topic Re: Capital One (Income verification?) in Credit Cards

Capital One (Income verification?)

JustJen — Mon, 30 Dec 2013 16:24:53 GMT

Even though they never increase my CL, even when I tried through the executive office...it's been awhile so I figured I would try hitting the button on the website. I got the dreaded you'll receive a response in the mail so I just figured it was another denial. I almost didn't even open the letter once it arrived, but it turns out it was a request for income verification from them via USPS before they will make a final decision. Anyone else ever had to do this with capital one? If so, what were the results?

Re: Capital One (Income verification?)

Exonumist — Mon, 30 Dec 2013 16:56:15 GMT

That's the first time I've heard of it from Cap1.

Re: Capital One (Income verification?)

DavidZeng — Mon, 30 Dec 2013 17:22:11 GMT

I applied for their credit card online last month, they send a mail to ask for tax return.

Re: Capital One (Income verification?)

FinStar — Mon, 30 Dec 2013 19:38:32 GMT

Yes, although it may sounds surprising from Capital One, but they can request income information like any other lender.

Re: Capital One (Income verification?)

09Lexie — Mon, 30 Dec 2013 19:40:13 GMT

When my DD apped, they asked for income/tax returns. She's a grad student and her income is from being a paid intern

Re: Capital One (Income verification?)

JustJen — Mon, 30 Dec 2013 19:53:15 GMT

For those of you who had to provide income information, or know of someone who did, what was the result of this?

My Cap1 cards are my lowest limits that I opened while in grad school and they have never grown so a CLI of any kind would be great. I'm hoping that they just don't make me go this extra little step only to still say no!

Re: Capital One (Income verification?)

youngandcreditwrthy — Mon, 30 Dec 2013 19:55:09 GMT

They did it to my mom once for a crappy little $500 card. Hah.

Re: Capital One (Income verification?)

09Lexie — Mon, 30 Dec 2013 19:58:26 GMT

@JustJen wrote:
For those of you who had to provide income information, or know of someone who did, what was the result of this?

My Cap1 cards are my lowest limits that I opened while in grad school and they have never grown so a CLI of any kind would be great. I'm hoping that they just don't make me go this extra little step only to still say no!

My DD has received CLI's without asking and/or going the EO route. She started out at $1500 and a year later she's at $4500

Re: Capital One (Income verification?)

dap1984va — Mon, 30 Dec 2013 20:41:16 GMT

I would weight the pros and cons of sending in income verificaiton. ..You already took the hard pull, take that into consideration.. You can scroll through the forums for ~~3 years~~ 4 years and see the small starting limits Capital One is known for..even with "good scores". Some have had success.. but from reading and personal experience, the ones that have started Below $1,200 outweight the ones that did not by a lonnngg shot. Think about the HP for the most part.

Re: Capital One (Income verification?)

SanFranPzykho — Mon, 30 Dec 2013 23:33:16 GMT

@youngandcreditwrthy wrote:
They did it to my mom once for a crappy little $500 card. Hah.

I did apply on September they ask for the income/tax return, I sent it and the applications was approved for $500

Re: Capital One (Income verification?)

roniram — Tue, 31 Dec 2013 00:54:10 GMT

I had an old Orchard Bank card that had a $600 limit and I obtained a new Cap One card (credit builder) in June of this year with a $400 limit. In September, I asked for an increase online - and got denied. Went through the EO, and asked for $5K on each, and QS upgrades. They asked for income verification, and increased both cards to $1000. Hey, its was a start. Later on, they increased the credit builder card to $1,500. So, it can work. I'm gardening, and next year, I'm going to see if I can get a little closer to that 5K limit.

Re: Capital One (Income verification?)

indiolatino61 — Tue, 31 Dec 2013 04:11:11 GMT

@JustJen wrote:
Even though they never increase my CL, even when I tried through the executive office...it's been awhile so I figured I would try hitting the button on the website. I got the dreaded you'll receive a response in the mail so I just figured it was another denial. I almost didn't even open the letter once it arrived, but it turns out it was a request for income verification from them via USPS before they will make a final decision. Anyone else ever had to do this with capital one? If so, what were the results?

I've read about this happening to students on another forum...are you a student?

Re: Capital One (Income verification?)

dallasjetfan — Tue, 31 Dec 2013 13:22:15 GMT

I have never had a CCC ask for income verification. I have 7 CC's and for all they know I make $500/year. Yet, they still give me CLI's when I put in how much I make.

