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.
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.