I can’t say that I blame them, but ever since March, Chase has made tightened up their lending to cover themselves. This has been in the form of increasing the requirements for mortgage loans, denying just about every small business card application, and even cutting credit limits. This is another one of those changes designed to help reduce risk.
Chase has reportedly been asking for more documentation in regards to your income when you are applying for their credit cards. This comes in the form of them asking for either W2 or a recent paystub. Some others are just being asked verbally to confirm their income.
Hard to say how I feel about this. On one hand, it goes against what has been the norm for years, where all you need to do is just type in or write down your income. Unless you do some very suspicious activity on the card, chances are you don’t need to confirm the information you put down (you shouldn’t lie regardless though).
On the other hand, I think it makes sense for them to do this. COVID obviously is the main reason this is being done, as many are losing their jobs, so for Chase, it’s a way to protect themselves. That being said, it sucks that you have to send in sensitive information to Chase. Either way, you shouldn’t have to worry if you were truthful in your application, but it’s still a hassle nonetheless.
What do you think about this income verification? Let us know down in the comment section below?