@iced wrote:
@Brian_Earl_Spilner wrote:
@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).
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.
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.
I got my first credit card back in 1981; since then I've been asked about my income exactly one time. If memory serves, AMEX contacted me in about 1988 after seeing the amount of travel related spend on my Gold Card and offered to upgrade me to their relatively new Platinum Card; as part of that interview they asked my income. Beyond that, over the decades CLIs have come on a regular basis without ever asking, and never once did I need to provide an update on who I worked for and how much I made.
@iced wrote:
@Brian_Earl_Spilner wrote:
@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).
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.
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.
Almost none of my lenders ask me to update my income.
I'm not saying they're going to automatically give you a CLI as soon as you update, but updating it immediately shows that you've had the income for a while and you're not arbitrarily raising it for credit seeking.
@Horseshoez wrote:
@iced wrote:
@Brian_Earl_Spilner wrote:
@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).
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.
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.
I got my first credit card back in 1981; since then I've been asked about my income exactly one time. If memory serves, AMEX contacted me in about 1988 after seeing the amount of travel related spend on my Gold Card and offered to upgrade me to their relatively new Platinum Card; as part of that interview they asked my income. Beyond that, over the decades CLIs have come on a regular basis without ever asking, and never once did I need to provide an update on who I worked for and how much I made.
Interesting note on AmEx, as in the 10 minutes since I posted my reply, what popped up as soon as I logged in to americanexpress.com:
@iced, that must either be new or reserved for certain cards. FWIW, my Chapter 13 took care of my AMEX Platinum Card back in 2015, so I'm sure a lot has changed with them in the last 6 years.
@iced LOL Amex is listening to you XD, @M_Smart007 Thank you so much! @Brian_Earl_Spilner Yes that is what I did with my previous job is average it out but I don't want to base it off the average of my last job if I end up being over when I could have reported that to help with the DTI etc.....I guess what I'll do is update it after 3/6 months so I can better calculate. I don't want to post wrong thing and if they ask for POI or anything I can't provide that atm only the hire letter which will show less since it doesn't show an amount for Comission.
Amex and Chase have both historically asked for updated income every 3 or so years.
I've never had it with any other institution, though BOFA did ask for revenue estimate for a volunteer organization I was serving as treasurer for I don't quite put that in the same category. End of the day before they extend you any sort of product there are likely going to ask for current income anyway and a lot of that information is out in the world anyway these days for all of us.
