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Income Increase, Should I Request Early CLI?

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Regular Contributor

Income Increase, Should I Request Early CLI?

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?
My Wallet: WF College Card ($1.7k); GE Wal-Mart ($1.3k); GE Amazon ($1.9k); Chase Freedom ($1k); Citi Simplicity ($2k); Discover IT ($2k); CareCredit ($1.5k); GE Lowes ($2.5k) -- In The Garden 'Til 08/2014

Current Scores: EQ 716; TU 683; EX: 709; TU(08): 723 - As of April 21, 2014
Goal Score: 700 Across the Board (TU, EQ, EX)


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Message 1 of 7
6 REPLIES
Moderator Emeritus

Re: Income Increase, Should I Request Early CLI?

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.

Message 2 of 7
Established Contributor

Re: Income Increase, Should I Request Early CLI?

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. 

12/29/2015 669/696/706
01/10/2016 698/711/730 but still to and fro a bit

Climbing to 700 and beyond. It's too cold for gardening.
Message 3 of 7
Epic Contributor

Re: Income Increase, Should I Request Early CLI?

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.

Message 4 of 7
Frequent Contributor

Re: Income Increase, Should I Request Early CLI?

Didn't make much of a difference for me, they were more concerned about how my credit profile looked vs income.

AkAir $50k | Marriott $65k | Local CU $8k
TU: 770 / EQ: 748 / EX: 769
Message 5 of 7
Moderator

Re: Income Increase, Should I Request Early CLI?


YoungMoney06 wrote:
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. 



Start: 619 (TU08, 9/2013) | Current: 791 (TU08, 12/1/17)
Sam's Club MC $25000 | Marvel MC $25000 | Macy's AMEX $25000 | AMEX BCE $20400 | Discover IT $20000 | Macy's Store $20000 | Cap 1 QS WMC $17250 | BoA BBR #1 $17200 | JCP $15000 | Citi DC $12600 | Freedom VS $12000 | BofA BBR #2 $11800 | Disney VS $11500 | Care Credit MC $11200 | Cash+ VS $10500 | CashForward WMC $10000 | Barclay Rewards WMC $10000 | WCU Visa $10000 | Amazon Store $8000 | Blispay $7500 | Target MC $5000 | Sony Card $4250 | ~~Gardening Since 11/2/17
Message 6 of 7
Established Contributor

Re: Income Increase, Should I Request Early CLI?

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.

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 7 of 7