New job, lower income

[acb5456]

Hey everyone,

I was let go from my job recently due to current economical cutbacks. I was making $39,000/year. Fortunately I have found a new job, ut with a lower salary, $25,000. All of my cards are below with limits except my Barclays Arrival+ ($6,000), which i plan to close right before the annual fee hits.

I feel blessed to have found a new job, though i am worried about my current lenders. My credit report is clean and all of my cards are older than a year except my CSP (9/13) and Arrival+. 6 years AAOA. Perfect payment history. No credit card debt exccept a few hundred left on the Arrival+ for an upcoming vacation, almost paid for.

Should i just lay low and continue to be a reliable credit consumer, continuing to use my cards and build my file? Or should i mention the new income???

Thank you all!

[Anonymous]

It has happened to me. Laid low and let sleeping dogs lay.

[ACG23]

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@acb5456 wrote:

Hey everyone,

I was let go from my job recently due to current economical cutbacks. I was making $39,000/year. Fortunately I have found a new job, ut with a lower salary, $25,000. All of my cards are below with limits except my Barclays Arrival+ ($6,000), which i plan to close right before the annual fee hits.

I feel blessed to have found a new job, though i am worried about my current lenders. My credit report is clean and all of my cards are older than a year except my CSP (9/13) and Arrival+. 6 years AAOA. Perfect payment history. No credit card debt exccept a few hundred left on the Arrival+ for an upcoming vacation, almost paid for.

Should i just lay low and continue to be a reliable credit consumer, continuing to use my cards and build my file? Or should i mention the new income???

Thank you all!

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Similar thing happened to me a few years back -- from $170,000 to $55,000, with four months of $0.00 in between . I didn't mention it to my only creditor at the time, Capital One. If I were in your shoes, I wouldn't do so now either. Keep being a good customer -- pay your bills, etc. -- and that's all that matters. Also, doesn't Discover have unemployment protection? Can you use it to your advantage? 

I'm sorry to hear about the layoff, happy that you found something right away, and wish you the best!

[iDShaDoW]

I agree with everyone else.

No reason to volunteer any information unless requested of you.

Heck, when you go to request CLI's online, they ask you your income and don't even ask for actual verification; I'm sure it's a felony of sorts to give false information but yeah...  Keep the new lowered income to yourself.

Sorry to hear about the setback and hope you're able to bounce back.

[red259]

Just lay low. Of course on future apps you need to give the new income, but for current cards I'd just go ahead and make prompt payments etc.

[coldnmn]

My income is $25k net so I wouldn't worry to much and continue to be a good customer.  Good Luck with your new job.

[acb5456]

Thank you guys for your advice! I'll just continue to lay low and keep up my good credit habits!

And maybe this new job is a blessing in disguise 😊 we'll see!

[PlasticOrPlastic]

Back when I was a young lad I had a took a different job just to try it.  I was worried about being honest so I reported my new lower income to my Circuit City card (dont remember who issued it) about 3 days later they closed the card.  It was kind of a low blow since I had perfect payment history and no balance at the time.  Not sure thats always the case but as others have said...keep that change to yourself.  Good luck with the new job!

[SunriseEarth]

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@acb5456 wrote:

Hey everyone,

I was let go from my job recently due to current economical cutbacks. I was making $39,000/year. Fortunately I have found a new job, ut with a lower salary, $25,000. All of my cards are below with limits except my Barclays Arrival+ ($6,000), which i plan to close right before the annual fee hits.

I feel blessed to have found a new job, though i am worried about my current lenders. My credit report is clean and all of my cards are older than a year except my CSP (9/13) and Arrival+. 6 years AAOA. Perfect payment history. No credit card debt exccept a few hundred left on the Arrival+ for an upcoming vacation, almost paid for.

Should i just lay low and continue to be a reliable credit consumer, continuing to use my cards and build my file? Or should i mention the new income???

Thank you all!

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I would just avoid situations with the lender where you would be asked for your income information.