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Was there a time you were asked to turn in your income forms?

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Anonymous
Not applicable

Was there a time you were asked to turn in your income forms?

Hey all I have been in the garden (1year) haven't asked for CLi but soon I SHALL , anyways, when you asked for increase (large amount) where you told to turn in income forms? Was it on the phone? Or where your pursuing from online? And what CC and how much did you ask for?
My Goal chase freedom @1500 to 5000 to match CSP
THANKS IN ADVANCE!
Message 1 of 7
6 REPLIES 6
Skye12329
Valued Contributor

Re: Was there a time you were asked to turn in your income forms?

Amex is basically the biggest lender on here that you will find asking for income forms. Other lenders such as Chase and Citi have also been mentioned doing it. HOWEVER they generally only do it if some thing comes up in your credit report and scares them.

Regarding CLI wise. No I haven't been asked. I have read that some have asked for a large CLI and a computer will say income verification needed and then you just go back and lower the amount till it doesn't ask for verification.

Although in lenders POV they do reserve the right to ask for verification since its basically an unsecured loan in the form of a card.
BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)
Message 2 of 7
Marths
Contributor

Re: Was there a time you were asked to turn in your income forms?

From what I've read they really don't ask for it unless you put a really large amount, or your availible credit seems to high. I could be wrong though, but that's just what I've gathered. 



265k FHA Home Loan @ 2.65%
19k Cap1 Auto Loan @ 2.65%

March 2019 - CK(TU-609, EQ-632),EX-590
May 2020 - CK (TU-673, EQ-666), EX-651
January 2022 - CK(TU-727, EQ-726),EX-704
Message 3 of 7
Anonymous
Not applicable

Re: Was there a time you were asked to turn in your income forms?

I think if the info they have on you makes their computer happy at a 5K limit it will say yes. If not it will say no. They can surley ask for POI (Prof of Income) on a cli request but at 5k I think it is alot less common. It may also depend on what you have reported as your income in the past and what you report now...

If you opened a card and reported 35K income on the app 1 yr ago and then ask for a cli and report 95K income they very well may ask for it.

Has the income amount you are going to declare changed alot since the last time you got a CLI or originally apped for this card?

Message 4 of 7
Anonymous
Not applicable

Re: Was there a time you were asked to turn in your income forms?

Thanks for the quick reply!
Message 5 of 7
Anonymous
Not applicable

Re: Was there a time you were asked to turn in your income forms?

Although I'm still a college it increased a couple thousand but I have a clean record and 35% utilization :/
Message 6 of 7
takeshi74
Senior Contributor

Re: Was there a time you were asked to turn in your income forms?

It's not simply the factors your'e considering that can trigger income verification.  One's credit plays a major role and you're overlooking that in your post.  In any case, polling here isn't going to get you useful information.  You won't have a significant sample and the data is going to be skewed due to the nature of myFICO's user base.  The only thing you can do is deal with income verification if and when it happens to you.

 

The only income verification I have run into was with AmEx.  As indicated in many threads and resources AmEx uses the 4506-T for income verfication.  Keep in mind that any creditor can request verification and what is speficially requested as evidence can vary depending on creditor.

 


@Anonymous wrote:
Although I'm still a college it increased a couple thousand but I have a clean record and 35% utilization :/

Get that utilization down.  The lower the better.  CLI's are based on credit and income.  Utilization is a signiificant scoring and risk factor.  General advice is do not exceed 30% but ideal is much lower.

Message 7 of 7
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