When to update Income if you Switched Jobs?!

[Girlzilla88]

If this is in the wrong spot please move sorry.      So I was offered a position with a higher hourly/commission option so of course I took it.    My question is when do I let the Credit Card companies know???    I don't want to offer up that information to soon and it scare them and they CLD or Close my Accounts but I want to be sure I do it correctly so when they ask my new income I can report it/provide it without worry.     So do I wait until I have next years Tax Return so I can show proof of the years income?!    Or do I report after my first month and they will do their (x's 12 est) to see roughly how much I will make throughout the year?!     This may be a silly question but I was at my previous position for 5 plus years so I'm new to letting the CC company know what's going on so they do not panic.   (I'm also making higher payments than usual and NOT apping for anything new for at least 6 months into the New Position so I don't flag myself and not be able to prove the whole year).      Thank you all ^^

[Brian_Earl_Spilner]

I updated once my position was permanent. If I stayed at the same company I would update immediately. I don't see the point of waiting. An offer letter and paystubs can be used as proof.

[Girlzilla88]

@Brian_Earl_Spilner    My new position is like my old position where it is Hourly and Commission based so the Offer letter only says the 2 dollar an hour increase for hourly and that I will be receiving a commission.      So that part is tricky should I put the estimated annual!?

Same field but different Company

[M_Smart007]

@Girlzilla88, Congratulations on your promotion!

[Horseshoez]

Hmmm, my take is very different; why update the credit card companies at all?  In the 40 years since I got my first credit card I have never once updated them as to the status of my employment (or lack thereof) and what my income was (or wasn't).

[Brian_Earl_Spilner]

When I worked commission, I would base the annual on the monthly average. If worried about a lender, I would go a little lower so that I could show I was making more than I reported. I never had issues.

[Brian_Earl_Spilner]

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@Horseshoez wrote:

Hmmm, my take is very different; why update the credit card companies at all?  In the 40 years since I got my first credit card I have never once updated them as to the status of my employment (or lack thereof) and what my income was (or wasn't).

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It shows ability to pay. If I opened an account in 98 at $7.35 /hr, I want them to know I now make 4x that so they can extend me more credit. They can't figure out DTI correctly if I haven't updated my pay.

[dragontears]

I am lazy so I only update it when I get a pop-up asking while paying the card or when I ask for a CLI. 

Not really sure why you think lenders would view it as a negative. 

[Horseshoez]

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@Brian_Earl_Spilner wrote:

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@Horseshoez wrote:

Hmmm, my take is very different; why update the credit card companies at all?  In the 40 years since I got my first credit card I have never once updated them as to the status of my employment (or lack thereof) and what my income was (or wasn't).

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It shows ability to pay. If I opened an account in 98 at $7.35 /hr, I want them to know I now make 4x that so they can extend me more credit. They can't figure out DTI correctly if I haven't updated my pay.

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I'm still not getting the point, dumb I guess.  

[iced]

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@Brian_Earl_Spilner wrote:

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@Horseshoez wrote:

Hmmm, my take is very different; why update the credit card companies at all?  In the 40 years since I got my first credit card I have never once updated them as to the status of my employment (or lack thereof) and what my income was (or wasn't).

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It shows ability to pay. If I opened an account in 98 at $7.35 /hr, I want them to know I now make 4x that so they can extend me more credit. They can't figure out DTI correctly if I haven't updated my pay.

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Don't most banks ask once a year or so to update income? Why not do it then rather than as soon as you get a new job?

It's rare enough that they're going to voluntarily give you an auto-CLI, and I don't see it suddenly happening sooner because income was updated. Maybe I'm with the wrong banks, but that's just not how CLIs have ever worked for me.