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"Help us understand your current income..."

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New Contributor

"Help us understand your current income..."

"...so we can help you find eligible offers." This popped up for me today on my Cap1 app. I lost my job in May due to COVID, but I had severance and the extra COVID unemployment through this week, so I haven't missed any payments. I'm still paying it down in full every month. I had gotten a raise in April, and I updated my income with Cap1 back then. 

 

Do they know I lost my job? I know there are databases that creditors can use to check employment. 

 

Or maybe it's just a coincidence, though it doesn't seem like they should need an update since the one I gave them in April. 

 

Thanks for any ideas. After Comenity took away my two cards in April, this Cap1 card is all I have. I'd hate it if they lowered my credit limit. 

Message 1 of 27
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Super Contributor

Re: "Help us understand your current income..."

Sorry to hear about the job loss. These are difficult times for a lot of people.  

My understanding of verification of employment is that it relates to a specific application request for credit.  On a credit card, I doubt a bank would want to incur fees to obtain that information.  

For your long term credit health, I would advise only using the card for items you know you can pay immediately. I wouldn't bother with updating your income to CapOne, because no credit apps should be considered for now.  

Good luck in your job search. 

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Message 2 of 27
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Valued Member

Re: "Help us understand your current income..."

Personally, and this is just me, but I don't think I would respond.

What motivation would you,  as a consumer,  have to optionally give a creditor a valid reason to hinder your access to credit when you may very well need it most? 

 

If you have been a good customer in the past then they shouldn't have a reason to head-hunt, but this is what it sounds like to me. That said I've also heard that C1 is brutal to deal with sometimes. (No personal experience on this to speak of, however) 

 

Best of luck!

Message 3 of 27
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Community Leader
Super Contributor

Re: "Help us understand your current income..."

I agree with other posters--no need to respond, especially since it's just a generic popup.

 

Now, if you get an email or snailmail from CapitalOne requesting salary info, that's a horse of a different color. 

But for now, you're okay. 


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Message 4 of 27
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Established Contributor

Re: "Help us understand your current income..."


@Dirge wrote:

Do they know I lost my job? I know there are databases that creditors can use to check employment. 

Or maybe it's just a coincidence, though it doesn't seem like they should need an update since the one I gave them in April. 


It is not really a coincidence. It is just your paranoia kicking in. It happens. Smiley Happy You could receive this email any other time you have a job, but you would think differently. It is just as they said: "..so we can help you find eligible offers." I would not think much of it.

 

In any case, I would just not respond. It's very unlikely that they know you just lost your job. I've had a job loss and salary cuts before. I just never update my salary until it's higher.


Message 5 of 27
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Valued Contributor

Re: "Help us understand your current income..."

I have received this before. Just a random thing with Capital One. 

Message 6 of 27
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Contributor

Re: "Help us understand your current income..."

I don't have a Capital One card, but this appears alot on my LL Bean Card which is Citi and I have never updated it.  I think you are probably ok to ignore it.  I think I have seen it once in a while on my Amex accounts as well.  I wish you well in your job hunt.

Message 7 of 27
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Member

Re: "Help us understand your current income..."

Cap One may or may not know that there has been a change to your income. IME, Cap One pulls the work number every 6 months like clockwork. It shows as Cap One VOI Batch. Last pull was end of June. If your employer reports info to the work number they may be able to see that you are no longer working there.

Message 8 of 27
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Member

Re: "Help us understand your current income..."

You can pull your report to see if they took a peek.  https://www.theworknumber.com/

Message 9 of 27
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Community Leader
Super Contributor

Re: "Help us understand your current income..."


@randomguy1 wrote:

I have received this before. Just a random thing with Capital One. 


It's not random.  Issuers in the US are legally required to ask their cardholders on a regular basis.  Cardholders are not required to respond to those requests.

 

If OP did respond to such a request a few months ago it does seem suspicious to me that they would be asked again now.

 

CLI requests or financial reviews are a different story, but those are wholly different senarios.  

 

 



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