Chase emailed looking for updated income today...

[ChargedUp]

While there's no promises, this would be a good time for people to update their income on Chase as it seems they're getting ready to hand out some auto-CLI love!

[coldfusion]

Don't get too excited, they are legally mandated to request cardholders update their income on a regular basis.

Other than during the initial application cardholders are not required to respond to such requests.

However, if one is hoping for an auto-cli it's probably a good idea to respond.  

[swpopham]

Has anyone seen this before? This is first time in 10 years, I went to our account via normal channels and updated income just incase it was a scam  but it seems legit with our names and last 4 of the account number. hopefully an auto cli, have 1 chase ink card 18k, SPR 69k and an IHG card at 5.9k all have been open since 2012, had to hard inquries to get sapphire up to where its at, had 1 auto cli from 10 to 18k on ink card last year.

[Mod cut - Image removed for personal information. - KiB]

[CreditCuriosity]

Most lenders do this yearly.. I got it 3 times for various lenders in the last week usually when I login, they just want updated income info if it has changed.  They say it could help out with a CLI, but never seen this to be the case with Chase or any other lender for that matter although Chase it would be nice as most of the CLI's are HP's, vs. other lenders tend to be SP's, obviously depending on lender

[simplynoir]

With Chase I usually see the message to update my income on main account page on the bottom with a blue link I believe. I just punch in the same numbers as before and leave it after that; usually disappears on its own soon enough.

[Anonymous]

The CARD Act and Regulation Z issued by the CFPB require lenders to obtain annual income updates in order to assess their borrowers' "ability to pay."

"(i) Consideration of ability to pay. A card issuer must not open a credit card account for a consumer under an open-end (not home-secured) consumer credit plan, or increase any credit limit applicable to such account, unless the card issuer considers the consumer's ability to make the required minimum periodic payments under the terms of the account based on the consumer's income or assets and the consumer's current obligations."

[Anonymous]

I get similar worded emails for all my credit cards once a year. I guess "consider you for a credit increase" sounds better than "me are mandated by the government". I imagine people would be less likely to respond to the later.

[zerofire]

Chase is the banking king of PR. They know how to spin banking regulations into something that might be useful for you. I have had the same request show up repeatedly for years. Can doing the update help you? Perhaps. Can you ignore it if your income stayed the same or dropped? Sure. Most likely your score went up and Chase wants an excuse to consider you for a CLI but they will not waste time on those that have no additional income.

Chase has always been a solid but otherwise inverted bank(they draw in customers on the CC's instead of the accounts).

[ChargedUp]

The reason not withstanding, it's easy enough to do and if it helps push me or anyone else to some auto-CLI love, why not? Just thought I'd share the thought.

[Anonymous]

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@ChargedUp wrote:

The reason not withstanding, it's easy enough to do and if it helps push me or anyone else to some auto-CLI love, why not? Just thought I'd share the thought.

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Right, but it IS worth understanding the reason: i.e. it a periodic request mandated by the CARD Act and related law.   So it has probably has no relation to Chase getting ready to give out auto-luv!   Updating MIGHT increase the chances for a CLI but so would doing that any at time