnings...totaling about 1 million dollars. SO...fast forward to today after activing my new Venture card. I wanted to use it right away at a restaurant with a potential client. Capital Grille, 3 miles away from my billing ZIP code. Bam, declined. Then when I called in on the drive home they asked me about 15 different questions regarding my credit profile, including why I applied for so many cards in a short period (apparently they soft pulled me on the spot when I called), I told him I have millions of dollars in net worth and even showed you my W2-G before approval and that I don't need this crap and have no problem canceling the account as I honestly don't need it. This is when the rep got aggressive and told me to fax a copy of my drivers' license and SSN card over. I refused because I already faxed them private income info with my social on it. After requesting to then cancel both accounts the rep refused to and said one of the fraud prevention supervisors will be calling me in 10 minutes which they never even did...

On another note, I have had ZERO issues with Chase and Discover. Chase even gave me their CSP card with a $50,000 limit when I had over 15 inquries on my report (I believe the private client bank manager pushed this through for me however because I have most of my $2.5M inheritance tied up in their accounts). Still, the SAME DAY I got this card I went and charged over $15k at home depot for home improvement purchases and not even a phone call or text about the transaction! what a joke on Cap one's part. Ridiculous fraud prevention measures that are embarassing when trying to check out.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

zerbherb — Fri, 30 Oct 2015 04:20:17 GMT

First world problems? Screw cap one i agree with you.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

lexrjSD — Sat, 31 Oct 2015 00:13:26 GMT

@stonesfan75 wrote:
Hey all, so I was wondering if anyone has had similar issues? I just recently appied for both a Spark Select business for a new business I started last year, and a personal Venture card and received both. The Spark has a $20,000 limit and Venture is $35,000. During the application process i got the 7-10 day message on the Venture, and they requested income verification. That has never happened to me before and i've had cards for over 20 years that are still active and have huge limits. Anywho, ended up faxing them my W2-G from last year that showed I won $750,000 in a scratch off lottery ticket and then another W2 for over 250k from my personal earnings...totaling about 1 million dollars. SO...fast forward to today after activing my new Venture card. I wanted to use it right away at a restaurant with a potential client. Capital Grille, 3 miles away from my billing ZIP code. Bam, declined. Then when I called in on the drive home they asked me about 15 different questions regarding my credit profile, including why I applied for so many cards in a short period (apparently they soft pulled me on the spot when I called), I told him I have millions of dollars in net worth and even showed you my W2-G before approval and that I don't need this crap and have no problem canceling the account as I honestly don't need it. This is when the rep got aggressive and told me to fax a copy of my drivers' license and SSN card over. I refused because I already faxed them private income info with my social on it. After requesting to then cancel both accounts the rep refused to and said one of the fraud prevention supervisors will be calling me in 10 minutes which they never even did...

On another note, I have had ZERO issues with Chase and Discover. Chase even gave me their CSP card with a $50,000 limit when I had over 15 inquries on my report (I believe the private client bank manager pushed this through for me however because I have most of my $2.5M inheritance tied up in their accounts). Still, the SAME DAY I got this card I went and charged over $15k at home depot for home improvement purchases and not even a phone call or text about the transaction! what a joke on Cap one's part. Ridiculous fraud prevention measures that are embarassing when trying to check out.

You def. don't need this sub prime lender, I would close the accounts in a heart beat. I had a problem once and their fraud dept. is a joke, crap one is clueless about customer service, they have been servicing low income ppl for too long.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

Anonymous — Fri, 30 Oct 2015 10:41:14 GMT

I've been down this same road before, but for lesser limits, granted. From a lender's POV, they have more to lose with you and potential fraudulent activity, than they do me, simply because of your high lines of credit. I too am a business man, but I have learned over the years, as I've gotten older, that sugar works better than vinegar. I used to just lash out and get pissed, until I found that they were really trying to protect all involved. Faxing a tax return and W2-G is not identification. I have had to fax my DL and SS card more times than I care to count. You have established some high credit lines, but there are things that can spook lenders. I'm sure this could all be resolved in a few minutes, when you have better time to deal with it. Knowing how things work, I assure you they did not just choose to harass you. That would be extremely dumb on their part.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

UncleB — Fri, 30 Oct 2015 11:10:09 GMT

@Anonymous wrote:
I've been down this same road before, but for lesser limits, granted. From a lender's POV, they have more to lose with you and potential fraudulent activity, than they do me, simply because of your high lines of credit. I too am a business man, but I have learned over the years, as I've gotten older, that sugar works better than vinegar. I used to just lash out and get pissed, until I found that they were really trying to protect all involved. Faxing a tax return and W2-G is not identification. I have had to fax my DL and SS card more times than I care to count. You have established some high credit lines, but there are things that can spook lenders. I'm sure this could all be resolved in a few minutes, when you have better time to deal with it. Knowing how things work, I assure you they did not just choose to harass you. That would be extremely dumb on their part.

