topic Re: Update Income Incentive? in Credit Cards

Update Income Incentive?

GhostCredit — Tue, 16 May 2023 20:50:22 GMT

Hello, why does Chase wants me to update my income for? If I do update it, would anything go wrong? Amex also want me to update it as well but with no additional points. They're going to give me $10 on my Amazon card. Thanks.

Re: Update Income Incentive?

FireMedic1 — Tue, 16 May 2023 21:38:24 GMT

Many ask to update income. If you got a raise or are making more $. Helps with CLI"s for one. If you dont want to change it. Put the same amount.

Re: Update Income Incentive?

ptatohed — Tue, 16 May 2023 21:41:08 GMT

$10 bux just for updating your income? How do I get a piece of that? lol

Re: Update Income Incentive?

wasCB14 — Tue, 16 May 2023 22:01:56 GMT

Has anyone with fluctuating income ever gotten a CLD this way?

Not that CLI/CLD reasons are always so clear...

Re: Update Income Incentive?

Blender — Wed, 17 May 2023 10:25:00 GMT

@wasCB14 wrote:
Has anyone with fluctuating income ever gotten a CLD this way?

Not that CLI/CLD reasons are always so clear...

When I took a travel contract (healthcare) my stated annual income doubled, then I moved and took a staff role and is now back to the previous amount. No CLD, although my limits aren't huge to begin with.

I don't think income weighs the most when matched against your credit profile. My file has derogs and I got an 83% CLI from C1 bc I spent like I made 130k. Although, I remember seeing a user here with over 100k in extended credit on a 45k income 🤷🏻‍♂️

Re: Update Income Incentive?

coldfusion — Wed, 17 May 2023 11:19:39 GMT

@GhostCredit wrote:
Hello, why does Chase wants me to update my income for? If I do update it, would anything go wrong? Amex also want me to update it as well but with no additional points. They're going to give me $10 on my Amazon card. Thanks.

They ask because they're legally obligated to ask. You aren't required to respond.

Re: Update Income Incentive?

OmarGB9 — Wed, 17 May 2023 15:21:20 GMT

@coldfusion wrote:
@GhostCredit wrote:
Hello, why does Chase wants me to update my income for? If I do update it, would anything go wrong? Amex also want me to update it as well but with no additional points. They're going to give me $10 on my Amazon card. Thanks.

They ask because they're legally obligated to ask. You aren't required to respond.

This.

Re: Update Income Incentive?

TSlop — Sat, 20 May 2023 00:04:11 GMT

@ptatohed wrote:
$10 bux just for updating your income? How do I get a piece of that? lol

I got the same thing a few days ago by email for my CFU. I'll keep a hold of the email until I see the $10 credit, since I updated it that day and haven't seen any adjustments yet. The fine print says it can take 10 weeks to show up after the end of the promotional period of May 31st.

Re: Update Income Incentive?

hdporter — Sat, 20 May 2023 02:23:59 GMT

@coldfusion wrote:

They ask because they're legally obligated to ask. You aren't required to respond.

A little more to the point: Because they're restricted from increasing your credit limit unless they have recent income information on hand.

If you have a strong credit profile, they likely WANT to extend more credit.

Re: Update Income Incentive?

OmarGB9 — Mon, 22 May 2023 00:14:30 GMT

@hdporter wrote:
@coldfusion wrote:

They ask because they're legally obligated to ask. You aren't required to respond.

A little more to the point: Because they're restricted from increasing your credit limit unless they have recent income information on hand.

If you have a strong credit profile, they likely WANT to extend more credit.

I don't think that's true at all. Many members on here report never once updating their income after initial approval, yet they keep applying (and getting approved) for CLIs.

Re: Update Income Incentive?

PayAndProsper — Mon, 22 May 2023 06:26:06 GMT

@GhostCredit escribió:
Hello, why does Chase wants me to update my income for? If I do update it, would anything go wrong? Amex also want me to update it as well but with no additional points. They're going to give me $10 on my Amazon card. Thanks.

That's interesting. They're offering you a reward for updating your income? That's a first for me.