At what point is it legitimate to update annual income with creditors?

[chwebb1]

Let's say that you accept a job offer from a new employer, and the salary is significantly higher than what you're currently making. At what point would it be legitimate to update income with creditors? When you accept the offer, when you start the new job, when you complete your taxes at the end of the year, or some other time? Also, when would be the best time to ask for a CLI and take a HP from those creditors? I know most ask how long you've been at your current job, so I don't know if answering 0 months would be likely to get a decline? Also with creditors that you have multiple accounts with (in my case, BoA and Barclaycard), can you ask for a CLI on both accounts at the same time, or should you wait? And if I ask for CLIs at the same time, would it count as one hard pull or more than one?

Thanks in advance for the help. 

[Anonymous]

intresting topic! 

[gdale6]

I would report the income when they ask you to update it and after you are actually working at the job.

[Creditaddict]

When you have signed offer!

unless you are talking about going from near minimum $10k/year to like $50k/year+ i really think income plays less of a roll than most think or if they are close to say 40% of income with 1 creditor than increase salary would help but otherwise i would not take a hp for a cli just because my income changed... i think you will be disappointed.

[chwebb1]

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@Creditaddict wrote:

When you have signed offer!

unless you are talking about going from near minimum $10k/year to like $50k/year+ i really think income plays less of a roll than most think or if they are close to say 40% of income with 1 creditor than increase salary would help but otherwise i would not take a hp for a cli just because my income changed... i think you will be disappointed.

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That actually is what I'm taking about, going from less than $20k/year to likely well over 50k/yr. I don't know the exact numbers yet, but the average for the company is 85k/year.

[CreditCuriosity]

Income plays a small role, but with that being said DTI plays a huge role.   I would say once you start working the job and get a paycheck is an appropriate time to update your income.

[Skye12329]

I would suggest waiting to report it to them till you have a few pay stubs in case they want proof. Then you can send them Like 3 or 4 stubs.

[Anonymous]

Once you've met your probation period and have proven to be a good fit for the new job.

[Anonymous]

I updated my income not long ago. If I remember correctly I asked something about reasonably expected income or something to that effect. I wanted to do a CLI so I entered the new amount before I started receiving it. Although it was a pay increase in my contract so it was guaranteed, also it wasn't a huge increase.

[Creditaddict]

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@chwebb1 wrote:

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@Creditaddict wrote:

When you have signed offer!

unless you are talking about going from near minimum $10k/year to like $50k/year+ i really think income plays less of a roll than most think or if they are close to say 40% of income with 1 creditor than increase salary would help but otherwise i would not take a hp for a cli just because my income changed... i think you will be disappointed.

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That actually is what I'm taking about, going from less than $20k/year to likely well over 50k/yr. I don't know the exact numbers yet, but the average for the company is 85k/year.

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I would put in a CLI with Citi for $25k and let it go for manual review... they will counter if not the full amount.

I would take the hp for a CLI on the barclay

and I would also put in a cli at bofa to $25k and let them manual review and counter also.

I think you will have the nicest bumps from citi and BofA so I would do them first and then 3rd barclay unless barclay happens to be your go to then it might be worth doing first for the inq and fight for it and go through a couple credit analyst if you need too but i think mostly barclay is going to be wanting "history" and citi and bofa while they want history, citi actually probably will pay more attention to 1. does the credit score grant it (yes) 2. what is the max we can do for the income =!