Need to show proof of income for credit card application?

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Need to show proof of income for credit card application?

Postby jacman456 » Mon Nov 26, 2012 2:19 pm

Hey all

I applied for a Capital One Secured Mastercard and they need proof of income to process my application.

I am a student and live from money in foreign accounts and they told me that this is not acceptable proof.

Is there an acceptable way around this or is there another credit card company that has a secured card that this wouldn't be an issue for?

I am just starting to build credit.

Many thanks!

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Postby PlatinumAMEX94 » Fri Nov 30, 2012 1:33 am

You can send them a photocopy of your Federal tax return.
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Postby MemberSince99 » Fri Nov 30, 2012 10:23 pm

Let me get this straight - they are opening a secured card, meaning they risk nothing as they have your money, and they are demanding financials like you are applying for a Platinum Amex or something?

I think once I finished laughing until tears were rolling down my cheeks, I'd tell them to forget about it. A gas station or department store card would be less trouble and would build your score just the same.

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Postby credit_card_ninja » Sat Dec 01, 2012 10:35 am

@ Jacman :

Option 1 : If you have social security number you can provide your Tax filing as proof of income. In case you do not have SSN then getting C1 card would be very difficult. Try getting retail cards like Macys, Best Buy, Banana Republic etc.

Option 2 : Check with your school if they have a tie up with a credit union. CU approval process is easier than bank credit card approval.


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Postby DavidNY » Sat Dec 01, 2012 12:03 pm

I'd tell them to take a hike, secured or not.

BofA has a nice secured card and plenty of branches in NYC.

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Postby travduke » Sat Dec 01, 2012 7:00 pm

I have a Cap1 secured card and they never requested proof of income. Interestering that they would do that on a secured card when you're doing a deposit anyway.

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Postby MemberSince99 » Sat Dec 01, 2012 8:38 pm

The only negative thing is he already took the hit on all three CRAs (yet another reason to take a pass on Crapital One). I realize you gotta start somewhere, but that's absurd. The BofA card unsecures I think after a year or so and you get your money back, and would be better than Crap One, but a gas station or a lot of department store cards aren't that hard to get too. Also consider a credit union. Crapital One seems very full of themselves for the bottom of the barrel lousy company they are with the worst CS on the planet. You could hire a trained monkey and the CS could only get better than the script reading useless morons they have now. And I speak from experience having dealt with those clowns plenty of times, something I hope to NEVER repeat the rest of my life. What a joke they are. I say take a pass on this unless you are just really hard up for credit. Asking for proof of income for a secured card is WAY over the top.

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Postby Midori » Sun Dec 02, 2012 10:47 am

In November, I applied for a Citi ThankYou card. After having a checking account with CitiBank for 7 years, and in October, having more in checking than I had claimed as my entire annual income, they still wrote asking for proof of income. (And verifying my address. And my phone number. lol.) My options were (a) a copy of my most recent pay statement; (b) a letter from my broker or CPA; or (c) a copy of my most recent federal tax return.

It should be easy enough to find a CPA, give them a copy of your financials, and have them draft a letter on letterhead, saying something along the lines of, "Jacman is an international student from _________, and receives $x every y from _____. The basis for this statement was information provided by Jacman."

Or you might try for a card that's more student-friendly, or international-friendly.

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Postby KLIvan » Sun Dec 02, 2012 10:12 pm

I'd recommend you Capital One Cash Rewards for Newcomers, which has few important advantages for you:

1) it's designed for those without credit history
2) it has no annual fee
3) you don't have to give them security deposit

A year ago I was approved for this card as my first card in US (I just moved here). Now, year later I still have almost the same small CL $500, but at least I have started credit history and now I already have a few better credit cards which I use everyday.
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Postby TopperLA » Tue Dec 04, 2012 3:53 pm


I do agree, Capital One gave me the newcomer card, $500 limit, with not asking for any proof and with an inexistent credit history.
6 months later I was increased to $750.
I know have an amex PRG, just always pay before your payments post on your statement.

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