US Bank Asking to Update Income possibly Auto CLI in my Future

[TheFIGuy]

US Bank Portfolio:

• Cash+ w/ 20k Credit Limit
• Altitude Reserve (AR) w/ 25k Credit Limit
• Business Platinum w/ 3k Credit Limit

I received an email today from U.S. Bank see below:

"Update your income, and you could be eligible for credit limit increases. Knowing your annual income helps us to make better decisions when considering you for credit products and limit increases. Please click on the link below to log in to your account and update your total annual income. It takes less than a minute to update, and we’ll keep it confidential."

I have never received an email like this before from U.S. Bank, and hopefully, this means I will be getting an auto credit limit increase in the near future. On 06/2023, I requested a CLI on my Altitude Reserve, which brought me from 5k to 25k with a manual review. I use my Altitude Reserve as my daily driver, putting heavy spending 4k to 8k per month and paying it off to $0 monthly before the statement cuts as it's easier on my budget. The Cash+ typically gets about $50/ monthly spend via subscriptions, and that's about it, and the Business Platinum gets $0/monthly spend as I only use it for 0% promotions, which rarely come (probably b/c I don't use it LOL).

I was thinking about adding my GF to my AR as an authorized user. I don't like there is no clear separation of transactions between her and myself on US Bank like there is with AMEX.

The only other thing that recently changed was I unfroze all three major credit reports about two months ago for a job requirement, which will stay unfrozen until Dec.

I'll keep you all posted if something changes!

[hdporter]

The CFPB has stipulated that banks must take into consideration a cardholder's ability to pay their debts before issuing new credit or increasing an existing credit line.

As a consequence, banks are now prohibited from extending CLI's to cardholders in good standing unless they have recently reprorted income information.  For this reason, many banks periodically solicit income updates from their cardholders as a routine procedure. 

This doesn't mean that a CLI is pending such reported income and I, personally, have never received an unsolicited CLI after update my reported income to the creditor.  (On the other hand, I'm somewhat aggressive in seeking CLI's from my issuers, so most of my accounts have seen CLI's in the prior 12-18 mo.)

[Berk]

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@hdporter wrote:

The CFPB has stipulated that banks must take into consideration a cardholder's ability to pay their debts before issuing new credit or increasing an existing credit line.

As a consequence, banks are now prohibited from extending CLI's to cardholders in good standing unless they have recently reprorted income information.  For this reason, many banks periodically solicit income updates from their cardholders as a routine procedure. 

This doesn't mean that a CLI is pending such reported income and I, personally, have never received an unsolicited CLI after update my reported income to the creditor.  (On the other hand, I'm somewhat aggressive in seeking CLI's from my issuers, so most of my accounts have seen CLI's in the prior 12-18 mo.)

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^This. Banks have been asking me to update my income for years. It has yet to lead to an auto CLI.