Capital One "Savor" App, Wanting Income Proof

[Anonymous]

I'm a student too and recently applied for the Quicksilver without anual fee 3 months ago. I had about $50k more or less from various sources like you. I have the statements and just made copies and fowarded it all capitalone with the best of my ability. If I had to make a closer estimate, it was probably 2-3 thousand off at most. Nevertheless, I got approved with $10k limit. I think it's ok as long as you show something reasonable in good faith.

[Anonymous]

Sorry to hear! I hope all turns out well keep us posted.

The Marvel Mastercard gives 3% back on food as a statement credit if you want an alternative.

Capital One and I are just not meant to be, as a student, my income does not warrant any no annual fee cards from them. I learned the hard way last year that my profile was not good enough when they would not approve me for the Quicksilver because I did not have 5 or more years of experience with a card at $5,000+ limit.

[SouthJamaica]

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@Anonymous wrote:

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?

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IMHO Capital One is garbage, and not worth thinking twice about.

[arkane]

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@Anonymous wrote:

Sorry to hear! I hope all turns out well keep us posted.

The Marvel Mastercard gives 3% back on food as a statement credit if you want an alternative.

Capital One and I are just not meant to be, as a student, my income does not warrant any no annual fee cards from them. I learned the hard way last year that my profile was not good enough when they would not approve me for the Quicksilver because I did not have 5 or more years of experience with a card at $5,000+ limit.

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Now that the Barclays Uber is available, with 4% on dining it can't be beat by any other no AF cards. Also single TU pull as well. But of course you do have to deal with Barclays, which seems to have a reptuation as a jealous girlfriend on here.

[CreditCuriosity]

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@arkane wrote:

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@Anonymous wrote:

Sorry to hear! I hope all turns out well keep us posted.

The Marvel Mastercard gives 3% back on food as a statement credit if you want an alternative.

Capital One and I are just not meant to be, as a student, my income does not warrant any no annual fee cards from them. I learned the hard way last year that my profile was not good enough when they would not approve me for the Quicksilver because I did not have 5 or more years of experience with a card at $5,000+ limit.

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Now that the Barclays Uber is available, with 4% on dining it can't be beat by any other no AF cards. Also single TU pull as well. But of course you do have to deal with Barclays, which seems to have a reptuation as a jealous girlfriend on here.

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Although Uber is available and nice card as I have one the Marvel still has its niche as well for other cats that uber doesn't cover.  Both are still very strong no AF cc's

[Anonymous]

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@CreditCuriousity wrote:

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@arkane wrote:

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@Anonymous wrote:

Sorry to hear! I hope all turns out well keep us posted.

The Marvel Mastercard gives 3% back on food as a statement credit if you want an alternative.

Capital One and I are just not meant to be, as a student, my income does not warrant any no annual fee cards from them. I learned the hard way last year that my profile was not good enough when they would not approve me for the Quicksilver because I did not have 5 or more years of experience with a card at $5,000+ limit.

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Now that the Barclays Uber is available, with 4% on dining it can't be beat by any other no AF cards. Also single TU pull as well. But of course you do have to deal with Barclays, which seems to have a reptuation as a jealous girlfriend on here.

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Although Uber is available and nice card as I have one the Marvel still has its niche as well for other cats that uber doesn't cover.  Both are still very strong no AF cc's

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I had not even thought about the Uber card! I wonder how Barclays would do with student income?

Barclays is off my radar permanently as they declined me for the LL Bean store cobrand.

[AverageJoesCredit]

Lol, i take 1% less to deal with Sync than Barclays, call me ol fashioned

[ecxpa]

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@Anonymous wrote:

Excuse me, no, I did not lie about my income. My income is less straightforward to demonstrate when it comes from GI Bill payments, grants, scholarships, bank interest, investments, and other valid sources. You can even include any regular assistance from relatives if you really want the hassle of getting them to write a letter and sign it. 30k is a legitimate estimate for a variable result.

If you interpreted this as a "woops, I lied big time, now what" post, then you're mistaken.

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So....you should have proof of this income from GI Bill payments, scholarships, bank interest, and investments somewhere.....send them proof of your having received these payments and you should be good to go.   Not sure how you would provide proof of income from "other valid sources"

[CreditInspired]

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@Anonymous wrote:

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@Anonymous wrote:

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.

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The 802 score means something but so does your job and your income and your debt to income.  I am not sure what you are complaining about though.  You lied about your income.  If you didn't lie you wouldn't have anything to worry about in a review. 

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+1

When I started reading OP post, I thought, Uh Oh. Then as I continued with all the excuses, fudging a little bit, CO outdated request to fax documents, on top of all the hemming and hawing, I agree with Frogman.

It doesn't matter if you had 850 across all 3 credit bureaus, like the song What Have You Done For Me Lately  applies. You could lose your near $30K income, about $30K income, around $30K income tomorrow and poor CO would have another charge off from an applicant who fudge their income.

So, IMHO, I agree with everyone else that you took the 3 HPs, you just as well submit every piece of evidence of income you can muster up to get as close to that $30K income you stated. And let this be a lesson-learned. Never fudge your income when applying for any type of credit. 

[kdm31091]

Creditors have every right to request POI when you apply for credit. This is why it is important to be totally honest about income. I understand a slight rounding or estimation (i.e. 29,800 could be rounded to 30,000) but you don't want to tack on thousands extra. It can only serve to bite you in the butt.

In general, Capital One seems to have cracked down bigtime on approvals, at least for their higher tier products i.e. Venture, Quicksilver, Savor. Haven't seen a whole lot of approvals lately.

You already took 3 HPs so I would at least try to get the card with whatever proof you have of your actual income, and just chalk it up to a lesson learned.