Recenly I updated my income my $30,000 when I inheretied a significant amount of dividend and interest paying investments from my father when he passed away. I did not have any request to prove income from any CC, including Citi. Citi acyually gave me a $2,000 CLI on my Costco visa.
The CARD Act (2009) imposed the requirement that financial institutions consider a borrower's "ability to pay" when evaluating a credit application and deciding on credit limits. That "ability to pay" is determined by your reported income and its the reason why lenders will periodically ask you to update your income. You would be doing yourself a disservice by deliberately understating your income.
Not if you don’t want to fork over tax documents and you’re dealing with a lender known to request them, like Amex and Citi. A huge increase in income reported is highly likely to trigger a review and if you don’t send off the tax paperwork, you can lose the lines you already have.
Honestly I've never heard of anyone getting a financial review because they declined to provide the 4506-T form requested during a CLI.
I'd be interested in seeing datapoints that support that claim.
If that's the plan for the time being that's will be fine. I don't expect any issues simply updating your income.