Hi Bitches! Thank you for all your hard work writing articles and podcasting to provide us with financial wisdom 😊 quick question - is there ever a reason to *not* update your income with a financial institution? Like, totally and completely random example, if your *friend* had a maxed out credit card but had also just gotten a raise, should I- uh, I mean they- report that to the bank? Would they use that to raise my minimum payment somehow, or lower my available credit? They send me the occasional email asking me to update my income and I am just nervous that it will only benefit them and not me lol. Thanks in advance!
Not to worry, my little pudding puff. Credit card companies specifically want to know if your income has increased so they can increase your credit limit.
In your case, with a maxed out card, this will generally be helpful to you. It could help raise your credit score a bit, and give you some flexibility to use the card again in the event of an emergency.
They're asking about it because they're required to by the Credit Card Act of 2009. But you will face ABSOLUTELY ZERO PENALTIES if you just ignore them and don't tell them about your new income. And they can't do anything bad like raise your monthly required payments if you tell them.
So breathe easy! Here's your homework:
Dafuq Is Credit and How Do You Bend It to Your Will?Â
How to Instantly Increase Your Credit Score... for FREEÂ
{ MASTERPOST } Everything You Need to Know about How to Pay off DebtÂ
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