@Anonymous wrote:
As you can see in my signature, I have a few cards with fairly low limits. Despite having them all for over a year (some going on 2 years) and a good FICO score around the upper 720s according to my free Discover score, I have had a fairly low income. I was a full-time student up until this past May, and the most I ever made was in 2014 and didn't even break 10k.
This past week, I accepted my first real job with a salary in the mid 30s to start in a week and a half. With this new information, I'd like to start getting some higher limits (particularly for Discover - $500 after having the card for over a year and a half now is a bit disappointing). From previous experience, can anyone speak to whether I'd really get much of a response calling the companies and explaining that I have a new job? Will they be willing to give me a limit increase now, or should I wait? Would they ask for anything proving that I have this new job, and if so, what? All of the limits are the same as when I got them (except for Capital One; they gave me a $500 CLI 6 months in) so I should be getting something. I just always get turned down due to low income.
First of all, congratulations on the new job!
Regarding your questions, I've never had (or heard of) a national credit card company asking for proof of income unless you're asking for a significant credit line, generally said to be roughly $25K for Amex or $20K for Discover, for example. If you're just looking to get 'normal' increases based on your new income, I would be very surprised if you were asked for anything. (This is assuming you're talking about major issuers and not outliers like Simmons Bank or a company like JCB, who require paperwork for literally everything.)
As for if/how quickly it will make a difference, that will be strictly YMMV. I know with Capital One and Amex you can update your income information online, so a phone call wouldn't even be necessary. With other issuers (or even with CapOne or Amex) it certainly won't hurt to give them a call, and I'm sure they will be receptive to your call (think about it; many of their calls are for problems, your call is actually something 'good'). After your income is updated, depending on the issuer you might be able to initiate a SP credit line increase yourself, or you could take the wait-and-see approach.
Good luck with your new job, and with your credit line increases!
Note: I mentioned Capital One allowed you to update your income online; they also ask for it again when you use their online feature to request a CLI, which could be helpful, (and it's a SP). I think Discover asks for income information when you request an increase as well (I don't have one) but there's been some 'chatter' on here from folks debating on if Discover is a SP or HP, so be aware of the possibility of a HP with them.
