Capital One credit card application

superM

Hi, just after some advice. I applied for a Capital One balance transfer card through an Experian pre-approved offer which said my £7,000 transfer was guaranteed.

Capital One then asked for Open Banking income verification through consents.online. I connected my genuine joint Starling account (my husband authenticated it through his app. The account receives UC, Child Benefit and Carer’s Allowance. His salary goes into a separate sole account.

The Open Banking connection completed successfully but the application has now gone for review instead of instant approval.

Has anyone had this happen before? Does referral after Open Banking usually just mean manual affordability review rather than fraud concerns?

Thanks

Brie

Unfortunately being "pre-approved" by Experian is no guarantee.

C1 has acted correctly to check your credit record to try and ensure that granting you credit will not get you into debt (& leave them out of pocket too, no doubt).

I think it's somewhat positive that it's gone for review rather than simply being a "computer says no". I would have thought it was an affordability check rather than assume fraud. Do you think there is something on your file that would make fraud a possibility? Or are you thinking that if you reported household income his won't be visible to them and therefore they might think you are telling porkies?

The_Groat_Counter

I've come across a few mentions of credit card providers wanting to use an 'Open Banking' connection to access people's current accounts, either for new applications or for credit limit increases (perhaps more on the 'credit builder' part of the market).

I can understand it makes business sense from the CC providers point of view, though I'm a bit leery in general at the thought of giving out access to what's going on in my current account to all and sundry!

(Though that said I don't just have one current account either… but I guess it's where the salary / wages / benefits get paid into that counts - though that could still be more than one account.)

Nasqueron

Did you record your own income as based on the household combined income? What did the question specifically ask and how did you split it e.g. you have xyz benefits and did you declare his salary as household or his?

superM

there were two section

1. personal income pre tax which states include benefits. So in this box benefits were included.
2. Second box was household income can include partners income if we share joint bank account or mortgage. We have both. So I added his income here.
   

When open banking connected they can only see the benefits. His income is being paid into his sole account. But I think open banking was interested in personal income only.