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Should I update my income for my credit card issuer?

An income increase could positively affect your account.

Whether or not you keep your personal information current for your credit card provider is your decision. Although it’s not always mandatory to update your income, it can be worth it in many cases.

Am I required to update my income?

You’re required to provide your income when you apply for a new card. Once you’re approved for the card, updating your income is voluntary. Typically, there are no repercussions if you don’t update your income.

But if your account is flagged for a review, not updating your income could affect your account.

Should I update my income for my credit card issuer?

If your income has increased since you first got the card, it can be beneficial to update the information for a potential credit limit increase. However, if your income has dropped, reporting your income may cause your card provider to lower your credit limit.

Why is my credit card issuer asking for an income update?

Under the ability to pay rule by the Credit CARD Act of 2009, card providers are required to know your income. Based on that, they can issue a new credit card or adjust your credit limit.

Updating your income: Pros and cons

Pros
  • You may get a higher credit limit if your income has increased.
  • A higher credit limit can lower your utilization ratio, which positively affects your credit score.
  • You may get offers more suited to your financial situation.
Cons
  • You may see a drop in your credit limit if your income has decreased.
  • A lower credit limit can increase your utilization ratio, which negatively affects your credit score.
  • Your income information could be shared with a third party.

How to update your income for your credit card issuer

The process of updating your income may slightly vary depending on your card provider, but in general, here’s what to do:

  1. Log in to your online credit card account.
  2. Find your personal details option.
  3. Locate your income details.
  4. Enter your new income and submit.

Update Chase income

Here’s how Chase cardholders can update their income:

  1. Log in to Chase account.
  2. Choose on the “Person” symbol in the top right and select Profile & settings.
  3. Select Personal details.
  4. Choose Income.
  5. Add your new income and hit Save.

Compare rewards credit cards

If your income has increased, either update your income with your current credit card account and potentially get a higher credit limit, or apply for another card. Having a higher income can sometimes give you access to better credit cards and to a higher credit limit.

Name Product Welcome Offer Rewards Annual fee Filter values
Blue Cash Preferred® Card from American Express
$300 statement credit after spending $3,000 in the first 6 months
6% on select US streaming services, 3% on transit and US gas stations, 6% at US supermarkets on up to $6,000 annually, then 1% after that and on other purchases (redeem as statement credit)
$0 intro annual fee for the first year ($95 thereafter)
Earn a $300 statement credit after you spend $3,000 in purchases on your new card within the first 6 months. Having 6 months to earn a welcome offer is a rare benefit as most cards give you only 3. Terms apply, see rates & fees
Capital One Venture Rewards Credit Card
Enjoy a one-time bonus of 60,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $600 in travel
Earn unlimited 2x miles on every purchase, every day
$95
Earn 60,000 bonus miles once you spend $3,000 on purchases within the first 3 months ​from account opening
Capital One Quicksilver Cash Rewards Credit Card
One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
Earn unlimited 1.5% cash back on every purchase, every day
$0
One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
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Compare up to 4 providers

Can I lie about my income?

Lying about income is the most common lie on credit card applications. But if you get caught, you could end up in trouble because it falls under loan application fraud and is punishable by law.

Bottom line

Updating your income will mostly affect your credit limit and the potential offers from your card provider. If you have increased your income, this will likely cause a boost in your credit limit. But if your income decreased, your credit line could drop.

If you decide to apply for a new credit card, make sure you compare your options until you find the best card for your financial situation.

Frequently asked questions

How do I update for Bank Of America income information?

To update your income for a Bank of America card, call the number on the back of your card and ask to speak with a representative. Be prepared to provide your Social Security number, and the representative will help guide you through the process.

How do I update Capital One income?

To update your income for a Capital One card, visit a Capital One branch to speak with a representative to help guide you through the process.

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