Re: Capital One (Income verification?)

dallasjetfan — Tue, 31 Dec 2013 13:31:30 GMT

With that said, when a CCC asks for my tax returns, I will be closing that account. None of their business.

Re: Capital One (Income verification?)

takeshi74 — Tue, 31 Dec 2013 13:41:52 GMT

@JustJen wrote:
Anyone else ever had to do this with capital one? If so, what were the results?

Income verification is something that any creditor can request. Results will vary as everyone's credit and income are not the same.

@dallasjetfan wrote:
With that said, when a CCC asks for my tax returns, I will be closing that account. None of their business.

A borrower's income is certainly a creditor's business -- especially when a creditor suspects that a borrower may be exceeding whatever threshold they've established for underwriting and needs to validate that the borrower does have the stated income. That said, it's your call whether or not you want to comply with an income verfication that requires tax transcripts as evidence.

Re: Capital One (Income verification?)

JustJen — Tue, 31 Dec 2013 15:16:39 GMT

Can't remember who asked...but no I'm not a student. I believe at the time I first got the card I was either in grad school or just finished. Either way at the time I didn't have a very high income at the time and admittedly this cap1 card was my first after being irresponsible with credit in my late teens, so I'm sure it's probably their rebuilder card.

It's my oldest card so even though the limit is paltry I leave it open...lol hoping one day it will increase. I have two with them...and by the looks of it the other has been converted to the Quicksilver card (still a low limit, but higher than the one the CLI is in for).

Re: Capital One (Income verification?)

FinStar — Wed, 01 Jan 2014 20:02:27 GMT

@takeshi74 wrote:
@JustJen wrote:
Anyone else ever had to do this with capital one? If so, what were the results?
Income verification is something that any creditor can request. Results will vary as everyone's credit and income are not the same.

@dallasjetfan wrote:
With that said, when a CCC asks for my tax returns, I will be closing that account. None of their business.
A borrower's income is certainly a creditor's business -- especially when a creditor suspects that a borrower may be exceeding whatever threshold they've established for underwriting and needs to validate that the borrower does have the stated income. That said, it's your call whether or not you want to comply with an income verfication that requires tax transcripts as evidence.

Re: Capital One (Income verification?)

Anonymous — Wed, 01 Jan 2014 20:19:33 GMT

@JustJen wrote:
Even though they never increase my CL, even when I tried through the executive office...it's been awhile so I figured I would try hitting the button on the website. I got the dreaded you'll receive a response in the mail so I just figured it was another denial. I almost didn't even open the letter once it arrived, but it turns out it was a request for income verification from them via USPS before they will make a final decision. Anyone else ever had to do this with capital one? If so, what were the results?

Yes. When I talked to them about a CLI they sent me the forum requesting my proof of income. I ended up getting an increase of $150. To be fair, I got an increase of $100 a week or so (more or less) before I decided to contact the EO.

That all being said, after I sent in those documents, received the increase of $150 and stewed a while.. I paid off both of my cap 1 accounts completely to zero and emailed the EO again. I got a call from a new person, a gentleman, and then managed to get another $750. So after the button pressing gave me $100, $150 from the first EO and my talk with the second EO, my account went from $750 to $1750 in about a month to 6 ish weeks.

Re: Capital One (Income verification?)

Anonymous — Wed, 01 Jan 2014 20:24:43 GMT

PS- I will be contacting them again in June for another increase. They are incredibly nice in the EO department, and I think my card will continue to grow with me if I use them and if I keep my balances low. I don't blame them really for the $150 increase, and requesting the income proof. I carried balances for basically the entire two years I've had my accounts, and never actually PIF'd them til recently as I didn't realize what an impact it had on my scores and their wanting to give me CLIs. I usually had my utilization at 60-98%.. and understandably, they didn't like that.

Re: Capital One (Income verification?)

SunriseEarth — Sun, 02 Mar 2014 08:11:08 GMT

@JustJen wrote:
Even though they never increase my CL, even when I tried through the executive office...it's been awhile so I figured I would try hitting the button on the website. I got the dreaded you'll receive a response in the mail so I just figured it was another denial. I almost didn't even open the letter once it arrived, but it turns out it was a request for income verification from them via USPS before they will make a final decision. Anyone else ever had to do this with capital one? If so, what were the results?

I just received this letter. I requested a CLI through the EO...figured I'd request 3x my current CL. I received a letter asking for income verification. I will get a recent earning statement when I return to work on Monday and fax to them. Wish me luck!