Capital One Secured App

Anonymous · ‎08-18-2016

Hi,

So I app'd the first week of July and was told needed more review. A week or so later I received a letter saying they wanted income verification. I thought for a secured card what's the point of an income verification? My income is through financial aid grants and loans from my University because I'm a full time student. So I just considered the app dead I didn't even see a point in replying because most won't really consider my financial aid as income.

But about 2 weeks ago I called in and they said my app was now in "approved status" and only needed my deposit. So I went online entered my banking info selected a deposit amount and they said they'd take out the deposit and within 7-10 days I'd get my card. I waited until after 10 days then called in today. I was told my application was no longer approved but now put back into "pending" status. This even though they withdrew the deposit from my bank account 10 days prior.

Needless to say I was furious because they took my money under the guise that I was approved and I'm apparently not anymore. I spoke to a supervisor and he said financial aid because it's not a bi-weekly or monthly deposit (it's deposited once every 3 months) is likely not going to be approved as a source of income.

Why are they being so crazy? My CS is 620 and I only noticed on CK after my secured app that I had a "very good" chance of approval for their unsecured card.

What are your thoughts?

Anonymous · ‎08-22-2016

I read on another post here that scholarships and financial aid are technically considered income, so if you call back, I would tell them that. Also, if they at one time put your application in the approved stage and withdrew your money from your account, that is definitely something to argue. They can't take the money and not give you the card in exchange. I would call back and ask for a supervisor again, hopefully you'll get a different one. And if that doesn't work, I would ask to speak to the EO.

Anonymous · ‎08-22-2016

That's what I thought as well. How can they tel me I'm approved, tell me to make the deposit, take my money then 2 weeks later say oh your app is now back in the pending stage. The supervisor didn't want to hear anything he just kept repeating we need an income verification.

I would understand if it's a higher CL but $200??? Wow

And I emailed the EO last week still no response.

I sent in the financial aid hopefully they accept it.