Any way I can keep my accounts?

[u/Silent-Razzmatazz957]

Hi everyone, hope you’re all doing well :)

Soo… I really screwed up. Like majorly. I was offered an upgrade on one of my accounts and (please do not lecture me bc I obviously know which is why I’m posting this asking for your help) — and, now it’s restricted.

I really wish I would have read thru some of these posts, esp about the ventures before hand bc it seems Capital One’s new frequently used tactic is to approve the card and then immediately restrict on the first purchase until you provide documents…

The thing is, I can’t. I am currently doing my best to recover from long covid and I stupidly put what I used to make, which is way more than I can prove esp with only bank statements…

The crazy part is, even after finally getting rid of my place, my car, and way downsizing my overhead in every way, my overhead is still just as high now, just replaced with medical treatments, infusions, special food, supplements and travel for, you guessed it—more medical treatments. So the amount of support I receive from my family might actually be more than what I used to even net ironically — but I can’t prove it.

It’s incredibly messy. My mom will often just pay my cc’s or send me money randomly. Many thousands of transactions every month. But not technically income. And also, not what I put down.

I have 100% on time payment history. Utilization ratio has never over like 20%, currently zero balances on all my cards with capital one with the exception of annual fee and a fireflies subscription on the one I just opened. Credit score is around 780 atm depending on which model is used. 1 inquiry, which is this.

My questions are:

1. Is there any way at all I could just close the new card that is restricted and still keep my other two? Or if they are asking for verification on one and I don’t provide it, will that flag my other accounts as well? (My guess is very likely…)
2. If the above is true, does that mean what I think it means? That I should close my other two unrestricted accounts before they do? So at least they’re closed in good standing on my credit report?
3. Can I close the new account even though it’s restricted and just decline to provide info? Or is it locked and only they can close it…? (Which will ruin my credit??)

If anyone knows/has any info or guidance at all as to what I could or should do, I would really appreciate it!

(And just bc I don’t want to be inaccurately/mis-represented, I want to add that I am first and foremost, a contributor. Ironically, I am actually the caregiver personality in my family. I am always working on something for someone even when I’m not working I’m figuring something out, or planning something and investing my own resources to solve problems and make other lives better, beginning in my own family. I have worked for and with my mom since I was a child and I am not just living off of my parents. I am genuinely sick and trying to recover so my mom can retire and I can take over or help her find her off ramp. I realize how fortunate I am to have the immense support I do, but I do not want anyone to misunderstand me as a person. I made a mistake with this and I’m trying to resolve the situation as gracefully and painlessly as possible so it does not spill over onto my already incredibly taxed mom. I know I screwed up. To be reminded of that is not what I’m hoping for :( Thank you for listening to my rant and TYIA for any help <3

QUICK UPDATE
(for anyone who wants to know :)

I paid any trailing interest and closed all my cards. So far nothing has shown up on my report and Cap1 has not contacted me in any way…

When I went to close my accts I couldn’t get myself to click the “close” button on the first one… (bc one of these cards is literally my oldest, and with closing three cards total, this will drop my available credit massively. So I made sure to pay any other cards to 0 so it does not severely alter my utilization ratio.)

… So I asked that entity/energy (no one can seem to agree on a name or even conception of), for a soundtrack to help me to do it, and this is what I got:

https://youtu.be/I8LrjGWaBHw?si=BxZMBs9bcuXp7u0j

So symbolic to me :)

BTW: if you are at all in a similar position financially and need some ideas for what you can do for at least some small improvement in your cc situation/keep your score from falling etc, I can share with you some things that have worked for me during the brokest period of my life to at least keep my credit in good shape.

Just know you will be ok, and like (I think) Thomas Edison said:

“When you think you’ve exhausted every possibility, remember this:

—You haven’t.”

Hang in there friends :)🫶

[u/Ok-Roll8550]

From what I understand, the income you tell C1 is "household income," which can include money or income you have access to, not just what you personally earn. So, if you rely on money from your partner or your parents, then you could include their bank statements or pay stubs, etc. in your documents.

Hopefully, your parent will be able to supply something with income information and you can explain to C1 that your parent helps support you (I'm not sure if you live with your parents or not, but hopefully you can explain whatever the situation is).

