How to update your income on a credit card account

Highlights

• You can update your income information on a credit card account by contacting your card’s issuer.
• Updating your income information with card issuers could have some benefits for your credit card account, but you don’t have to do so on a specific timetable.
• If your card issuer needs updated income information for your credit card account, they will contact you.

These days, many mobile banking apps and websites might make updating your income for a credit card account a simple process. Even if you have several sources of income you’d like to report, providing the information can be straightforward.

You could also contact your bank directly. If you speak to someone from your bank on the phone, for instance, they tend to help you through the whole process of updating your income. Those specialists can also tell you if more information or documentation is required to complete an update.

How to update your income with Chase

To update your gross annual income for a Chase credit card, call the number on the back of your card or sign in to chase.com. If you call, a specialist can help with the next steps and may be able to answer any specific questions you have about income you’d like to report for your credit card account. If you’re an authorized user, the primary cardmember’s income information is what may be needed.

What income can you update on your credit card account?

For a credit card account, lenders usually want your gross annual income, which is your total income before deductions. Think of it as the combined total of what you expect to earn or receive in a year. Gross annual income would include earnings from part-time, full-time, seasonal or self-employed work. Bonus pay, tips, commissions, investments or dividends, social security benefits and public assistance might also be part of your total income.

You can also include any non-taxable income when updating your credit card account, along with any money that someone else deposits regularly into your account. However, you don’t have to reveal income sources that are generally considered non-taxable. That’s up to you.

Benefits of updating your income on your credit card account

Updating your income information on your credit card account can have several possible benefits. For one thing, the income you provide is often one factor that card issuers consider when determining your credit limit. That’s partly why you provide your income when you apply for a credit card, too.

If your income has increased, the issuer may reassess your credit limit when you update your income on your account and the information is verified. Your credit limit, in turn, affects your credit utilization ratio, a key factor in deciding your credit score.

Updating your income on a credit card account may also allow you to be considered for prequalification offers. Those could be offers for new cards that suit your spending and have appealing new cardmember bonuses.

Do you have to update your income on your credit card account?

Card issuers may request periodic updates for your income information as part of how they manage accounts. If that’s the case, your issuer will contact you, and it’s important to reply with accurate information. Providing updated information can be helpful when your income has changed significantly. Updated income may also be required if you are requesting a credit limit increase. Check with your card issuer to understand their policies regarding income updates and what to expect once you submit this information.

How often you should be updating your income?

You don’t have to update your income on your credit card account on a particular basis once the account is open. Given some of the benefits, reporting changes in income may be worthwhile for you and your lender. Card issuers use the income information you provide to reassess your account for future credit needs and special offers, such as credit limit increases and new card offers.

If you’re interested in the potential benefits, you might want to consider updating your income on your credit card account when annual increases or bonuses roll around at your job. In general, though, consider doing so whenever your financial circumstances change significantly.