cancel
Showing results for 
Search instead for 
Did you mean: 

Cap 1 asked for income verification

tag
longtimelurker
Epic Contributor

Re: Cap 1 asked for income verification

At least some issuers claim that they legally need this information once a year (perhaps as part of Know Your Customer and/or CARD act provisions).   Since it is self-reported, I find this a little strange but no great effort.

 

On another front, Barclays banking group claims they sent an email requesting confirmation of SSN/cell phone/email and as they didn't get it in time, blocked deposits to the account.   They also told me that all banks need to do this now.   But.... haven't heard this from others!

Message 11 of 33
Anonymous
Not applicable

Re: Cap 1 asked for income verification


@Anonymous wrote:
Just verified with her. It was an email that only asked for her updated income which they use for future cli's.

Hopefully she'll get something soon. I wonder how soon we should start checking.

That sounds like a good sign that she will be getting a CLI soon, so why not go ahead and request one online because it will ask for her income there too. Good luck!

Message 12 of 33
UncleB
Credit Mentor

Re: Cap 1 asked for income verification

If all they did was ask for DW to restate her income on the website, that's not verification.  Verification is a VERY different beast - just ask anybody who's been through it. 

 

I've been asked more than once to re-enter my income, especially on Synchrony sites.  This is advangeous to both them and you... if you're making more money than you once did they want to know so they can make sure your credit limit is still sufficient for your needs.  If not you can simply confirm the number they already have, no harm no foul.  Smiley Wink

Message 13 of 33
RonM21
Valued Contributor

Re: Cap 1 asked for income verification

Hopefully an increase is soon to come now!


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 14 of 33
Anonymous
Not applicable

Re: Cap 1 asked for income verification

No increase yet, want to hit the luv button but keep hoping they will just do it.  Thoughts?

 

Message 15 of 33
Anonymous
Not applicable

Re: Cap 1 asked for income verification

Surprise they just asked u to "update income" when I asked for a CLI I had to send in POI. So I sent in paycheck stub for 2 months and after they got they sent me an email they reviewing. Within 2 days I got increase

Message 16 of 33
Anonymous
Not applicable

Re: Cap 1 asked for income verification

So cap 1 never gave an auto cli, so she got on today and hit the luv button.  Got a 10 message that analyst will review account and wait for an email.  Shes got a $2k balance, 6 figure income and has recently paid off all credit cards and 3 medical collections.  Ex score is currently 719, up from 670ntwo weeks ago and 592 back in feb.

 

Any thought on this message?

Message 17 of 33
Anonymous
Not applicable

Re: Cap 1 asked for income verification


@Anonymous wrote:

So cap 1 never gave an auto cli, so she got on today and hit the luv button.  Got a 10 message that analyst will review account and wait for an email.  Shes got a $2k balance, 6 figure income and has recently paid off all credit cards and 3 medical collections.  Ex score is currently 719, up from 670ntwo weeks ago and 592 back in feb.

 

Any thought on this message?


For starters, stop pressing the luv button. Cap1 has it's own credit tracking system now called CreditWise. Has your wife logged into it lately and checked to see if her balances have been updated? DH recently applied for Venture & was approved but the score they provided on the paper work is not a FICO 8 score. Maybe they have started using another score and it's not the same as your wife's Experian score listed above. 

 

Be patient and wait for a response. If she has signed up to receive documents electronically, they will provide an explanation online. I'm not a big proponent of always pressing the luv button anyway (general comment, not specific to your situation).

 

I was reading a thread last night and someone made a good observation. The person stated it wouldn't be difficult for creditors to track the things we do with our accounts (paraphrasing, of course). I agree. They've been doing it for years. It used to come in the form of a CSR documenting our accounts each time we called in. Now, I'm sure it's more automated since there are many things we can do without ever having to speak with someone. 

 

Best of luck to DW! I hope her CLI request yields a positive result.Smiley Happy

Message 18 of 33
Imperfectfuture
Super Contributor

Re: Cap 1 asked for income verification


@beautifulblaquepearl wrote:

@Anonymous wrote:

So cap 1 never gave an auto cli, so she got on today and hit the luv button.  Got a 10 message that analyst will review account and wait for an email.  Shes got a $2k balance, 6 figure income and has recently paid off all credit cards and 3 medical collections.  Ex score is currently 719, up from 670ntwo weeks ago and 592 back in feb.

 

Any thought on this message?


For starters, stop pressing the luv button. Cap1 has it's own credit tracking system now called CreditWise. Has your wife logged into it lately and checked to see if her balances have been updated? DH recently applied for Venture & was approved but the score they provided on the paper work is not a FICO 8 score. Maybe they have started using another score and it's not the same as your wife's Experian score listed above. 

 

Be patient and wait for a response. If she has signed up to receive documents electronically, they will provide an explanation online. I'm not a big proponent of always pressing the luv button anyway (general comment, not specific to your situation).

 

I was reading a thread last night and someone made a good observation. The person stated it wouldn't be difficult for creditors to track the things we do with our accounts (paraphrasing, of course). I agree. They've been doing it for years. It used to come in the form of a CSR documenting our accounts each time we called in. Now, I'm sure it's more automated since there are many things we can do without ever having to speak with someone. 

 

Best of luck to DW! I hope her CLI request yields a positive result.Smiley Happy


Hitting the luv button does not cause problems, especially with cap one.  Credit wise has nothing to do with the score cap one uses, believe it's EQ 5 (same as mortgage score).  Just an FYI.

Signature needs updating
Message 19 of 33
Anonymous
Not applicable

Re: Cap 1 asked for income verification


@Anonymous wrote:

@Anonymous wrote:
We did. They just asked for the updated income number. No 4506

Wait, all they're asking for is for you to tell them the amount of her income? If so, that's not income verification - they simply want to know what her income is today (i.e. update income).


Yeah, I got that at least once (quite recently, I think they asked for me to update my income when I logged onto my acct).  It's not income verification as much as they want to ensure they have accurate and updated information.

 

 

Message 20 of 33
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.