From what I recall, nearly every time someone has issues with Capital One and ID verification it's always been when there are two cards approved at the same time. If you look hard enough you will likely find an exception (someone apping for a single card and still having to prove ID) but overwhelmingly it's been limited to folks doing a two-for-one (or since this is Capital One, 'two-for-three'). You'll also find plenty of examples of people that app for two cards and have no problem at all, so it's clearly YMMV.

I'm not defending Capital One... there are definitely better ways to handle this than the way they have treated the OP. However we have to remember that we are a 'special' group of people on myFICO... it's probably not too common for them to get back-to-back applications, especially when one (or both) are approvals for high dollar amounts.

IIRC, the other threads describing this same issue have been folks that are (usually) already established with Capital One, so them already "knowing" a customer doesn't seem to make a difference, at least anecdotally. It appears to be something that those of us considering doing a 'double app' in the future (myself included) will need to keep in mind and be prepared for. At least if we are ready for it, the nuisance factor can be kept to a minimum.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

delaney1 — Fri, 30 Oct 2015 14:07:47 GMT

I have heard of this from others here. Same thing, first use with Venture card. I said if I ever get a Venture, the first purchase will be online, so I don't have have to worry about declines while I'm out.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

JSS3 — Fri, 30 Oct 2015 14:25:54 GMT

Everyone is saying, "Forget Capital One!" and I'm just here like "Why can't I win the lottery????" LOL.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

CreditMagic7 — Fri, 30 Oct 2015 14:29:45 GMT

@delaney1 wrote:
I have heard of this from others here. Same thing, first use with Venture card. I said if I ever get a Venture, the first purchase will be online, so I don't have have to worry about declines while I'm out.

This is somewhat been more common since Capital One started blowing minds by blowing up credit limits, and it will happen so be ready for it when it does.

Back in Feb after getting my first Venture on the very first purchase i experienced the exact same thing. Communicating with that dept. on verification over the phone was a no go so it took a 4 day long process to complete verification (yeah i had all sorts of questions over this) but i simply completed the process and when it was done that was all. No more holds since period.

Also happened with a 2nd Venture Card months later but i was fully expecting it so it didn't come as big as a surprise and the verification went thru like a piece of cake over the phone this time. Just make sure you do your homework because one wrong answer might throw the whole works off and make for an even longer verification.

Yeah i know that it might seem like a hassle (especially after stopping you in your tracks at a POS like that) but they are the ones forking out some very healthy numbers for us to use in credit so they are well within their rights to make sure all verifications match up the way that they expect them too.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

Shooting-For-800 — Fri, 30 Oct 2015 20:47:41 GMT

I was asked a ton of questions when I activated my 5th-7th cards but this was before purchases.

No faxing or anything.

Never had a single issue after activation on any purchase.

I was actually impressed that they were concerned someone was opening so many accounts in my name.

I think the OPs situation is a little different due to the lottery, etc.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

Anonymous — Fri, 30 Oct 2015 21:16:32 GMT

Capital One not used to dealing with someone with your resources. They said holy crap this guy can't be for real.

I bet American Express would be more than accommodating to you.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

Anonymous — Fri, 30 Oct 2015 23:21:30 GMT

@lexrjSD wrote:
@stonesfan75 wrote:
Hey all, so I was wondering if anyone has had similar issues? I just recently appied for both a Spark Select business for a new business I started last year, and a personal Venture card and received both. The Spark has a $20,000 limit and Venture is $35,000. During the application process i got the 7-10 day message on the Venture, and they requested income verification. That has never happened to me before and i've had cards for over 20 years that are still active and have huge limits. Anywho, ended up faxing them my W2-G from last year that showed I won $750,000 in a scratch off lottery ticket and then another W2 for over 250k from my personal earnings...totaling about 1 million dollars. SO...fast forward to today after activing my new Venture card. I wanted to use it right away at a restaurant with a potential client. Capital Grille, 3 miles away from my billing ZIP code. Bam, declined. Then when I called in on the drive home they asked me about 15 different questions regarding my credit profile, including why I applied for so many cards in a short period (apparently they soft pulled me on the spot when I called), I told him I have millions of dollars in net worth and even showed you my W2-G before approval and that I don't need this crap and have no problem canceling the account as I honestly don't need it. This is when the rep got aggressive and told me to fax a copy of my drivers' license and SSN card over. I refused because I already faxed them private income info with my social on it. After requesting to then cancel both accounts the rep refused to and said one of the fraud prevention supervisors will be calling me in 10 minutes which they never even did...

