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[Kenya1]

Hello I rec'd an invitation to apply for an X1 card.  They cant verify my bank statement by using Plaid and want me to send them the info manually.  While uploading info I noticed a one time overdraft charge last month.  My question is..should I send it or not apply for the card?

[CH-7-Mission-Accomplished]

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@Kenya1 wrote:

Hello I rec'd an invitation to apply for an X1 card.  They cant verify my bank statement by using Plaid and want me to send them the info manually.  While uploading info I noticed a one time overdraft charge last month.  My question is..should I send it or not apply for the card?

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I can't answer your specific question but a word of warning about X1.   There are lots of complaints on varous credit websites.   They seem to have an overactive fraud detection system, their customer service is by email or SMS and can take weeks to respond.    They are one of the new Fin Tech's but their only real bonus is that they will give large limits based on your bank account information and will pre-approve you without an HP, although they do an HP if you accept (they used to not even do this, no HP at all).   So if you are looking for size, you may like them, but they have little else to offer.   I do doubt they look at your overdraft.   They are looking for your deposits.   They are also collecting all kinds of data about you that they can, potentially, sell to other people.

On balance, I would avoid this card.

[Remedios]

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@Kenya1 wrote:

Hello I rec'd an invitation to apply for an X1 card.  They cant verify my bank statement by using Plaid and want me to send them the info manually.  While uploading info I noticed a one time overdraft charge last month.  My question is..should I send it or not apply for the card?

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Well, they are basing offers on income, this is your primary checking account, so if you have overdraft charges, it doesn't matter if you're making trillions, you're spending more than what you're making.  

If they are asking for a year worth of statements, and the rest of them look good, you can give it a try.  

If they are looking for something like last three months or six, I'd let it go. 

[DSTforlife]

this is not always the case necessarily.  People have their payroll checks deposit into one account, and move money all over for savings purposes.  Now, I don't know how the banks view it when underwriting their credit card approvals, but in general, 1 overdraft does not mean you are spending more than you make.

OP,  I don't know how the X1 underwriting works, but, if it's a card you really want and can wait to get, then I say wait until you have another month bank statement to submit....just to be on the safe side.

[Kenya1]

I recd an invite to apply for a card but noticed on my bank statements that I have an overdraft. I was wondering if this would work against me, would I be denied a card?

[Lou-natic]

To apply is just a softpull, see what it says. If you don't like it or if they deny you it won't count against you anyway. Only if you accept the card will you take a HP so there's nothing to worry about.

[Remedios]

@Kenya1  your two identical threads have been merged, please do not cross-post. 

[digitek]

I use Venmo and went to use it the other day and it said I had to sign up with Plaid to continue which I thought was odd. I read Plaids service agreement and it was insane, basically full access to all data in your bank any time they want and they'd use it how they wanted. Usually I don't care about stuff like that but theirs was a little much...