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CLI with substantial change in income?

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Anonymous
Not applicable

CLI with substantial change in income?

In May I'll be graduating from pharmacy school and I'll experience a major increase in income from $15,000 to $50,000 (if I do a residency) or $100,000+.  None of my CCs are student cards, so the CCCs aren't expecting me to have any changes in income.  Is there anything I should do to alert the CCCs of this change when it happens?  I ask because I have a few cards with CLs that are lower than I'd like, and naturally they require hard inquiries for customer-initiated CLI requests.  I was hoping that if they knew about my new income level, I might get auto CLIs.  Does anyone have any thoughts about or experience with this kind of situation?  And FWIW, this is not a major concern for me - it's more of a minor curiosity because I don't really need the higher limits, which is why I wouldn't want to waste a hard with a CLI request.

Message 1 of 8
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Anonymous
Not applicable

Re: CLI with substantial change in income?

a hard pull is not too damaging and only costs your score a few points for 1 year. If you don't have many I think they are worth asking for a CLI.

Message 2 of 8
ficonightmare
Frequent Contributor

Re: CLI with substantial change in income?

I've been wondering how CC's decide on limits and CLI's. Have a feeling it has more to with your credit report rather than your HHI.

The reason I say this is because our HHI is pretty good and my husband has great limits. Me on the other hand had GEMB PayPal MC start with 2k. My credit report wasn't the cleanest. Now, I only have one baddie left and my last app to BOA resulted in a $7,500 CL.

 

If your credit report is clean and not thin, it doesn't hurt to ask. But if you have any baddies anywhere, I wouldn't waste a hard pull.


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Message 3 of 8
Anonymous
Not applicable

Re: CLI with substantial change in income?

 


@ficonightmare wrote:

I've been wondering how CC's decide on limits and CLI's. Have a feeling it has more to with your credit report rather than your HHI.

The reason I say this is because our HHI is pretty good and my husband has great limits. Me on the other hand had GEMB PayPal MC start with 2k. My credit report wasn't the cleanest. Now, I only have one baddie left and my last app to BOA resulted in a $7,500 CL.

 

If your credit report is clean and not thin, it doesn't hurt to ask. But if you have any baddies anywhere, I wouldn't waste a hard pull.


That's a good point.  My CR is clean, longest TL is 6 years with an AAoA of just over 3 years.  I have 11 TLs still open with 2 SL's that are paid in full.  Util is always <9%.  So my CR is about as good as I can get it right now.  Given that, I wonder if a substantial jump in income would have any additional effect on my CLs.  Right now I have 1 inq on TU, 1 on EX, and 2 on EQ with the 'youngest' inq coming up on 1 year in March.  I was hoping to keep inqs to a minimum, so that's why I was wondering about auto CLI based on increased HHI.  Does anyone else have any thoughts on this?

 

Message 4 of 8
joestay
Frequent Contributor

Re: CLI with substantial change in income?

Have you tried calling cap1 automated system?

Message 5 of 8
Anonymous
Not applicable

Re: CLI with substantial change in income?

 


@joestay wrote:

Have you tried calling cap1 automated system?


I don't have a cap1 card.  I have USBank, Discover, Chase, Citi, BoA, Best Buy store card, Kohl's store card, and BP gas card.  I've tried the automated systems on all that have it, but I won't see my income bump until I start my job in June/July.  I'm just thinking ahead to that time and wondering if at that point, the CCCs would do an auto CLI if they know about my income change.

 

Message 6 of 8
lovely222
Regular Contributor

Re: CLI with substantial change in income?

With Discover, Citi, and BofA, you should be able to request a CLI online resulting in only a soft pull. Not sure about Chase or USBank bc I don't have those. If they ask you for income - that's okay it should still only be a soft pull. If they ask for bank account info and mortgage/renting info then that's a hard pull. Just check out what it says online. I was able to get CLI's this way this year. Citi did a hard pull twice but went from 2,500 to 6,000 to 10k this year. BofA went from 700 to 2,500 this year with a soft pull and talking to a CSR. My income is only 45k (still in school) so I think the increases had more to do with my credit report than my income. 

6/13: FICO TU (Walmart): 750
6/13: FICO EQ (Score Watch): 769
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Message 7 of 8
tengtengvn
Frequent Contributor

Re: CLI with substantial change in income?

 


@Anonymous wrote:

 

I don't have a cap1 card.  I have USBank, Discover, Chase, Citi, BoA, Best Buy store card, Kohl's store card, and BP gas card.  I've tried the automated systems on all that have it, but I won't see my income bump until I start my job in June/July.  I'm just thinking ahead to that time and wondering if at that point, the CCCs would do an auto CLI if they know about my income change.

 


 

US Bank don't need hard pull for CLI. I think your income doesn't matter to them since you haven't been at the new job for more than 6 months.

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-Not Capital One.
Message 8 of 8
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