On another note, I have had ZERO issues with Chase and Discover. Chase even gave me their CSP card with a $50,000 limit when I had over 15 inquries on my report (I believe the private client bank manager pushed this through for me however because I have most of my $2.5M inheritance tied up in their accounts). Still, the SAME DAY I got this card I went and charged over $15k at home depot for home improvement purchases and not even a phone call or text about the transaction! what a joke on Cap one's part. Ridiculous fraud prevention measures that are embarassing when trying to check out.
F*&K crap one! You def. don't need this sub prime lender, I would close the accounts in a heart beat. I had a problem once and their fraud dept. is a joke, crap one is clueless about customer service, they have been servicing low income ppl for too long.

Is that a subtle bash of low income people? On a side note, I am a graduate student with income of 36K, have a 10K Venture and 50K in total credit. And I have never been questioned about Cap1 on anything. In fact, I called them several months ago re: an upcoming car repair bill of $2,900 to put on my Venture and they said go ahead, no problem but drive safely!

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

woodyman100 — Sat, 31 Oct 2015 00:01:41 GMT

something seems a bit off here...

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

taxi818 — Sat, 31 Oct 2015 00:07:24 GMT

i dont see how a 35k card is subprime but whatever. of course its their money. not the money you won or earn. so they simply want verification. id or otherwise. not sure why you would get bent. simply take out another card. pay for your meal and move on. When you get home sort it out. calling and yelling at a rep does nothing. Most banks could care less about your accounts with other banks. they are only concerned with their card that you have. regardless of your total income. I can't go to the grocery store and say i will pay you later. i just don't get it. sorry you were declined. this happens every day. but not the end of the world. hence. Credit card diversity which you appearantly already have. if not plenty of cash. Just my 2cents.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

CreditMagic7 — Sat, 31 Oct 2015 00:09:47 GMT

As far as i'm concerned it's simply a normal routine procedure that shouldn't be any issue at all except for the initial interruption at a POS due to a hold. You can always complete the transaction with one of their competitors and use other CC's until that verification ordeal completes, and it will complete. Then you likely won't have to go thru it again unless of course it's another new Capital One card maybe.

Like i said, i went thru this twice with both newly approved Capital One cards so i come to expect it with new ones or they might not bother at all next time.

It will catch the unsuspecting off guard though and you'll be like, WHAT????

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

gdale6 — Sat, 31 Oct 2015 00:17:57 GMT

@stonesfan75 wrote:
Hey all, so I was wondering if anyone has had similar issues? I just recently appied for both a Spark Select business for a new business I started last year, and a personal Venture card and received both. The Spark has a $20,000 limit and Venture is $35,000. During the application process i got the 7-10 day message on the Venture, and they requested income verification. That has never happened to me before and i've had cards for over 20 years that are still active and have huge limits. Anywho, ended up faxing them my W2-G from last year that showed I won $750,000 in a scratch off lottery ticket and then another W2 for over 250k from my personal earnings...totaling about 1 million dollars. SO...fast forward to today after activing my new Venture card. I wanted to use it right away at a restaurant with a potential client. Capital Grille, 3 miles away from my billing ZIP code. Bam, declined. Then when I called in on the drive home they asked me about 15 different questions regarding my credit profile, including why I applied for so many cards in a short period (apparently they soft pulled me on the spot when I called), I told him I have millions of dollars in net worth and even showed you my W2-G before approval and that I don't need this crap and have no problem canceling the account as I honestly don't need it. This is when the rep got aggressive and told me to fax a copy of my drivers' license and SSN card over. I refused because I already faxed them private income info with my social on it. After requesting to then cancel both accounts the rep refused to and said one of the fraud prevention supervisors will be calling me in 10 minutes which they never even did...

On another note, I have had ZERO issues with Chase and Discover. Chase even gave me their CSP card with a $50,000 limit when I had over 15 inquries on my report (I believe the private client bank manager pushed this through for me however because I have most of my $2.5M inheritance tied up in their accounts). Still, the SAME DAY I got this card I went and charged over $15k at home depot for home improvement purchases and not even a phone call or text about the transaction! what a joke on Cap one's part. Ridiculous fraud prevention measures that are embarassing when trying to check out.

