Capital One Quicksilver Application -Pending Income Verification and Tax Document Request

[Anonymous]

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@Horseshoez wrote:

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@FinStar wrote:

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@Horseshoez wrote:

I find this whole tax form/POI request thing bizarre, if anything, I should think I would have been tasked with providing proofs of my income when I applied last year following my Chapter 13 discharge and not somone like @Anonymous, however, I was instantly approved and got my card ten days later.  My wife, who has a Chapter 7 on her record, just applied for a Quicksilver card two weeks ago and was also instantly approved with no proofs asked for.

I genuinely do not understand the logic behind asking someone with a stellar credit history for proof while someone like me is ushered through the system without a hitch.

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You'll be surprised what lenders know behind the scenes and the amount of information they have access to (outside of just CRA data).  It's not really about logic, it's a very complex algorithm engine powered by AI that knows what to look for.

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Well..., maybe...

I work for a large financial institution (not in banking or credit) and am the chief architect for one of their AI departments; connecting the dots between not asking me for POI and yet asking @Anonymous is a bit of a reach.

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Actually I can easily see how this happened. 

"I'm currently staying at home while my spouse"

Sounds to me like for some reason they couldn't tie OP to their spouse's income. Not the first time I have heard of this happening with a lender (although it's the first time I have heard of it with Capital One - POI requests seem to actually be quite rare from them). 

Sorry that this happened to you, @Anonymous  - I would be surprised if Capital One budges on what they will accept since they're pretty much directed by the computer. I would normally recommend Discover but they started the whole "we want a 4506-T from everyone, even if the card is secured" trend anyway. Your best bet would be to have your spouse open a new account and make you an authorized user IMO. If this happened with Capital One, it can happen with other lenders too. 

[Horseshoez]

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@4sallypat wrote:

You can do a lot better without Cap 1 - I have not enjoyed their product because I have never been able to get a CLI over the 10 years I have had their card....  Still the same lowly SL.....

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Well that's annoying.  My wife and I both have Quicksilver cards now and while the card doesn't provide the nth degree of rewards, what rewards it does provide are really easy to use, that and my wife has already benefited significantly from the auto-coupon thing they have going.

Last year, before I knew any better, I applied for an unsecured CapOne card (don't remember which), resulting in 3 HPs, six weeks later I opened a CapOne secured card, took another 3 HP hit for it, hated the card, closed it after six weeks, and then took the bait on the Quicksilver card six months later, and got another 3 HPs for my effort.  In hind sight, I would have been better off cooling my heels and just waiting until I could get a Quicksilver without the stupid mistake of getting the secured card.  So, in less than 12 months I've taken a 9 HP hit from CapOne. 

[Anonymous]

@Horseshoez My 3 inquiry hits were enough - I'll definitely research how many are pulled for future applications on cards. It wouldn't be so terrible if I got the card but I'm betting they won't budge on the tax documents and am waiting to hear back. 

[Anonymous]

@Anonymous  I wonder if credit card applications are usually able to tie a spouse's income to the other spouse's application? I didn't think of that.

I wonder if I apply again next year when I'm working if it'd ask for POI. Interesting. Maybe I'll try then to see if they still have the $200 bonus.

[Iusedtolurk]

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@4sallypat wrote:

Wow, with all that info requested from Cap 1 you may as well apply for the New Tech FCU Mastercard that gives out $35,000+ SL...

I received that pre-approved offer in the mail for a $35K Mastercard but declined due to their request for 4506-T IRS transcript authorization, bank statements the last year and POI (pay stubs + W2)...

You can do a lot better without Cap 1 - I have not enjoyed their product because I have never been able to get a CLI over the 10 years I have had their card....  Still the same lowly SL.....

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@4sallypatNo cli in over 10 years! Wow!  I had my mouth frowning because it took 2 1/2 years for me to get one.

Still slightly frowning tho because my secured card is still secured after 3 years 3 months. (and I see now others are getting unsecured even with less time).

[Anonymous]

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@Anonymous wrote:

@Anonymous  I wonder if credit card applications are usually able to tie a spouse's income to the other spouse's application? I didn't think of that.

I wonder if I apply again next year when I'm working if it'd ask for POI. Interesting. Maybe I'll try then to see if they still have the $200 bonus.

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I don't know specifically how they verify household income but I know they have ways of doing so. What I imagine happened here is that your spouse's wasn't being tied to yours for some reason. 

There are all kinds of cards with SUBs that don't do 3 HPs that I would recommend looking at before trying Capital One again. I like them for rebuilders and they have served me well as the least likely to decline a charge and decent customer service but there are lenders that are much more generous with limits and who don't want to do a triple pull. US Bank Cash+, Chase Freedom Flex (they may double pull), incognito offers from AMEX for BCE/BCP... all good options for SUBs and actual good cards you can use long term for their rewards. 

[missji]

Double check the request. The same thing happened to me today but the email I received says to provide ONE of those three documents, not all three.

[Duriel]

Do you have a high income? It's possible they have a threshold for income.

[Horseshoez]

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@Duriel wrote:

Do you have a high income? It's possible they have a threshold for income.

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I'm curious, what do you call a "high income"?

[Duriel]

100k+. Or maybe they draw the line at 80k. Who knows? I just don't think they throw income verification at people who claim like 20k.