Thinking of applying for Quicksilver

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CarefulBuilder14
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Re: Thinking of applying for Quicksilver

Postby CarefulBuilder14 » Sat Sep 26, 2015 10:27 am

Kevin86475391 wrote:
lorkat89 wrote:6. They ask total balance of all bank accounts. How much do you have to have in your accounts to get the card?

Whoa! My mouth dropped when I read this. I've applied for quite a few credit cards in my life and I've never been asked that. There's no way I would give out that information on a credit card application...or to ANYONE except a romantic partner or financial expert I have a business relationship with (financial adviser, accountant, etc.). Income is completely different. Of course any lender needs to know about income, but I'd tear up any application that asked for account balances.

I'm not saying it's untoward. I mean I hate Capital One personally, but it's not like they're going to try to outright scam you. That's just way too intrusive a question IMO, and I haven't seen it on other applications. Of course if you're comfortable with it then that's your business.

Anyway, like others in this thread, I'd steer you toward Chase, Discover, or another lender - BofA has been good to me. I've severed all relationships with Capital One, but when I did do business with them I found it unpleasant. With Capital One as your frame of reference (or really even Citi - I love their card, but they're not that great for customer service either IMO), I think you'd be shocked at how much more pleasant it is to do business with Discover or Chase instead.

What would you do if an issuer wanted to see your tax return, saying they needed to verify your income? A tax return can be a lot more revealing (on both personal and financial matters) than a bank statement.
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Kevin86475391
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Re: Thinking of applying for Quicksilver

Postby Kevin86475391 » Sat Sep 26, 2015 4:00 pm

CarefulBuilder14 wrote:What would you do if an issuer wanted to see your tax return, saying they needed to verify your income? A tax return can be a lot more revealing (on both personal and financial matters) than a bank statement.

Good question, really made me think. Of course it would depend on the exact circumstances at the time and how much I needed/wanted the account. But in general I think that I'd do the following:

1) If it were a credit card application, there's a good chance I would simply not comply and abort the application process. I'm already very happy with my credit card roster and credit limits and I just don't think I'd need/want a new card enough to be willing to go through what I would view as an intrusive hassle. However, though I don't foresee a car loan or mortgage in my future, quite possibly never but certainly not in the near future, IF it were one of those I might comply (although with a car loan it would also be iffy since I'm not a car person at all, barely drive, and subscribe to the philosophy of buying an inexpensive used car outright), but...

2) I would heavily redact the tax return to ONLY show income information since that's all they requested. Once when I moved into a new apartment complex they requested copies of my bank statements to verify income, and I complied, but I only brought in the pages for the incoming/credits portion of the statement, and blacked out account #s, balance information, and debits/expenses. They didn't question that or press any further and that was it.

3) If the lender were Chase or Discover I may just comply anyway, because I already bank with them to begin with, and presume that though the credit and banking divisions probably aren't actively sending each other info about my balances, they almost certainly COULD. So as institutions Chase and Discover already have a lot of that info and would really only be getting info about each other's accounts. I have my retirement accounts separate and would exclude that.

*Edit: Sorry, disregard point 3. In my head I went back to thinking the hypothetical was about the lender wanting bank balance info. I'd be more willing to give that info to Chase and Discover, but no more willing to give them tax return info.

If the lender were Capital One, I would take a good hard look at my life choices, THEN tear up the application. :ppp

I'm really not saying other people shouldn't deal with Capital One or that it's a bad idea for them, just that personally I know it's not worth the stress for me (other people may not even find Capital One interactions stressful). The only company I've had worse experiences with is Comcast, and come hell or high water I'm not doing business with them again. Right now they're offering faster service for less money than AT&T is, but AT&T is great to deal with, and comparative saints, so I'm actually quite willing to pay more money for slower internet to AT&T just to avoid Comcast.

kdm31091 wrote:Chase will never, EVER lower your APR so for them, if you are going to apply, make sure your profile is top notch as whatever you get is what you'll be stuck with forever. They also are not big on CLIs most of the time.

Of course I know it's a YMMV type situation, but personally I've found Chase to be generous with the credit limits/increases. I haven't asked for one in awhile though because I don't need it, but I had no trouble getting them to raise it to the point it's at - which honestly is much more than I need. I never get above about 3-4% utilization on it before I PIF.

kdm31091 wrote:The point is every lender has good and bad. I value lenders that "like me" over time and lower my APR, raise my limit, etc. Discover, Amex and Citi have shown the most flexibility to me in that regard.

Yes, absolutely. Discover has been amazing to me too! I can't say enough good things about them as a lender.

kdm31091 wrote:Amex's reward programs aren't the friendliest for the BCE/BCP, requiring $25 increments to redeem and two statements for rewards to show, but again, pros and cons everywhere.

I don't really mind delays in rewards or minimum increments, personally. I figure I'll get the rewards eventually and if I don't get them sooner, I'll just have something to look forward to later.

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Vattené
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Re: Thinking of applying for Quicksilver

Postby Vattené » Tue Sep 29, 2015 2:35 pm

Kevin86475391 wrote:Whoa! My mouth dropped when I read this. I've applied for quite a few credit cards in my life and I've never been asked that. There's no way I would give out that information on a credit card application...or to ANYONE except a romantic partner or financial expert I have a business relationship with (financial adviser, accountant, etc.). Income is completely different. Of course any lender needs to know about income, but I'd tear up any application that asked for account balances.