I would be emailing the EO on this one with request for intervention

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

Anonymous — Sat, 31 Oct 2015 01:10:15 GMT

Interesting thread.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

happypill — Sat, 31 Oct 2015 02:01:40 GMT

I don't know anything about this specific situation or borrower, but I do know that Capital One is generally very consistent with approvals once they learn your spending patterns. Many myFICO members mention that they carry a Cap One card as a backup in case they face any shenanigans with other cards being declined at POS, and Cap One is probably the least likely of the major lenders to take AA.

If I had to sepculate, I'd guess that the key factor in this situation was that it was the first purchase. Once they learn your spending pattern they will be ultra-reliable, but they need a chance to learn.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

Anonymous — Sat, 31 Oct 2015 02:29:14 GMT

uh..I can't past the winning 750k from a scratch ticket?!

I work but also have an annuity trust not that huge but it's there. I had a decline a few months back ... I was apping so much I don't remember which bank.. anyway they didn't accept both incomes, I was told I had to 'pick one' for the recon process which is pure BS because the trust is more solid than working income. This was an outsourced rep., with that awful fake American accent. I didn't take it any further than that but I probably should have.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

Anonymous — Sat, 31 Oct 2015 02:42:13 GMT

@JSS3 wrote:
Everyone is saying, "Forget Capital One!" and I'm just here like "Why can't I win the lottery????" LOL.

I just lost my sh&*^% literally reading this INTERNET HIGH FIVE

It's been said before, YMMV and this forum along with few others, I believe makes up only 15% of the credit card uses out there. We know the tricks and share them. Also, Cap1 is dumbfounded with a good salary and someone who HAS a massive savings to back it up. Imagine here some dolt, "But..but..most of our clients make 50K a year and don't even have a savings account more than $2000!" Guffah. Guffah. Conspiracy theorist, tis I. I believe they judge our apps questionably.

If you're torn, if I was you, besides the daydreams of winning more than $200, (fact, that happened) I would either rage quit Cap1 and let them kiss my brown sphincter while I close their cards and continue my relationship with Chase who has $$ eyes when they look at me OR...

Edit:

~~Submit the documents in question begrudgonly and tread lightly~~

Concur with Gdale, contact EO.

Re: Cap One froze brand new Venture card on literally first $90 purchase. What gives?

Vegas4Play — Sat, 31 Oct 2015 07:25:47 GMT

@UncleB wrote:
@Anonymous wrote:
I've been down this same road before, but for lesser limits, granted. From a lender's POV, they have more to lose with you and potential fraudulent activity, than they do me, simply because of your high lines of credit. I too am a business man, but I have learned over the years, as I've gotten older, that sugar works better than vinegar. I used to just lash out and get pissed, until I found that they were really trying to protect all involved. Faxing a tax return and W2-G is not identification. I have had to fax my DL and SS card more times than I care to count. You have established some high credit lines, but there are things that can spook lenders. I'm sure this could all be resolved in a few minutes, when you have better time to deal with it. Knowing how things work, I assure you they did not just choose to harass you. That would be extremely dumb on their part.
+1

From what I recall, nearly every time someone has issues with Capital One and ID verification it's always been when there are two cards approved at the same time. If you look hard enough you will likely find an exception (someone apping for a single card and still having to prove ID) but overwhelmingly it's been limited to folks doing a two-for-one (or since this is Capital One, 'two-for-three'). You'll also find plenty of examples of people that app for two cards and have no problem at all, so it's clearly YMMV.

I'm not defending Capital One... there are definitely better ways to handle this than the way they have treated the OP. However we have to remember that we are a 'special' group of people on myFICO... it's probably not too common for them to get back-to-back applications, especially when one (or both) are approvals for high dollar amounts.

IIRC, the other threads describing this same issue have been folks that are (usually) already established with Capital One, so them already "knowing" a customer doesn't seem to make a difference, at least anecdotally. It appears to be something that those of us considering doing a 'double app' in the future (myself included) will need to keep in mind and be prepared for. At least if we are ready for it, the nuisance factor can be kept to a minimum.

DH and I both got 2 for 3's for cap1........ventures and quicksilvers DH got his cards in the mail and then could not activate them until he called in to verify it was him and that he did two app's lots of ID questions blah blah blah.....I however did not receive my cards in the mail right away, they were added to my cap1 account onlione showing last four numbers and limits but were suspended online. They sent me an email to call and then called me from fraud department. I did get my cards mailed a week later. I had a previous relationship with them for 3 years.....I think they just want to make sure you are you before they send out big limit cards.

I do agree they could have handled your situation better than they did.