- Platinum Member
- Posts: 77
- Joined: Fri Apr 18, 2014 10:30 pm
- Location: South Florida
Please consider an e-mail I received from Capital One (it is a genuine e-mail):
"To consider you for a future credit line increase, federal regulations require us to have your current income". They pointed out other reasons why its a good idea to update your income, and provided a link to their website where this could be done easily.
I called Customer Service and asked the nice lady in India whether it is mandatory to update my income, because I personally do not want an increase. Her answer was "no, if you don't want an increase, you don't have to update your income". Forgive me, but I only half believe her answer.
Consider this: What if you do not want to report your new income to the bank? What if your income has gone down recently, OR: you've retired and your income is decreased? However, although you are making your payments on time, maintaining a perfect record with the bank, you fear that reporting a lower income is an invitation to lower your credit limit? You just want to leave things alone.
That's what I meant by "half believe" her answer. Do any of you think that by getting a e-mail notice like this, the bank is really insisting on an income update, maybe just fishing for an update, or was the agent correct saying that you don't have to update if you're not interested in a CLI?
Thanks for your input!