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ZeroDebt

CapitalOne says "it's time to update your income" - Uhm, WHAT income?

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Currently, this is a trick question for me. :blush2:

 

My income is currently $0, and has been for the past 7-8 months(admittedly, pretty much by choice)

 

I'm thinking of just ignoring their request until such time I have an income again. I think, legally, they only need it to consider CL increases(which I've never requested in the entire 17+ years I've been with them).

I have ZERO plans to ask for a CLI.

 

I don't want to log in to their website, and replace "$35k a year", with a big honkin' goose egg - might set off some kind of panic and/or CL reduction. Note: Prior to this, we've gone on for over 15+ years with the

assumption of my income being $600 a month, and went from one card with a $200 LoC, to 3 cards with a combined LoC of about $25k - all without ever asking for a CLI, and all based on my original stated income

of $600 a month.

 

I have 3 CapOne CCs, they are my ONLY CLs, so I don't want any problems.

 

All 3 account balances are $0, and my TU FICO is 819. I only use one of the cards, and have presently been paying in full each month(wireless bill autopay from CC)

 

Suggestions?

Edited by ZeroDebt

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I wouldn't respond - with a 819 score, they are actually asking so they could increase your credit line

 

they aren't going to close it with that score and on time payments - just don't carry a balance, PIF each month

 

be careful with the autopay heard too many stories of missed payments and such if they switch systems

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I would encourage you, with your credit scores, to get some cards from a different issuer, in addition to Cap1. It's rarely a good idea to put all your credit eggs in one basket, figuratively speaking.

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+1. Eggs & baskets!

 

As soon as you have income to report, you should open 2 more cards with 2 different issuers.

 

With your FICO, all you need is a minimal income to qualify for any card you want... so pick 2 with generous SUBs and benefits from prime issuers.

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Currently, this is a trick question for me. :blush2:

 

My income is currently $0, and has been for the past 7-8 months(admittedly, pretty much by choice)

 

I'm thinking of just ignoring their request until such time I have an income again. I think, legally, they only need it to consider CL increases(which I've never requested in the entire 17+ years I've been with them).

I have ZERO plans to ask for a CLI.

 

 

Congratulations. Having 0 balances and no income by choice for 7 months means you manage money well.

 

CC issuers are not required to ask your income but most do. They are allowed instead to impute income from their own sources like if you have a bank account. They can also impute income from CRA credit files in lieu of just asking and Fair Isaac offers such services. But again, most do ask for you to update income from time to time. The credit card industry operates on the assumption, and hope, that people will use CCs in advance of their pay coming in or, more ideally, that they will run up debt beyond their assets. So income is a general focus. But as long as you PIF it's unlikely they will do anything other than pester you on the website.

 

My gf, a retired teacher, puts her pension (20k after deductions). These questions pop up from time to time too. I told her she should include her dividends and interest too which would bring it up to about 60k. But she doesn't feel comfortable doing that for some reason but hasn't had any problems getting high limit cards. She's well into the 800's and is OCD, opposite of me, about bill paying.

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Speaking of which I got my report from The Work Number today and guess who's pulling inquiries all the time? "Capital One VOI Batch", I assume VOI = Verification Of Income.

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Speaking of which I got my report from The Work Number today and guess who's pulling inquiries all the time? "Capital One VOI Batch", I assume VOI = Verification Of Income.

 

Very Interesting! What shows (or doesn't) up on it?

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um... you should respond as card issuers need to collect such info due to federal regulations. I wonder what an issuer will do to accounts where it cannot estimate or where it does not receive self-reported info?

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um... you should respond as card issuers need to collect such info due to federal regulations. I wonder what an issuer will do to accounts where it cannot estimate or where it does not receive self-reported info?

 

Are you sure?

 

I know that is required for new credit card applications but I'm not aware it is a legal requirement for ongoing accounts though it's certainly prudent.

 

The only site that ever asks me to update income info is the Walmart CC and since I'm retired I'm not in The Work Number. They all do soft pull ARs about once a year.

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um... you should respond as card issuers need to collect such info due to federal regulations. I wonder what an issuer will do to accounts where it cannot estimate or where it does not receive self-reported info?

