Cap1 CLI Request - Income Verification

[Anonymous]

Hey everyone,

July 29th was my 6-month mark from my last CLI on my Cap1 QSMC.  So like clockwork, I logged in, typed in the requested information.  I put student for employment status.  I'm going to school full time for graduate school.  In addition to that I was medically retired from the Army last year and I was awarded a 100% Permanent and Total Disability rating from the VA.  When it came to income, I listed my VA disability benefits, my VA Voc Rehab (how I'm going to school) stipend, and my wife's paycheck.  Luckily this number matches last year's taxes too, which makes verification a lot easier if they'll accept last year's tax return.

All added together, it works out to about $75k combined.  Even though it's not a joint application, I still list joint income.  I could just list my VA benefits but again I'm covered since our 1040 for last year is that amount.

Not surprisingly, Cap1 saw a student list 75k of income and was probably like, umm yeah, we're gonna need to see some proof.  I got the 7-10 day message, not the normal message I've been getting when I requested a CLI too early, but a slightly different one.  I logged into my account today and check the Documents section and sure enough, there's a document requesting proof of income.  I don't blame them one bit lol.  I downloaded a copy of our 1040 from TurboTax and faxed it off to them this morning.

Has anyone gone through the income verification for Cap1?  I've read it's increasingly more common, I'm surprised AMEX didn't do the same thing in June when I did my 3x CLI.  

And for anyone who is curious about the account it is two years old.  It was originally a Platinum MC (no annual fee) that was in their credit steps program.  My SL was $1000 and got bumped to $1500 after completing the Credit Steps.  Jan 2015 was my first successful CLI on the account, I was granted a 3k CLI ($1500 -> $4500) and then converted the account from a No-AF Plat MC to a No-AF QSMC (it's still a platinum) but I plan on calling EO soon to see if they'll convert it into a WEMC or a WMC.  I tried earlier with the WEMC/WMC conversion, but the EO rep I spoke with said my conversion from a Plat to the QS counted as an upgrade, and even EO can only upgrade once every six months.  The rep I spoke with was super friendly.  I originally contacted them through the CEO email trick and she called back a couple weeks later.  She left me their number, which I'll have to find and give them a call soon.  We moved back in June and are currently in an extended stay hotel until we finish our house hunting, so finding it should be super fun... 

I'll stop blabbing now.  Anyway, just wanted to share my experience and as always I'll keep everyone posted.  Thanks for reading...

Oz

[Pway]

I can see how this situation raised flags with capital one.  75k income and you are a student.  I understand that is the household income but stating that you are a student as well would of done it for me too.  What was the outcome?  Was you granted the increase?

[CreditCuriosity]

You should be good to go and ya probably just covering their behinds..  Best of luck, let us know how the CLI turns out... Everything seems to be in order so guessing you will receive it

[Anonymous]

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@Pway wrote:

I can see how this situation raised flags with capital one.  75k income and you are a student.  I understand that is the household income but stating that you are a student as well would of done it for me too.  What was the outcome?  Was you granted the increase?

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I posted on the smorgasbord or whatever it's called asking for advice on what to put in employment status when it comes to future credit card applications or CLI requests.  Technically I am retired since I was medically retired from the Army last year.  I have a retired military ID card and everything.  I am also a student since I'm attending graduate school full time.  What gets tricky is my income, my benefits from the VA (with my school stipend) is pretty significant and they're also for life.  It was easy when I was working full-time, I just put down employed and listed all of my income from the job, VA disability benefits, and VA Voc Rehab stipend.

It was recommended on that post that I just put student, especially since I have letters from the VA I could send to my card holders if they needed income proof.  My concern was I might get baby limits, or pigeon holed into a student track credit card if they took that into consideration.

No outcome yet on the increase, I faxed in the documents shortly before creating the post, but I'll post as soon as I hear back from Cap1.

Thanks,

Oz

[Anonymous]

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@CreditCuriousity wrote:

You should be good to go and ya probably just covering their behinds..  Best of luck, let us know how the CLI turns out... Everything seems to be in order so guessing you will receive it

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Yeah, I guess it's the same situation as I went through with my Marriott card.  I figured if they wanted to decline the CLI they would have already and not gone through the process of requesting and then reviewing my income status.  Maybe I'm just being optimistic, but I'm hoping the income review is because they want to give me a HUGE CLI.  Otherwise, maybe they would have just given me a grand or two and let things be.  

I'm hoping for a decent CLI, certainly wouldn't complain for another 3x CLI lol, but anything north of a grand or two and I'll be content.  I'm more excited about them converting it into a WEMC/WMC, to be honest, lol.  It's the little things that keep you sane in the garden.  

Once we close on the house I'll have a nice little app spree, starting with a Sallie Mae card since my TU will look nice, no INQs in 6+ months and a lot of derogs have fallen off since being approved for the Apple card.  Plus I'll have some established history/foot in the door with Barclays.  I'll also probably add in a Lowe's card and even considering a Security Service FCU Power Travel Rewards WMC (geebus that's a mouth-full).  I'm still undecided if I should go with SSFCU for a dining card, or stick with Chase and go with their AARP card.  I figure take advantage of SSFCU since we live in Colorado now and 3.1% (3% with a 10% annual bonus) is pretty nice  I guess it'd just depend on what SLs I can get.  I'm guessing since it's a WMC it'll be 5k starting.  The income requirement assuming they accept our 1040 shouldn't be a problem either... 

Oz 

[SunriseEarth]

I had to do it once.  I had contacted the EO for a manual review, since my CL at the time was $650.   They requested income verification, so I faxed in paycheck stubs.   They moved me up to $1000.   My next CLI went through the LUV button without issue from $1K to $4K.  

[Anonymous]

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@SunriseEarth wrote:

I had to do it once.  I had contacted the EO for a manual review, since my CL at the time was $650.   They requested income verification, so I faxed in paycheck stubs.   They moved me up to $1000.   My next CLI went through the LUV button without issue from $1K to $4K.  

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Do you remember the timeframe that everything took?

Thanks,

Oz

[Pway]

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@Anonymous wrote:

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@Pway wrote:

I can see how this situation raised flags with capital one.  75k income and you are a student.  I understand that is the household income but stating that you are a student as well would of done it for me too.  What was the outcome?  Was you granted the increase?

---

I posted on the smorgasbord or whatever it's called asking for advice on what to put in employment status when it comes to future credit card applications or CLI requests.  Technically I am retired since I was medically retired from the Army last year.  I have a retired military ID card and everything.  I am also a student since I'm attending graduate school full time.  What gets tricky is my income, my benefits from the VA (with my school stipend) is pretty significant and they're also for life.  It was easy when I was working full-time, I just put down employed and listed all of my income from the job, VA disability benefits, and VA Voc Rehab stipend.

It was recommended on that post that I just put student, especially since I have letters from the VA I could send to my card holders if they needed income proof.  My concern was I might get baby limits, or pigeon holed into a student track credit card if they took that into consideration.

No outcome yet on the increase, I faxed in the documents shortly before creating the post, but I'll post as soon as I hear back from Cap1.

Thanks,

Oz

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I understand.