Wells Fargo asking to update income?

[Anonymous]

Got an email today from Wells Fargo asking to update my income. I haven’t given them any income information since I was making minimum wage and it was a student card. Do I smell a CLI in the works? 😬

[FinStar]

The request for this data is to ensure they're staying compliant with the most up-to-date "ability to pay" information as it aligns with the Card Act.

FNBO, Barclays, SYNCB plus a plethora of others routinely request for this information to be updated.

[RobertEG]

Hard to say what might be in the works.

A CLI is one possibility, but negative actions might also be under consideration, such as CLD or closure.

Larger creditors develop and use their own internal scorecards and other indicators that effect their decision making on grant of credit limit (both for a potential increase or decrease), closing of accounts, etc.,  and some even develop their own internal scoring.

What is your current score, and what is your current payment history profile, especially for recent delinquencies?

While FICO does not use income as a scoring factor, creditors can and do use income as an internal decision making factor

[Anonymous]

Thanks for your replies.


@RoberyEG- most current score is 756 (from the WF app). Never missed a payment and never late. Current limit is 7000, I get at least one CLI every year, when I first opened the account, my limit was 1800. I recently did a BT and this card has a 0 balance. I don’t really plan to use it much because I closed my checking and savings with WF and moved to Chase (long story). I have been keeping it semi active the past two months (since the BT), and have done ~$100/month just so there is activity

[Anonymous]

Make sure that the email is legitimate first. I received a similar email back in December. I've been with WF for years and they'd never sent me an email like that before, so I called and asked. It was a phishing email, and a very good looking one at that. Just be careful.