An increase in income can help your finances in many ways. Obviously, if you make more money, you can invest or save more of it. It’s also easier to live on a budget when you have a larger income.
There’s one other thing that an increased income can do for you, though, that you may not necessarily think about. It could help you improve your credit score.
Now, there is no guarantee your card issuer is going to extend you a larger line of credit just because you report that your income has gone up. But there is a chance this could happen. And since it takes only a second to update your income with your card issuer and there is absolutely no downside to signing into your online account and doing so, it doesn’t hurt to keep your credit card company updated when you get a raise.
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Tell your credit card issuers if your income has gone up
If your income has gone up, you will want to inform your credit card issuer. You can generally do this by signing into your online account and visiting the section of the website where you update your profile or where you update your personal information.
There should be a question within these areas of the website about how much you earn. Use it to report your new higher earnings.
Why does a higher credit limit help your credit score?
So, why would you want to tell your…
