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Why did Capital One approval amount change?

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StartingOver7
Valued Member

Why did Capital One approval amount change?

I'm hoping someone can help me understand.  I was approved for up to $30,250.  Shortly after I uploaded my income documents it changed to only $17,200.  My reported income is accurate, however, the only thing I can think of that may have triggered the decrease is that I was recently promoted with a large salary increase that does not reflect on my YTD.  I did include the offer letter to support this (and per their requirements, I have already begun that job and have received a paycheck at that salary). 

 

Customer service is closed right now, but does anyone think that after calling them tomorrow and explaining this that they may change my approval amount back to the higher $$?  I had already picked out a vehicle and now I'm pretty bummed. Smiley Sad

Message 1 of 4
3 REPLIES 3
SamsungHDTV
Established Contributor

Re: Why did Capital One approval amount change?

I think your reason is correct. They might not be giving you credit for the higher salary. Perhaps the underwriter overlooked the letter of explanation. It could also be something else. Let us know what they say when you call. Also, you could try another lender if you don't get a positive response.

Message 2 of 4
Anonymous
Not applicable

Re: Why did Capital One approval amount change?


@SamsungHDTV wrote:

I think your reason is correct. They might not be giving you credit for the higher salary. Perhaps the underwriter overlooked the letter of explanation. It could also be something else. Let us know what they say when you call. Also, you could try another lender if you don't get a positive response.


I agree with this ^^^^^... Do let us know what the reason is  when you call...

Message 3 of 4
StartingOver7
Valued Member

Re: Why did Capital One approval amount change?

Update:

 

The issue was with my offer letter.  They ended up fixing it and even raising the limit a bit higher than the original amount, but I was approved at a local CU for a lower rate, so I went with them instead (I posted about it in another topic).

Message 4 of 4
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