topic Re: Cap 1 asked for income verification in Credit Cards

Cap 1 asked for income verification

Anonymous — Thu, 02 Jun 2016 16:52:15 GMT

My wife just an email from cap 1 asking to verify income for future cli. This was out of the blue. She recently paid the card off so not sure if this triggered the email.

I was thinking of asking for a cli anyway and she just got a pre-approval for a qs. What should we do? Reqeust a cli or wait for them?

Re: Cap 1 asked for income verification

Anonymous — Thu, 02 Jun 2016 17:17:44 GMT

That's strange they're asking for income verification out of the blue. Did she request a CLI recently? How long has she had the Cap1 card?

Re: Cap 1 asked for income verification

Anonymous — Thu, 02 Jun 2016 17:23:31 GMT

Had the card since 07'. Never late and now zero back. $2k limit

Re: Cap 1 asked for income verification

Creditplz — Thu, 02 Jun 2016 17:24:16 GMT

Just send your income to them? Or 4506-T??

Re: Cap 1 asked for income verification

Anonymous — Thu, 02 Jun 2016 17:31:05 GMT

We did. They just asked for the updated income number. No 4506

Re: Cap 1 asked for income verification

Anonymous — Thu, 02 Jun 2016 17:36:17 GMT

@Anonymous wrote:
Had the card since 07'. Never late and now zero back. $2k limit

Wow that's crazy. I would just have her send whatever they require (with Cap1 it's usually paystub, w2, or bank statements) and then wait until you know for sure they have processed it, and then ask for a CLI - maybe they'll give her a decent one with POI.

Re: Cap 1 asked for income verification

Anonymous — Thu, 02 Jun 2016 17:36:51 GMT

She's got great 6 figure with zero cc balances.

Re: Cap 1 asked for income verification

Anonymous — Thu, 02 Jun 2016 17:37:51 GMT

@Anonymous wrote:
We did. They just asked for the updated income number. No 4506

Wait, all they're asking for is for you to tell them the amount of her income? If so, that's not income verification - they simply want to know what her income is today (i.e. update income).

Re: Cap 1 asked for income verification

thummel — Thu, 02 Jun 2016 17:40:57 GMT

They did the same thing to me when I opened my platnium card back a few years ago. They soon after gave me an auto cli. Hope this helps as you might get an auto increase.

Re: Cap 1 asked for income verification

Anonymous — Thu, 02 Jun 2016 17:48:32 GMT

Just verified with her. It was an email that only asked for her updated income which they use for future cli's.

Hopefully she'll get something soon. I wonder how soon we should start checking.

Re: Cap 1 asked for income verification

Anonymous — Thu, 02 Jun 2016 17:55:58 GMT

At least some issuers claim that they legally need this information once a year (perhaps as part of Know Your Customer and/or CARD act provisions). Since it is self-reported, I find this a little strange but no great effort.

On another front, Barclays banking group claims they sent an email requesting confirmation of SSN/cell phone/email and as they didn't get it in time, blocked deposits to the account. They also told me that all banks need to do this now. But.... haven't heard this from others!

Re: Cap 1 asked for income verification

Anonymous — Thu, 02 Jun 2016 17:56:36 GMT

@Anonymous wrote:
Just verified with her. It was an email that only asked for her updated income which they use for future cli's.

Hopefully she'll get something soon. I wonder how soon we should start checking.

That sounds like a good sign that she will be getting a CLI soon, so why not go ahead and request one online because it will ask for her income there too. Good luck!

Re: Cap 1 asked for income verification

UncleB — Thu, 02 Jun 2016 21:01:32 GMT

If all they did was ask for DW to restate her income on the website, that's not verification. Verification is a VERY different beast - just ask anybody who's been through it.

I've been asked more than once to re-enter my income, especially on Synchrony sites. This is advangeous to both them and you... if you're making more money than you once did they want to know so they can make sure your credit limit is still sufficient for your needs. If not you can simply confirm the number they already have, no harm no foul.

Re: Cap 1 asked for income verification

RonM21 — Sun, 05 Jun 2016 15:07:22 GMT

Hopefully an increase is soon to come now!

Re: Cap 1 asked for income verification

Anonymous — Wed, 15 Jun 2016 01:54:16 GMT

No increase yet, want to hit the luv button but keep hoping they will just do it. Thoughts?

