How to report income increase to CB's?

[Vulcan1]

I received a salary raise and bonus at my recent company review. I also receieve a vehicle allowance.  How does one go about notifying CB's of the increase or is this something that is done automatically at tax time? It is significant enough that it would change by DTI. 

[Remedios]

You dont notify CB of anything, you update income with your lenders. They are the ones taking DTI into account, not CB.
Income does not play direct role in scoring

[HeavenOhio]

Income is not part of your credit report at all.

[Vulcan1]

Do lenders really care if your income improves?  Would they even bother adjusting it or are they content with being paid on time.

[FinStar]

A variety of lenders provide the option to update one's income (FNBO, Citi, Chase, SYNCB, etc.).   Some may use this information as part of their periodic account review process in order to determine whether an account qualifies for a highler line at some point - all other factors considered. 

[CreditInspired]

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@Vulcan1 wrote:

I received a salary raise and bonus at my recent company review. I also receieve a vehicle allowance.  How does one go about notifying CB's of the increase or is this something that is done automatically at tax time? It is significant enough that it would change by DTI. 

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Hi Vulcan,

I just want to say congratulations on the review, salary increase, and bonus. In these economic times, even when one's performance is outstanding, it is not always easy to get an increase that significantly changes one's DTI. Kudos to you for a job well done and to a company that recognizes it.

[Andypanda]

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@Vulcan1 wrote:

Do lenders really care if your income improves?  Would they even bother adjusting it or are they content with being paid on time.

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they would take it into consideration if a person is requesting a CLI. It is also a factor when banks decide if you qualify for  a mortgage/auto loan.

[Anonymous]

You're only able to report your income increase to your CCC's not to the CB's I believe.

[Anonymous]

they care. ... unless it has increased significantly it won't open any new doors but may put you on the radar for various products.

Congrats!!!

[Vulcan1]

Thanks for the inormation everyone.  I will contact my mortgage company and see if they will update. I oviously have proof and it is a 9.5% increase so it should positively affect my DTI ratio. I'm not concerned about getting a CC or CLI. Just looking to give a little boost to my scores.