Capital One "Savor" App, Wanting Income Proof

[Anonymous]

Hello all.

So I decided to apply for the new Cap1 "Savor" card for the 3% dining rewards today, and got hit with a request for proof of income. I thought it was strange, because my lowest bureau credit score is around 795, and I've had a Capital One card for nearly 6 years with 100% on-time payments, always paid in full. I'm guessing that because I'm a student now, my word's no longer good enough for them?

In the application, I said my income was about 30k as a student. They want me to fax in tax documents, bank statements, or some other proof to complete the process. This seems like a hassle, because when estimating my income I was mainly considering GI Bill housing payments, grants, and scholarships as my primary income sources, so it's not as simple as sending them a W2.

I might've high-balled it slightly, but I figure I get at least 25k/year from various sources. A phone-rep told me I could send in my last 3 bank statements indicating regular deposits as part of my proof, but that will only account for around 2/3rds of my income on its own.

Honestly, I'm kind of annoyed that I'd even have to do this given my very postive payment history with Cap1. Do you all think I should even bother going through the hassle here, or will they just deny me or want more proof of other income sources? Will they care about the modest high-ball estimate?

[taekwon]

I never had to send in proof of income before, so I don't know anything about that procedure. But what I do know is you already took a HP on all three CB, so you might as well try and get the card.

[Starting_Over2013]

I agree, Cap One pulls all three bureaus, so it's worth a shot if you can provide some type of documentation showing your income. 

[LuvsRetro]

Do not worry, if they say anything, you can always say you used household income.  Lots of apps allow that!

[Anonymous]

Well, my most convenient proof of income would be a $1900/mo deposit on bank statements, but that by itself won't prove 30k. I also considered about $7000 worth of grants, 1k in scholarships, some bank and investment interest, and a few other miscellaneous things.

I have a sizeable savings account right now. Do you think they'd take that into consideration, or only raw income? The only semi-convenient proof I can muster is about $17k of the claimed 30. Would calling a backdoor number to talk-up my credit score and payment history with Cap1 be fruitful, or a waste of time? I don't even know where I could access a fax machine off the top of my head, and apparently these dinosaurs offer no other form of submission, so it'll be a decent chore for 3% cashback on fast food, lol.

[Anonymous]

I believe they're giving significantly starting limits hence why they need proof of student income.

Send your checking statements and savings account as well. Bet you'll be approved on just that.

[CreditCuriosity]

Fudging income isn't a good thing.  You are in a weird situation, it is your call how you proceed.  You took the triple pull so hopefully srape what you can get together and hopefully it will yield an approval.  Cap1 and Discover have been seeing WAY higher CO rates in the last year thus I forsee POI as being more common place and IMO a good thing.  So people don't get in over their here (not saying you) and banks don't get into the 2008 mess again.

[Shooting-For-800]

My guess is that the "student" part is what caused all the issues.

I bet there are some college pretatory laws in affect or something.

In addition, $30k is a not a lot for normal income and may be close to their minimum income requirement for that card.

Good luck.

[Anonymous]

Probably so. However, I've now received an email from them that's giving me the option of uploading documents to their website instead of faxing them in. That's about 100x more convenient, so I'm probably going to give it a shot soon. If anyone's interested, I'll update later on how it went if something develops out of it.

I get that ~$30k + student status might be scary for the average card wielder, but what's the point of credit histories and scores if my 802 Experian doesn't weigh in on that decision? My 6 year perfect history with them ought to be worth at least a $1k credit line, I mean sheesh. I run that through my Quicksilver some months and always pay in full. Silliness.

[Anonymous]

You are giving them mixed signals. Saying you are a student then saying you make $30K is possibly confusing them. When I was a student (think Vietnam era) most students only worked 15 to 20 hours a week for the school and got paid $3 /HR.  DW and myself have some people working full time for us out of school just making $30K   In 2008 when every thing went under here I know I was not netting $30K and if I had offered  jobs paying that I would have a million applicants from the region.