New profession with current accounts

Anonymous · ‎05-06-2018

I recently completed my schooling and have started a new profession. I was wondering do I need to call my lenders and banks I have a checking account with to notify them. I am making more money now and I didn’t know if the higher income would raise flags or they think I was working my former job.

ToughFistFight · ‎05-06-2018

What is your end result? I havent even thought about doing that when making more money at a job or switching professions.

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Anonymous · ‎05-06-2018

A lot of the banks I use have a feature to update your income. The financial institution will be fine if you start making more money. They only care if you are depositing and withdrawing large amounts of cash at a time. If you update your income, they will probably increase your credit limits to accord with your new cash flow.

@Anonymous wrote:
I recently completed my schooling and have started a new profession. I was wondering do I need to call my lenders and banks I have a checking account with to notify them. I am making more money now and I didn’t know if the higher income would raise flags or they think I was working my former job.

Kforce · ‎05-06-2018

@Anonymous wrote:
I recently completed my schooling and have started a new profession. (Congratulation on the new job and completing you schooling) I was wondering do I need to call my lenders and banks I have a checking account with to notify them. I am making more money now and I didn’t know if the higher income would raise flags or they think I was working my former job. (The checking & savings account Bank or CU will see the larger deposits and spend but usually don't care about your income level. The CC issuers like to know your income, this is one of the factors that your CL is based on. Letting them know about your current earnings will help you get CL increases and some lenders even ask every year for it to be updated. Many have a link from your CC account page to update however some still require you to call in and speak to a person. The higher income will only help grow your credit scores, and CL's.)

NRB525 · ‎05-06-2018

@Anonymous wrote:
I recently completed my schooling and have started a new profession. I was wondering do I need to call my lenders and banks I have a checking account with to notify them. I am making more money now and I didn’t know if the higher income would raise flags or they think I was working my former job.

No.

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Kforce · ‎05-06-2018

@ToughFistFight wrote:
What is your end result? I havent even thought about doing that when making more money at a job or switching professions.

For CC issuers only, notification of a higher income can sometimes trigger an auto increase. Even if it doesn't it will be in the banks database for the next account CL increase checking routine run.