CFU 7-10 days message...what next?

[Anonymous]

Oh ok! So i should just wait for the letter then and hold off on calling - thanks! 

[Remedios]

@Anonymous  what makes you think Chase wants to verify income? 

[Anonymous]

My advice is to proceed very carefully... a college student claiming $40K in annual income could possibly be subjected to addtional scrutiny by a lender like Chase.  Much of what you can claim as income is predicated on whether you are over the age of 21.  Every so often I notice that some commenters here - especially college students - try to bend the rules in their favor (this is a general observation; I'm not accusing you of this) but it very much depends on the extent to which a particular lender complies with the applicable law.

I would strongly suggest you read the CFPB's Regulation Z; and especially the section titled "Official interpretation of 51(a)(1)(i) Consideration of Ability to Pay" which falls under Subpart G - Special Rules Applicable to Credit Card Accounts and Open-End Credit Offered to College Students § 1026.51–§ 1026.61.  This will also address the question you asked in another thread about income verification by Chase.

[Anonymous]

Yeah that’s what I’m thinking too, my “income” comes from the advice ive found on this site. $23k allowance and $18k scholarships count as income and they aren’t taxable either. I do have a job but it pays like $2k max/year

[Anonymous]

I got the 7-10 day automated response which is probably a denial, but I’ve read that it’s due to them wanting to verify income for people under 21 (which I am). Could be either or both, waiting for my mail to recon.

[coldfusion]

---

@Anonymous wrote:
I got the 7-10 day automated response which is probably a denial, but I’ve read that it’s due to them wanting to verify income for people under 21 (which I am). Could be either or both, waiting for my mail to recon.

---

It could be a denial or it could be any of a number of different things they want to verify including verification that it was really you that applied.

In your particular case I would suggest that you do wait for the letter before attempting recon.

[Anonymous]

**small UPDATE**

The fraud department just sent me a letter via my Chase statements that they need me to call and verify, hopefully its not a denial....

[Anonymous]

Update: I GOT APPROVED! Got a verification letter, called and received the decision over the phone! CL of $3300 which I’m surprised bc of my income. Ty for the advice tho guys!

[CreditCuriosity]

Congrats on your approval OP.  locking thread as your issue has been addressed, but feel free to create a thread in the approval section if you would like to share anything such as data points, etc..