Recent Income change, how does that change apps?

[Anonymous]

Hello FICOers!

I've been walking along the credit road for some time, the last few years I have only been able to work part time, mostly because school and commuting didn't allow much more than that. So I was making around 15K a year for about 5 years while I attended school. A few weeks ago, I finally started a new job months after graduating, based on my estimates, I will be making ~45K a year, and I thought about potentially expanding my credit card profile to include mayyyybe a store card, and the US Bank Altitude Reserve. My taxes for 2018 will only be reporting the ~15K income from last year tho. So my question is, when should I be able to input my new income on credit apps without having potential hold ups to my apps due to verifications? Or should I wait until next year to have roughly a year working with my new job? I don't wanna have app issues with being put on "pending" and require verifications by the banks and such.

Or is income not going to be a big factor either way and I'm just over-thinking it? Lol.

[LittleSal]

You should be good to list your current income.

For verification two most recent pay check stubs and banking statements should satisfy most lenders. Your credit profile looks pretty solid. I doubt they ask for income verification. Good luck!

[joltdude]

With the income change.. you might find yourself with Auto CLI's and offers... also may end up with a form of IV with some banks/CUs... unlikely to be the evil tax form one... but likely to perhaps require paystubs... that said. if youve had these cards for a bit esp through school/university etc.. most wont blink an eye.. but wait untill you get your first paycheck before you go updating your incomes...some folks say to wait a few more but at least this will CYA.... And also.. after you update it.. wait a few days..then you can try for some CLIs on cards that do SPs.. but asking for a CLI right after you update... Perhaps its just me.. but it looks a bit suspect.. but thats completely opinion (on that subject)

-J

[Anonymous]

Alright, thanks to you both. I'll wait for another pay stub to do it then. Would it then be a good idea to update income for all banks that ask for it? Maybe theyll do an auto CLI at some point for some cards? Some cards havent had increased since I've opened them, like the Chase Freedom. I use it for categories regularly, pay it off in full, but am still stuck with my original limit of $700.

[LittleSal]

Yes. I would definitely update them.

Chase and US Bank are slow to auto CLI but AMEX and Discover should grow nicely. I would ask Discover every 90 days and AMEX every 181 days for a CLI.