Re: Cap 1 asked for income verification

Anonymous — Wed, 15 Jun 2016 05:01:34 GMT

Surprise they just asked u to "update income" when I asked for a CLI I had to send in POI. So I sent in paycheck stub for 2 months and after they got they sent me an email they reviewing. Within 2 days I got increase

Re: Cap 1 asked for income verification

Anonymous — Sat, 18 Jun 2016 18:01:39 GMT

So cap 1 never gave an auto cli, so she got on today and hit the luv button. Got a 10 message that analyst will review account and wait for an email. Shes got a $2k balance, 6 figure income and has recently paid off all credit cards and 3 medical collections. Ex score is currently 719, up from 670ntwo weeks ago and 592 back in feb.

Any thought on this message?

Re: Cap 1 asked for income verification

Anonymous — Sat, 18 Jun 2016 19:16:03 GMT

@Anonymous wrote:
So cap 1 never gave an auto cli, so she got on today and hit the luv button. Got a 10 message that analyst will review account and wait for an email. Shes got a $2k balance, 6 figure income and has recently paid off all credit cards and 3 medical collections. Ex score is currently 719, up from 670ntwo weeks ago and 592 back in feb.

Any thought on this message?

For starters, stop pressing the luv button. Cap1 has it's own credit tracking system now called CreditWise. Has your wife logged into it lately and checked to see if her balances have been updated? DH recently applied for Venture & was approved but the score they provided on the paper work is not a FICO 8 score. Maybe they have started using another score and it's not the same as your wife's Experian score listed above.

Be patient and wait for a response. If she has signed up to receive documents electronically, they will provide an explanation online. I'm not a big proponent of always pressing the luv button anyway (general comment, not specific to your situation).

I was reading a thread last night and someone made a good observation. The person stated it wouldn't be difficult for creditors to track the things we do with our accounts (paraphrasing, of course). I agree. They've been doing it for years. It used to come in the form of a CSR documenting our accounts each time we called in. Now, I'm sure it's more automated since there are many things we can do without ever having to speak with someone.

Best of luck to DW! I hope her CLI request yields a positive result.

Re: Cap 1 asked for income verification

Imperfectfuture — Sat, 18 Jun 2016 19:56:55 GMT

@beautifulblaquepearl wrote:
@Anonymous wrote:
So cap 1 never gave an auto cli, so she got on today and hit the luv button. Got a 10 message that analyst will review account and wait for an email. Shes got a $2k balance, 6 figure income and has recently paid off all credit cards and 3 medical collections. Ex score is currently 719, up from 670ntwo weeks ago and 592 back in feb.

Any thought on this message?
For starters, stop pressing the luv button. Cap1 has it's own credit tracking system now called CreditWise. Has your wife logged into it lately and checked to see if her balances have been updated? DH recently applied for Venture & was approved but the score they provided on the paper work is not a FICO 8 score. Maybe they have started using another score and it's not the same as your wife's Experian score listed above.

Be patient and wait for a response. If she has signed up to receive documents electronically, they will provide an explanation online. I'm not a big proponent of always pressing the luv button anyway (general comment, not specific to your situation).

I was reading a thread last night and someone made a good observation. The person stated it wouldn't be difficult for creditors to track the things we do with our accounts (paraphrasing, of course). I agree. They've been doing it for years. It used to come in the form of a CSR documenting our accounts each time we called in. Now, I'm sure it's more automated since there are many things we can do without ever having to speak with someone.

Best of luck to DW! I hope her CLI request yields a positive result.

Hitting the luv button does not cause problems, especially with cap one. Credit wise has nothing to do with the score cap one uses, believe it's EQ 5 (same as mortgage score). Just an FYI.

Re: Cap 1 asked for income verification

Anonymous — Sat, 18 Jun 2016 20:42:04 GMT

@Anonymous wrote:
@Anonymous wrote:
We did. They just asked for the updated income number. No 4506
Wait, all they're asking for is for you to tell them the amount of her income? If so, that's not income verification - they simply want to know what her income is today (i.e. update income).

Yeah, I got that at least once (quite recently, I think they asked for me to update my income when I logged onto my acct). It's not income verification as much as they want to ensure they have accurate and updated information.