Income and CLI?

[catzcradle]

Just out of curiousity... and maybe this is a dumb question, but does your income have much to do with the CLIs that you might get from CCs? Do they have access to this info if they don't ask? My employer is listed on my CR but my salary is not. And my most recent CC approval didn't ask about my income... and I'm pretty sure they didn't call my boss!

So, if I got a promotion or a raise, would that possibly make me more eligible for CLIs? Or do they mostly just focus on your payment history and other info on your CR?

[Anonymous]

In a smart and perfect world it should. But in this fico driven world it doesn't really matter how much you make. Maybe now after the credit bust it will be more heavily factored.

[Anonymous]

Actually income is a pretty big factor. It won't overrule credit history, but between two people with like scores, higher income could lead to higher CL's. This is not so much true on the lower end of lines, which are given with new history and lower scores, but with ultra high credit lines. Though some credit unions will give high lines even without high incomes, most big banks start to bring income into play around 15-20k lines, and you will be hard pressed to hit 30 or 40k CL without a solid income.

If you put in for a CLI and they ask, a raise will help your chances though it might not be the most heavily weighted factor.

[MattH]

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@catzcradle wrote:

Just out of curiousity... and maybe this is a dumb question, but does your income have much to do with the CLIs that you might get from CCs? Do they have access to this info if they don't ask? My employer is listed on my CR but my salary is not. And my most recent CC approval didn't ask about my income... and I'm pretty sure they didn't call my boss!

So, if I got a promotion or a raise, would that possibly make me more eligible for CLIs? Or do they mostly just focus on your payment history and other info on your CR?

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I think income is more likely to be a factor with a requested CLI than with an automatic CLI, at least judging from my own experience.  I was last asked my income by AMEX, Discover, Citibank, and Chase when I initially applied for those cards at various dates from 1982 through 1994, none of them has ever again asked me for my income (nor for permission to pull my IRS or bank records), so I don't think they know my income, all they know is what's on my credit history and of course my transaction history with them.

They've all given me numerous automatic CLIs over the years.  My limits have always been so far above my balances that I've never bothered to ask for any increases.

[Anonymous]

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@MattH wrote:

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@catzcradle wrote:

Just out of curiousity... and maybe this is a dumb question, but does your income have much to do with the CLIs that you might get from CCs? Do they have access to this info if they don't ask? My employer is listed on my CR but my salary is not. And my most recent CC approval didn't ask about my income... and I'm pretty sure they didn't call my boss!

So, if I got a promotion or a raise, would that possibly make me more eligible for CLIs? Or do they mostly just focus on your payment history and other info on your CR?

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I think income is more likely to be a factor with a requested CLI than with an automatic CLI, at least judging from my own experience.

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I've had the same experience.  When I've requested a CLI, they usually ask my income, and those increases have definately been larger than the automatic ones you get from time to time. 

It makes perfect sense, since they have no way of tracking your income (as it might increase... or  decrease) once the account is opened.

Message Edited by writemikep on 10-31-2008 03:27 PM

[jmbfl]

They can't ask your employer your income. And if they do ask your employer cannot answer. The only way they can verify your income is by having you send in a W-2 statement or release your tax return information.

[MattH]

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@jmbfl wrote:
They can't ask your employer your income. And if they do ask your employer cannot answer. The only way they can verify your income is by having you send in a W-2 statement or release your tax return information.

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Indeed.  My employer will only release this information with my permission, and the ONLY time any lender has ever asked me to authorize my employer to verify my salary was when my wife and I applied for our mortgage.  On car loans and credit cards they have always approved me based on my credit history and what I wrote on the application, no credit card company has ever had income numbers from any source other than me.  And at this point none of the companies whose cards are in my wallet has a figure for my income from the present century since none of them has ever asked me for my income since my original applications back in the 1980s or 1990s.