 

Are you sure?

 

I know that is required for new credit card applications but I'm not aware it is a legal requirement for ongoing accounts though it's certainly prudent.

 

The only site that ever asks me to update income info is the Walmart CC and since I'm retired I'm not in The Work Number. They all do soft pull ARs about once a year.

 

Blispay didn't request income on application and has never asked for it.

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um... you should respond as card issuers need to collect such info due to federal regulations. I wonder what an issuer will do to accounts where it cannot estimate or where it does not receive self-reported info?

 

Are you sure?

 

I know that is required for new credit card applications but I'm not aware it is a legal requirement for ongoing accounts though it's certainly prudent.

 

The only site that ever asks me to update income info is the Walmart CC and since I'm retired I'm not in The Work Number. They all do soft pull ARs about once a year.

 

Blispay didn't request income on application and has never asked for it.

 

 

They have to either ask (stated income) or use a validated indirect estimate which can be based on credit reports amongst other things. Blispay must use the latter. This was required by the CARD Act and subsequently watered down and now can include income you expect to have access.

 

However, I'm not aware that there is any legal requirement for ongoing updating of income.

 

All my CC apps asked income and rent/own. Amex also asked about liquid assets and I understand Cap One does too. Being retired I expected some to ask for additional verification but none did.

Edited by cashnocredit

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um... you should respond as card issuers need to collect such info due to federal regulations. I wonder what an issuer will do to accounts where it cannot estimate or where it does not receive self-reported info?

 

Are you sure?

 

I know that is required for new credit card applications but I'm not aware it is a legal requirement for ongoing accounts though it's certainly prudent.

 

The only site that ever asks me to update income info is the Walmart CC and since I'm retired I'm not in The Work Number. They all do soft pull ARs about once a year.

 

Blispay didn't request income on application and has never asked for it.

 

 

:rolleyes:

 

issuers don't have to ask. they are allowed to use modeling or third party data. I guess you're stalking again.

 

 

 

um... you should respond as card issuers need to collect such info due to federal regulations. I wonder what an issuer will do to accounts where it cannot estimate or where it does not receive self-reported info?

 

Are you sure?

 

I know that is required for new credit card applications but I'm not aware it is a legal requirement for ongoing accounts though it's certainly prudent.

 

The only site that ever asks me to update income info is the Walmart CC and since I'm retired I'm not in The Work Number. They all do soft pull ARs about once a year.

 

Blispay didn't request income on application and has never asked for it.

 

 

They have to either ask (stated income) or use a validated indirect estimate which can be based on credit reports amongst other things. Blispay must use the latter. This was required by the CARD Act and subsequently watered down and now can include income you expect to have access.

 

However, I'm not aware that there is any legal requirement for ongoing updating of income.

 

All my CC apps asked income and rent/own. Amex also asked about liquid assets and I understand Cap One does too. Being retired I expected some to ask for additional verification but none did.

 

 

ability to pay is not a single shot regulatory matter. creditors are required to engage in due diligence when managing card portfolios.

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um... you should respond as card issuers need to collect such info due to federal regulations. I wonder what an issuer will do to accounts where it cannot estimate or where it does not receive self-reported info?

 

Are you sure?

 

I know that is required for new credit card applications but I'm not aware it is a legal requirement for ongoing accounts though it's certainly prudent.

 

The only site that ever asks me to update income info is the Walmart CC and since I'm retired I'm not in The Work Number. They all do soft pull ARs about once a year.

 

Blispay didn't request income on application and has never asked for it.

 

 

:rolleyes:

 

issuers don't have to ask. they are allowed to use modeling or third party data. I guess you're stalking again.

 

I already know this^^^ and it's already been discussed before, but that is not what you said above. I guess you're trolling again. :rolleyes:

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um... you should respond as card issuers need to collect such info due to federal regulations. I wonder what an issuer will do to accounts where it cannot estimate or where it does not receive self-reported info?

 

Are you sure?

 

I know that is required for new credit card applications but I'm not aware it is a legal requirement for ongoing accounts though it's certainly prudent.

 

The only site that ever asks me to update income info is the Walmart CC and since I'm retired I'm not in The Work Number. They all do soft pull ARs about once a year.

