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Anonymous
Anonymous asked in Business & FinanceCredit · 10 months ago

How long do credit card companies have to approve or deny applications?

I applied for a capitol one savor one card on June 8th after getting “very good” approval odds on credit karma. I did not get immediate approval because I needed to provide income verification. I faxed this information on June 21st and called to verify the documents were recieved on June 24th which I was told they were. I was also told It could take 3 weeks for review. I called July 10th (1 day before the 3weeks) and was told it’s still under review and to call back Monday july 15th. I also confirmed again that my documents were recieved. I called today July 17th (now almost 4 weeks) and was told they didn’t see my documents had been sent and it was still under review. They first asked if I wanted to resend them and go through the “3 week” process all over again. I wanted to know why 2 different people, weeks apart, confirmed they received my documents and now they say they have not. I was put on hold and then told I should call back 3-5 business days as my case was going to a “specialist” (which they said they were doing the first time I called them). That would make it 34 days since I sent the verification documents and 47 days since my application. I read somewhere that stated they have to let you know whether you’re are approved within 30 days but I can’t find anything else on it. Can someone who has knowledge of the process please help? Thanks in advance!

4 Answers

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  • 10 months ago

    They can wait forever...and there is no requirement for them to even respond if they don't want.

    47 days later and you still want to do business with them huh??

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  • 10 months ago

    As long as they want.

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  • Anonymous
    10 months ago

    I would just deal with another company who has their act together. I've been using a reward/cash back Discover card for many years and have always been treated great.

    There are many other companies to get a credit card from, capitol one has had a pretty bad rep through the years.

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  • Anonymous
    10 months ago

    We get approved instantly. That’s because we make $800,000 per year

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