Complaint Review: Capital One
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On July 21, I applied for a Capital One business credit card. I've heard that they have good credit cards and the approval rate from them is fairly high.
My credit score was decent, high enough that I should have been qualified for the card. In the application, I authorized ONE and only ONE credit check. The day of application, they pulled a hard inquiry on my credit report. Fair enough, as that's part of the application process.
Then they told me I had to provide documentation of the existence of my business and my business address. I faxed them a copy of my business's Articles of Incorporation, fair enough. Now, I run my business from home, as many, many people do, which means I don't have a physical address for my business; my home is by business address. Unfortunately, I've moved since filing my business, so the address of my Articles of Incorporation does not match my current one (the one I used on the application)
I faxed them a copy of my driver's license with my current address. Because, you know, if there is anything in the world that legally proves my address, it would be my driver's license. However, when I called them, they said that isn't good enough, and that I needed something like a utility bill showing the address. Um, okay, that doesn't seem very secure and easy to forge, but whatever. I faxed a copy of my most recent phone bill. I called them again, but apparently after faxing documents each time, it takes 2-3 business days for them to add the documentation to my application. So by now, over a week has gone by.
When I was able to talk to someone who could look up my application, they said my personal phone bill didn't prove my address. I explained that I run my business from home, and that was by business address. Finally, they told me that the phone bill must show my business name on it. I have no idea why they didn't just tell me this from the beginning.
I asked the agent if she could at least tell me if the finances and creditworthiness has been reviewed, because I don't want to waste my time going out of my way, faxing more ridiculous stuff to them, only to have them decline my application later because of finances. She told me she didn't have that information because that is a different department. I asked if she could check with that department, and she said she's not allowed to do that. I asked to talk to a manager, and he told me the same thing - he isn't allowed to do that. What a stupid policy, if you ask me. It's sad that their employees aren't even able to help me with a simple question.
I finally called my utility to ask if they could add my business name in addition to my name to my bill. They said no problem, but my next bill wouldn't show up for almost a month. I called Capital One again to make sure this would work for them, and they said that I had 90 days from the application date to submit documentation. This means I had until October 19.
Finally, late September, I got a bill from Verizon with my business address on it. Good news, I thought.
I couldn't have been more wrong.
Of course, after faxing, I once again had to wait 3 business days before calling them. When I did, they told me that the application was "so old" that it had been put into archives. This is quite contradictory to what the previous agent told me, who said I had until Oct 19 to complete the application. She then told me that she was willing to pull the application out of archives, but it would take 4 business days. That was all she said, and again, she said she couldnt't tell me anything else about my application status. I said sure, I'd like the application to be resumed.
Then, on October 2, I received a notification from Experian that Capital One had pulled a new hard inquiry on me. I did NOT give them authorization to them to do so. All the agent said was that they were going to retrieve the application from archives. She said absolutely nothing about pulling a new inquiry or needing to refresh my credit report.
Now, during this whole time, I've been charging business expenses to my personal credit cards because I have no choice. I can't just close my business down while waiting for these fools to get their act together. This, of course, brings down my credit score, but I wasn't worried because I had applied for the Capital One card in July, and supposedly my application was valid until October 19.
Finally, this week, I received a rejection letter from them saying my personal credit balances are too high, so they are declining my application. To say the least, I am extremely displeased that I went through all this, just to be treated this way and have my application declined, even though it should have been approved if they had used the credit report that I authorized, not the unauthorized one. What a ripoff!
Had I known they were going to check my credit again, I would have requested them to cancel the application, and I could apply for a new card in a few months from now, as I have some funds coming in later in the year which could payoff some of my personal cards. But since I was not informed of this, I was just slapped in the face with a hard inquiry, without my permission.
I'm not going to bother calling them because I don't think I could avoid swearing at them and raising my voice with them. I doubt they would do anything over the phone anyway, considering their phone agents are so useless and misinformed. Instead, I sent a formal letter to them stating that I did not authorize the hard inquiry and I am requesting that they remove it from my credit report. I still doubt they will do anything, but if it's not removed within 30 days, I am going to dispute it with the credit bureaus.
In the meantime, I am going to have to apply for a new credit card (with a different company of course), which will give me another hard hit on my credit, in addition to this unauthorized one.
In summary, if you don't want to be treated like dirt, find a better credit card company.
This report was posted on Ripoff Report on 10/07/2017 03:59 AM and is a permanent record located here: https://www.ripoffreport.com/reports/capital-one/nationwide/capital-one-capital-one-credit-cards-capital-one-business-cards-unauthorized-pull-of-cre-1404767. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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