How do creditors know your income in using credit reports?

[Anonymous]

I made a bit of a mistake with Citi cards in requesting a limit increase that I thought didn't use a hard inquiry. The rejection states that my "balances, as shown on your credit bureau report, are too high when compared to your income."

Is income something that TU, EX, EQ track even though its not in the credit reports? Or do I need to contact Citi and update them on my current income? The letter just talks about if I want to dispute the info from Equifax and they can reconsider if they get an updated credit report, not whether Citi has my correct information.

[fused]

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sjh wrote:

I made a bit of a mistake with Citi cards in requesting a limit increase that I thought didn't use a hard inquiry. The rejection states that my "balances, as shown on your credit bureau report, are too high when compared to your income."

Is income something that TU, EX, EQ track even though its not in the credit reports? Or do I need to contact Citi and update them on my current income? The letter just talks about if I want to dispute the info from Equifax and they can reconsider if they get an updated credit report, not whether Citi has my correct information.

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Do you know your FICO scores?  CRAs do not know and do not report anything pertaining to your income.  If your income has increased, then yes inform CITI of this and maybe you might get a CLI. Are your TL balances reporting accurately? I think its possible CITI might just be passing the buck to EQ by suggesting that they might not be reporting accurately. I have been going thru this rubbish for months now with AMEX and EX.

Message Edited by fused111 on 06-29-2007 04:54 PM

Message Edited by fused111 on 06-29-2007 07:10 PM

[Anonymous]

Hi,

I am confused about how and if the credit agencies know that your income has changed.  This past year I went from part to full time at the same job I have held for 22 years.  My Fico score states that

my debt to income level is too high...do I write to them and tell them the change in my income?

Thanks

[marty56]

When you applied for the CC did it ask for your yearly income.  Most do.

It is also possile that they rejected it for another rason and they coded it wrong.

[llecs]

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kingpoodle wrote:

Hi,

I am confused about how and if the credit agencies know that your income has changed.  This past year I went from part to full time at the same job I have held for 22 years.  My Fico score states that

my debt to income level is too high...do I write to them and tell them the change in my income?

Thanks

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Where in your FICO report did it say that? Was it in the things that are helping/hurting you?

[Anonymous]

I have had most of these credit cards for many years.. some 10, 12 years. For the first 13 years I was full time, then part time in varies degrees between 1999-2007, I have gone back to full time this summer. Of course my income has gone up so I am making much more than twice what I was making 20 years ago... So do I contact the credit cards companies themselves or the fico people. thanks

[MidnightVoice]

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kingpoodle wrote:

  My Fico score states that

my debt to income level is too high...do I write to them and tell them the change in my income?

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Does it actually say debt to income, or does it say utilization of available credit?

[haulingthescoreup]

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@Anonymous wrote:
I have had most of these credit cards for many years.. some 10, 12 years. For the first 13 years I was full time, then part time in varies degrees between 1999-2007, I have gone back to full time this summer. Of course my income has gone up so I am making much more than twice what I was making 20 years ago... So do I contact the credit cards companies themselves or the fico people. thanks

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I agree with llecs--this doesn't sound like a FICO feedback, but a CC feedback. Or possibly you're quoting it a bit wrong, and it's saying that your balances are too high compared to your credit limits or available credit.

Can you copy/paste this message here, please? thanks

And in the meantime, if you haven't already, please read Credit Scoring 101 (stickied at the top of this page), or at least the first big post.

[Anonymous]

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kingpoodle wrote:
 So do I contact the credit cards companies themselves or the fico people. thanks

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CC companies...........FICO doesn't care what your income is.