In May Chase begun cutting many cardholders credit limits due to COVID-19, Capital One also begun reducing credit limits in August. In the last week we have received numerous reports from readers that Chase has requested to verify their income. In some cases Chase has asked for a W2 or most recent paystub and in other cases only a verbally verification has been done. At this stage most credit card applications are being approved without this secondary check being done.
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Theyve been reeling peoples credit back in over Covid. They have a Covid hotline where you can call if you or your family got Covid or laid off from your job because of the pandemic. If you report the said difficulty the card company reels in some of there credit or cancels the card right then. People who this happens to are complaining because they thought the Covid hotline would give them forebearance or something instead. What the above problem represents is that people are using their credit lines as another source of income which if you look at it is faulty. They dont realize the corporate has economic interests that are polarly opposite the card holder.
Just applied for the CFU and got the 7-10 day message. Called recon and they said they need income verification and that I can fax it now or wait for the letter.
I don't like the income check... These companies end up thinking I need a $100K limit due to my income... I'll never load up $100K on a card at one time... makes no sense to me..
is this some kind of low key flex?
Seems pretty high key. Lol
Haven't applied for a new credit card in over a year, yet I have been getting hit with regular requests to verify/update income seemingly every time I log on to any of my (existing) credit cards.... (with various banks). AFAIK, I have near perfect credit history, have always paid bills each month, etc., etc.... yet still these rather annoying requests for verification keep coming. (the ones from Bank of America seemed the most insidious, as for a while, they tried to claim that the government was requiring them to do it.... I wrote back and asked for a written specification of just where the government is requiring them to verify income of "all" existing cc account holders. Never got an answer to my own inquiry, so I've tended to ignore all such automated requests for income verification at cc login....
Wasn't that the previous standard advice here at DoC? (to just ignore the requests -- at login) Is it still valid, or are we asking for trouble? (esp. in the covid-19 stressed realms)
ps, spare me any of the "knowing" trust-the-banks always responses.... e.g., "if you've got nothing to hide, why not tell them everything?"
I guess these mf forgot about the bailout the American people gave them GD greed will kill them if karma don't....
That is funny when we (American people) bailed their ass's out of bankruptcy they will surely forget about that greedy mother fuckers...
They paid back the loans with interest. They owe you and taxpayers nothing.
Chase is the worst for credit cards therebstaff are terrible
Oh, there are way worse out there... but sure, I’ll hop aboard the “fed up” train with you.
I work at a bank in Fraud and we’re asking for your W2 or Tax return on accounts that been open for several years
Which bank @guest_1047953
So unfortunately the mistake of $80.000 instead of $8.000 is nearing its end...
Do you know the difference between a period and a comma?
My wife does...
@guest_1047677 donchu mean ‘my wife does,,,’
shush, your xenophobia is showing
Everywhere but the US and a few others use periods and commas the opposite way. That's probably why they do.
Do you know that some countries use a period instead of a comma?
Anyone know if/how this may affect biz card applications? I know almost every sole proprietor application has been getting rejected recently. For those of us whose primary source of income is W-2 earnings, any chance this give us a better chance of getting biz cards approved with income verification, as opposed to an outright rejection?