Just finished reading Clark’s advice on updating income for credit cards when retired. Among other things, he recommends updating if I have a good “income stream”. My problem with this is the bulk of my income stream is controlled by me via investment management. It could be a little or a lot. I have SS, a small monthly pension and some dividends payable to me (rather than reinvested), but the vast majority is what I choose to withdraw or convert to cash. And even then, is that really income or just a change of asset class? So what amount would I report?
How do they verify the income amount entered?
The options with fluctuating income include submitting the income for the past year or averaging several years income but the first option may be the safest. Anything that you withdraw from your investments for personal expenses, gifts to others or donations to charity should be included. You can include the income from a partner if your finances are merged.
The credit card company checks your credit report to assess your level of debt and prior use of credit. They can request documents including your tax returns.
You have the card already? If so, why would you ever update your income unless you want a credit line increase? Citibank, Chase, and Amex ask me every now and then, but I haven’t updated it in several years.
They can request whatever they want. But you don’t have to give them anything.