 

Blispay didn't request income on application and has never asked for it.

 

 

They have to either ask (stated income) or use a validated indirect estimate which can be based on credit reports amongst other things. Blispay must use the latter. This was required by the CARD Act and subsequently watered down and now can include income you expect to have access.

 

However, I'm not aware that there is any legal requirement for ongoing updating of income.

 

All my CC apps asked income and rent/own. Amex also asked about liquid assets and I understand Cap One does too. Being retired I expected some to ask for additional verification but none did.

 

 

ability to pay is not a single shot regulatory matter. creditors are required to engage in due diligence when managing card portfolios.

 

Right. As you know "due diligence" is rather amorphous. What I do not see, unlike what is required for an application, is a regulatory requirement to update income estimates. I suspect just monitoring credit reports for the usual red flags is sufficient due dilligence if they base things on historical records.

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Speaking of which I got my report from The Work Number today and guess who's pulling inquiries all the time? "Capital One VOI Batch", I assume VOI = Verification Of Income.

 

Very Interesting! What shows (or doesn't) up on it?

 

 

No employment info, just a bunch of inquiries from Capital One (every 6 months) and Healthcare.gov (around the time I renew health insurance)

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All of my credit cards ask me to update my income each & every year....

I guess that's one of the "features" that online access made possible. I don't recall ever getting such a request back in the 70's thru 90's when I had a bunch of CCs. But then they were all snail mail billed.

 

I wonder if they would do this if one opted out of online access.

Edited by cashnocredit

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Glad I found this thread, as I had the same question.
Chase bugs me about updating my income every other time I log on to their website, and today they sent me an email. I don't really want to update my information with them, or anyone, for that matter. I've had this Chase card for 23 years now, always PIF, carry no balances anywhere, and my FICO (on the Chase website, even) is 832. My CL with them is 23k. I don't want or need any more credit (I know...blasphemy!)
Actually, they are the only ones who bug me about it. Amex, Citi, PenFed, BECU, Discover--none of them have ever asked me to update my income.

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Glad I found this thread, as I had the same question.

Chase bugs me about updating my income every other time I log on to their website, and today they sent me an email. I don't really want to update my information with them, or anyone, for that matter. I've had this Chase card for 23 years now, always PIF, carry no balances anywhere, and my FICO (on the Chase website, even) is 832. My CL with them is 23k. I don't want or need any more credit (I know...blasphemy!)

Actually, they are the only ones who bug me about it. Amex, Citi, PenFed, BECU, Discover--none of them have ever asked me to update my income.

 

Weird, I don't recall Chase ever asking me to update income. They did ask when I first opened an account. Perhaps it's because I stated I was retired. OTOH, now that I'm retired my income varies all over the map. We're all different and get put in whatever boxes they think best describes their portfolio.

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Glad I found this thread, as I had the same question.

Chase bugs me about updating my income every other time I log on to their website, and today they sent me an email. I don't really want to update my information with them, or anyone, for that matter. I've had this Chase card for 23 years now, always PIF, carry no balances anywhere, and my FICO (on the Chase website, even) is 832. My CL with them is 23k. I don't want or need any more credit (I know...blasphemy!)

Actually, they are the only ones who bug me about it. Amex, Citi, PenFed, BECU, Discover--none of them have ever asked me to update my income.

 

Weird, I don't recall Chase ever asking me to update income. They did ask when I first opened an account. Perhaps it's because I stated I was retired. OTOH, now that I'm retired my income varies all over the map. We're all different and get put in whatever boxes they think best describes their portfolio.

 

It's not merely because you're retired.

 

I am also and I have a notice on one of my Chase accounts (current line $25000): Update your income.

Including your income on your account profile may qualify you for a credit line increase. Soft request, not required. Ha! Chase is not about to give me a CLI. I don't want one truly. I know Chase and at these levels on an an existing account Chase wants to see a real need for this. If I were the UW on my account, the decision would be easy: "No! Use more of your available line and then we can revisit the issue."

 

You know it's sad when over the years I've learned to "think like an underwriter." LOL! Many times even harsher.

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