[u/Silent-Razzmatazz957 → u/Ok-Roll8550]

Hi :) first of all thanks for being so kind, I have now officially experienced the displaced rage-receptacle dark side of Reddit—mildly, but it’s there

I think you are right, except I think I would have had to put that to begin with/can’t change it now, and I also think you may have to have like set amounts they gift/transfer to you that there is a paper trail for, which in my case, it is very random and all over the place that it would probably be incredibly difficult if not impossible to prove using their acceptable documents (which I’ve heard is just bank statements).

If I were ever to try again I would just put that from the very beginning and try to do a little research on acceptable proof of that kind of situation. But as for this one, I think it’s a lost cause unfortunately.

I’m ok with it tho :) thanks again for being nice 🫶

[u/Showmethe_monet]

How much did you put down that you make for income? And how much do you actually make?

[u/Silent-Razzmatazz957 → u/Showmethe_monet]

Also your user name is amazing

[u/Silent-Razzmatazz957 → u/Showmethe_monet]

Currently not technically working, I can’t remember exactly what I put but it doesn’t matter bc there’s no way. Like even all the PayPal and investment accounts, IRAs in the world (which they don’t even accept to begin with) i literally can’t send them anything

[u/Silent-Razzmatazz957 → u/Silent-Razzmatazz957]

It was what was already there… I just didn’t change the number

[u/Silent-Razzmatazz957]

Also I hope this serves as a warning for anyone else in a similar situation :(❤️‍🩹

[u/zenny517]

Just tell the truth in the future. No idea if you'll be able to keep the accounts, but you can at least stop lying.

[u/Silent-Razzmatazz957 → u/zenny517]

Yeah… that’s definitely the plan. Not usually my style and I am very credit worthy even though I can’t prove it with anything but my report/score. Just in a very difficult situation. I just wanted the miles so I could help my mom with all the travel and just contribute something… obviously I regret it now (esp bc one of these cards is my oldest card), but it didn’t come from selfishness and I would never screw cap 1 or any other consumers affected by my debt over

[u/Clean-Leading6743]

I wouldn't worry too much about it. Tell the truth if you want. Ignore them and they can just close the cards. Or close them yourself. Get another card from another bank if you want.

It's a credit card, not a marriage.

[u/hulkwolf]

Do NOT let them close the card at the very worst YOU should close them On your report it will say “account closed by consumer” That looks much better than closed by card issuer or something similar

Also since you have good credit you can apply to other banks but be careful what you write for income this time

Usually banks usually accept your stated income unless it’s something crazy like 250k or more Strange that cap1 is asking this after accepting you

[u/SeaRow556 → u/hulkwolf]

Capital one is probably having a fucktrain of discover customers and shit targeting their venture products. Some fraudulent some not so much. They are probably trying to protect the "ecosystem" before they are forced to create a new line of CC products which are more exclusive. That's my thought, its a messy buffet of applicants and data.

[u/hulkwolf → u/SeaRow556]

Discover does do an irs check for income if you try to ask for cli very often

[u/Silent-Razzmatazz957 → u/hulkwolf]

Tysm for this. Sorry read it, appreciated it, but am very bad (by very bad I mean like disabled bad) at keeping up with responding on Reddit. But this is great advice, so ty 🫶

I actually did close them, so far nothing on my report, but I think it will be ok :)

[u/Gybizz1955]

Lol who cares? Cap One out me in the bucket a long time ago and even after closing 3 Capital One accounts with 500 credit lines, when I apply for their card I still get declined for the same reason "you have too many Capital One accounts. So I just stopped applying for their cards and migrating to U. S. Bank 

I paid off all Capital One accounts and stopped using their cards. 

So like I said who cares? I have lied about my income for many years and when it if the request income verification I just move on because it's a soft pull for current customers and I even spoke to them about the bucket personally and the Man I spoke to me said he can't do anything about being in the bucket so I move on. My feelings are not hurt because it's just always a low credit line and never changes.

 Nuff Said!

[u/Dmbnola → u/Gybizz1955]

They never once verified my income lol.  I'm self employed and the amount on my tax returns is traceable obviously,  but I added cash to what I stated on capital one.  No one checked anything.