05-01-2014 02:38 PM
05-01-2014 02:41 PM
Waiting is probably best. Also, it depends on how much of an increase 8k is for you. If you went from 250k - > 258k then forget it. However, if you went from 20k - > 28k then it probably would help a decent amount.
05-01-2014 02:44 PM
I'd advocate waiting.
At the very least, wait until you get a pay stub or two, but more practically, unless you "need" the CLI I wouldn't rush it. If you decide not to garden and go for a new card, by all means specify the new salary/income, but you're okay waiting for now I think.
05-01-2014 04:01 PM
income is over rated for what it does especially for approved cards and getting CLI's
it won't make a bit of difference in my opinion and you won't get early CLI becasue of it, especially with so many being done by a computer these days or possibly SP if you didn't push to fast but most likely would be HP now because of it being early.
citi, discover, chase come to mind.
ge just needs to be 4 statements unless maybe through credit solutions.
05-01-2014 04:25 PM
Didn't make much of a difference for me, they were more concerned about how my credit profile looked vs income.
05-01-2014 04:57 PM
I just applied for five new cards back in February, all which have cut at least two statement thus far.
I also just accepted a new job position in which I start Monday. As a result, my annual income is increasing by almost $8k a year. With this new increase, should I request a CLI on my cards early or should I wait the necessary time for each respective cards?
No, but I'd update your info with the CCCs, in case they decide to auto CLI.
05-01-2014 06:21 PM
Congrats on your raise.
Unfortunately your creditors could care less. It's all comes down to DTI (debt-to-income). For example, some clients I've met in my particular career are making $100k per month and are up to their eyeballs in debt with mortgages on 2 houses, 3 vacations homes, 5 open auto loans, over $50k in revolving debt, etc. Whereas the individual making $3k per month with $500/month rent obligations and $200/month auto loan will qualify for a lower rate than the superstar making over a million dollars per year.
It doesn't necessarily matter what you make, it's your ability to meet your monthly financial obligations. Most banks like to see a DTI of 35% or less.
And no, don't take HP's for CLI's because you got an $8k raise. Unless you land a job that takes you from $30k per year to $80k per year it's not going to matter.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.