Amex asked the same thing when I applied. I know it has been a while since you had yours and things have probably changed since your last application, but IIRC it was basically the same thing: just one number for all bank accounts. It didn't bother me to comply; it wasn't like they wanted detailed info on ALL of my assets. I did think it was strange. It was the first card I applied for (not that I've applied for many prime cards) that asked for anything like that, but I thought it made sense that in addition to income they would want some information on an applicant's assets...particularly liquid assets one (hopefully wouldn't, but may) need to tap to pay off some credit card charges. I was approved instantly and never needed to verify anything.



I've felt the same way about Capital One. I've never had an account, so I've never given them a fair shot, but since I started looking at credit forums I've just heard so many negative anecdotes. I would potentially be willing to give them a chance, but they would have to come up with something truly impressive for me to consider it at this point (partly because I already have great cards and I'm happy with them). If they ever offer 3% back on everything - not that I'd expect any lender to actually do so - then I'll say sign me up and put up with some bad customer service. Now, though, I don't need to make that trade-off.
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Re: Thinking of applying for Quicksilver

Postby oldsoldier » Wed Sep 30, 2015 12:49 pm

I don't know why everyone is always so neg when it comes to Capital One. The Quicksilver card is a good card it's not the best card but it isn't the worst by all means.

Everyone complains about customer service I think that comes from not getting what they ask for (CLI). I have had them for many years and have probaby talked to customer service once. I am not saying you should rush out and apply all I am saying is that they are not as bad as they are made out to be.
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Vattené
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Re: Thinking of applying for Quicksilver

Postby Vattené » Wed Sep 30, 2015 2:58 pm

I admit it's not entirely fair. I hardly ever use customer service anyway, and again the rewards are far and away the biggest priority for me. I considered going for a Quicksilver back when I ended up getting a Discover as my first prime rewards card. I'd still be willing to use them, but I already have good cards so the bar is higher for anyone to get me to apply for a new card.
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AU on Barclay Sallie Mae - $10,000 (8/15)
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Re: Thinking of applying for Quicksilver

Postby CarefulBuilder14 » Sat Oct 03, 2015 6:11 pm

Kevin86475391 wrote:2) I would heavily redact the tax return to ONLY show income information since that's all they requested. Once when I moved into a new apartment complex they requested copies of my bank statements to verify income, and I complied, but I only brought in the pages for the incoming/credits portion of the statement, and blacked out account #s, balance information, and debits/expenses. They didn't question that or press any further and that was it.

Issuer's won't necessarily ask you for the tax return. They'll probably ask you to simply sign one of these: http://www.irs.gov/pub/irs-pdf/f4506t.pdf forms which authorizes the IRS to share information about your tax return.

That form isn't a one-size-fits-all information request. I suppose you could modify the issuer's (presumably already-prepared, simply unsigned) 4506-T before you sign it, further limiting what information the IRS gives the issuer. In that way, you'd be able to redact some things.

Not that I'd advise it. Doing so would probably give some bank employee a good laugh before your account was promptly closed. :ppp
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Kevin86475391
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Re: Thinking of applying for Quicksilver

Postby Kevin86475391 » Wed Oct 07, 2015 5:23 pm

CarefulBuilder14 wrote:Not that I'd advise it. Doing so would probably give some bank employee a good laugh before your account was promptly closed. :ppp

Well as long as they got a good laugh out of it :ppp

But really, I'd be most likely to just abort the application altogether if they asked for intrusive info like a tax return or bank balances. I'd have to really want the card/account to consider it worth waiving so much privacy. If all creditors were doing that I suppose I'd have no choice, but unless/until that happens I'd just take it as a sign that I need to shop my business elsewhere.

oldsoldier wrote:I don't know why everyone is always so neg when it comes to Capital One. The Quicksilver card is a good card it's not the best card but it isn't the worst by all means.

Everyone complains about customer service I think that comes from not getting what they ask for (CLI). I have had them for many years and have probaby talked to customer service once. I am not saying you should rush out and apply all I am saying is that they are not as bad as they are made out to be.


When I had my account I never asked Capital One for a CLI over the phone, and actually I usually prefer to call in CLI requests when it comes to banks like Discover, Chase, BofA, etc., but I already knew I wasn't going to want to deal with Capital One customer service for it. Likewise, the only other CLI request I've made online instead of by phone was with Citi because I'd also had bad experiences with their customer service and didn't want to deal with them. I was approved for both no problem and didn't need to call them (thankfully).

Most of my customer service calls are for pretty simple reasons. I know one time for instance I was calling Capital One to find out my cycle closing date. I wasn't at home and it was before mobile banking, so I thought, "Oh, they can just tell me real quick over the phone"...not so much. I'd called a couple of times regarding lost/replacement cards, or other small, should-be-easy-to-answer questions about my account, but it was always just a huge hassle when it shouldn't have been.

With Citi my worst experience was a tech problem I was having with their online access. They kept telling me to do the same thing over and over again that WAS NOT working and when I said, "that doesn't work" they'd basically just ask me to do it again in a slightly different, equally ineffectual way. I've called them for a few other, again should be small things, and again, it was just a big unpleasant hassle.

With Discover, Chase, and BofA calling them seems like a pleasant, easy solution. With Citi, and before I got rid of them, Capital One, it's more like, "Eugh...I'll just figure out how to do this online or forget it entirely." I guess in that way their poor customer service saves them money since I'm actively avoiding calling and utilizing their resources.



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