No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I would assume they may be checking your deposits (if you use them for a checking / savings as well). Then again, a lot of people nowadays split their pay between accounts.
@ficoChanger wrote:
A few months ago I applied for another credit card at my bank. A few weeks later I got a letter saying that the amount of available credit was decreased so that it was in line with my income. I know that this is quite common. My question is, how does a bank (in this case BofA) know your income? My income has changed over the years so I want to make sure that my bank makes decisions off my current income and not something reported five years ago.
They'll get that from you when you app ey?
I believe theres no particular way that they'd know (legally) about your income unless you tell them.
You could call and let them know your current income.
@ficoChanger wrote:
A few months ago I applied for another credit card at my bank. A few weeks later I got a letter saying that the amount of available credit was decreased so that it was in line with my income. I know that this is quite common. My question is, how does a bank (in this case BofA) know your income? My income has changed over the years so I want to make sure that my bank makes decisions off my current income and not something reported five years ago.
Didn't BoA ask what your income was when you applied for credit? Generally most applications ask what your personal or household income is.
Four standard questions on every computer entered BofA credit application and CLI request:
1) Occupation,
2) Salary,
3) Housing Payment, and
4) Other income.
(I saved a screenshot of my last CLI request.)
Not only can your bank figure out what your income is, but starting in February credit bureaus like EQ, EX and TU may use your estimated income to determine your credit worthiness when you apply for new credit cards.
http://articles.moneycentral.msn.com/Banking/YourCreditRating/look-who-is-peeking-at-your-paycheck.aspx