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Capital One Is Restricting Many New Accounts. Questions Answered

- Mar 30, 2022 Credit Card Info6 comments

Capital One is slapping cardholders like Will Smith. In the last few days, many new cardholders for the Capital One Venture X Rewards Credit Card and Capital One Spark Cash Plus Business are being slapped with a restriction on their account and are being asked to send in 3 consecutive months of bank statements or pay stubs. Here are the answers to many FAQS regarding this matter.

Does the income need to match what I wrote on the application?

No. As long as your bank statements (or pay stubs) will show a few thousand dollars coming in every month, you should be good. 

How do I send the bank statements?

You can ask Capital One to email a link to upload the documents.

Should I send bank statements or pay stubs?

Capital One likes bank statements rather than pay stubs. Preferably try to send bank statements. 

Does it need to be a full bank statement or just a screenshot?

You need to send a full bank statement showing all the transactions.  

What else on the bank statement will they look at?

They will not like it if they see overdraft payments or a negative balance on the bank statement. 

How long does the review take?

The review usually takes 5-7 business days once the documents are submitted. You can try to contact Capital One to see if they can expedite the process. 

If my bank statement shows very little income should I still send it in?

I always recommend trying your luck and sending in whatever you have. If you do not send anything then your account will definitely be shut down. But if you try, then you at least have a chance to pass. In the worst case scenario you will get shut down, so sending in docs can only help.

Does my name have to be on the bank statement?

Yes. If you have a business card and they are asking for business bank statements then the business name will need to match. 

If I'm a student and don't have my own income, what can I send instead?

You can send them a support letter signed by your parents stating that they support you with $X each month and they plan on continuing. For some people, this worked instead of bank statements or pay stubs.

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Sam Sam has nearly a decade's worth of experience educating his many readers on everything credit. Sam spends his days checking out credit cards for a full report, from the minute benefit details to the shebang of welcome bonuses. Plus studying the ins and outs of building proper credit. It’s his favorite pastime and he loves sharing it with others.

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6 Comments

  1. Capital One isn’t only doing this to new accounts. I made two payments in a 10 day period, they thought making two payments was suspicious? (they were $59 and $68 payments), so now they want me to send in bank statements from both banks. Restricted my card for weeks. That’s invasive, ridiculous, and now I don’t feel I can trust them or even that I feel comfortable using them. They are shooting themselves in the foot.

    Reply
  2. Also, for reference, my account is almost two years old. They have an overactive fraud system that does not detect real fraud, but upsets the apple cart for regular people doing regular things.

    Reply
    • Did they end up lifting the restriction on the card?

      Reply
  3. Best gift you could give yourself would be NOT to open a Capital One Account.

    I made a $200 payment on my card that I’ve had with them with for 5 years and they shut it down suddenly wanting 3 months of bank statements and for me to send in ID and social security card too. I’ve been a profitable Capital One customer for 5 years now.

    Meanwhile I’ve been with my credit union for 30 years and I just gladly moved all of my spend to them. What if I or my daughter had an emergency and needed to use the Capital One card? I definitely do not trust Capital One and their overactive fraud system. Time to stick with credit unions and banks that trust me. Enjoy NOT getting my business and interest, Capital One! 🙂

    Reply
  4. Cap One just requested this info from me, and restricted the use (froze) my Savor Mastercard. The easiest decision I have made all week was to pay off the balance, close the account, and close my other 3 Cap One accounts. There are plenty of Credit Card providers that do NOT need to be invasive to issue a card.

    Reply
  5. 15 year customer of Capital One. Spark Business Card. Never a late payment. Credit line was reduced a full 50% last fall of 2022 and most recently my card was arbitrarily restricted by the fraud department because I sent too much information to verify who I am. I had vendors who were set up on automatic payment rejected for payment. I am now on 2 weeks trying to get this card activated again

    Reply

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