Citi Bank is aggressively offering to update my income information

[Paranoid]

Hi. I have been using a Citi Double Cash credit card for over a year. I always pay in full and never had any problems, have pretty normal FICO score (~745) and my current CL is 6000. Recently, the City has been aggressively offering to update my income (ostensibly in my interests, to increase the credit limit, as they say). At the moment, my wife went on maternity leave and stopped working, and our income fell from 60,000 to 35,000. I found information on the Internet that updating my income is not mandatory, but every time I log in to the Citi website I see a pop-up window with it. Could anyone suggest, please, is it worth updating income information? Do I have to do it? Is it more likely that my credit limit will be reduced or it can stay the same?

Thank you!

[Anonymous]

To be honest I don't think it should matter to much if you do update it as long as you've been a good customer and have no lates with them you should be fine I can't really see that happening but I'm not entirely sure sorry I can't be more helpful.

[coldfusion]

This ties into requirements in place as part of the 2009 CARD act.   Issuers are required to ask for your income when you apply for a card and if there is consideration for a CLI. 

You are required to respond when you apply, while you are not required to respond to subsequent requests after you've been approved they're still required to ask you.  

[Anonymous]

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@Paranoid wrote:

Hi. I have been using a Citi Double Cash credit card for over a year. I always pay in full and never had any problems, have pretty normal FICO score (~745) and my current CL is 6000. Recently, the City has been aggressively offering to update my income (ostensibly in my interests, to increase the credit limit, as they say). At the moment, my wife went on maternity leave and stopped working, and our income fell from 60,000 to 35,000. I found information on the Internet that updating my income is not mandatory, but every time I log in to the Citi website I see a pop-up window with it. Could anyone suggest, please, is it worth updating income information? Do I have to do it? Is it more likely that my credit limit will be reduced or it can stay the same?

Thank you!

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Both the CARD Act of 2009 and Regulation Z issued by the Consumer Financial Protection Board require financial institutions to request annual updates on your income.  This request is so they can evaluate your "ability to repay" credit lines issued to you.

 Providing updated income information is voluntary but its unlikely you will be considered for any credit limit increases unless you provide it.

[Paranoid]

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@Anonymous wrote:

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Providing updated income information is voluntary but its unlikely you will be considered for any credit limit increases unless you provide it.

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But if I provide new information to them, based on the data I have given, will they most likely reduce my credit limit?

[Anonymous]

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@Paranoid wrote:

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@Anonymous wrote:

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Providing updated income information is voluntary but its unlikely you will be considered for any credit limit increases unless you provide it.

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But if I provide new information to them, based on the data I have given, will they most likely reduce my credit limit?

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Its unlikely they will reduce your current credit limit unless you are carrying balances on any of your credit cards while making only minimum payments, or exhibiting other signs of financial problems.

[kerplunk]

I wouldn’t update my income unless the number is higher than what is there currently.

[NRB525]

How long is DW maternity leave expected to last? If short term, just keep clicking through until a more certain long term income pace is known.

If longer term maternity leave, then its best to update accurately with known information. It is unlikely a CLD would be done unless carried balances pose a risk.

[Anonymous]

When I worked for them, they literally paid us to have clients update income. Like a sales product of sorts. So no, you dont have to and no your credit limit will not be reduced as a result. You give your income information every time you submit a CLI so theres no benefit to updating it now or then, when the time comes