Bank ask for income update

[Lamwm]

I used to make >$100k per year. However I have become jobless for 6 months already.
I received letters from banks to update my income.
If I do not update them, will my credit cards and credit line be terminated?

 

[whizzard]

I always ignore such letters and so far everything is fine.

I am working and make it a point to pay my credit cards in full at the end of the month because I don’t want to service their exorbitant interest and fees.

However, I can’t be certain that this is not due to a change in your account activities that prompted them to do so.

 

[Squaredot]

won’t lah bro
retirees also never kena card terminated, why terminate yours?

 

[limster]

However, I can’t be certain that this is not due to a change in your account activities that prompted them to do so.

won’t lah bro
retirees also never kena card terminated, why terminate yours?

last time and now different.

nowadays banks got AI scanning account activity. you never know if this request for info is triggered by AI flagging up something.

 

[addict951]

Wah, first time heard of bangs asking for income update leh.
Why dun you call back say you never apply for cc or facility wad. What right does the bang have asking for confidential info like this?

 

[cscs3]

won’t lah bro
retirees also never kena card terminated, why terminate yours?

But if you cancel the card, you will not be able to get another one.

 

[existential_reality]

Usually they send these mailers to get a update income to increase your credit limit, so long as you do not update your current status the bank will just pretend that your data is still current.

They are in the business to lend you money in hope you fall overdue and keep paying their high interest rates, believe me they want you to keep your CC and spend money in hope that you fall due.

Anyway hope you find something suitable, all the best man

I used to make >$100k per year. However I have become jobless for 6 months already.
I received letters from banks to update my income.
If I do not update them, will my credit cards and credit line be terminated?

 

[haydentan]

I remember once DBS sent out letter to inform me that my credit limit will be lowered. It coincided with the time when they ask me to review my credit limit. The credit limit was first reduced and eventually increased after I sent in my latest payslip.
Never experience other banks doing that. U can simply ignore their letters for other banks and it will remain status quo

 

[focus1974]

I used to make >$100k per year. However I have become jobless for 6 months already.
I received letters from banks to update my income.
If I do not update them, will my credit cards and credit line be terminated?

no lah..

they want to find opportunity to up your credit card limit , that's why ask for ur income.
Just routine operations send to credit card holders.. i believe

 

[maple96]

I used to make >$100k per year. However I have become jobless for 6 months already.
I received letters from banks to update my income.
If I do not update them, will my credit cards and credit line be terminated?

First do u have any big credit card bills outstanding or overdue and accumulating interest? If not, no worries, no action required.

There is a new regulation on credit limit and outstanding balance.

 

[limchooc]

I used to make >$100k per year. However I have become jobless for 6 months already.
I received letters from banks to update my income.
If I do not update them, will my credit cards and credit line be terminated?

I have received this kind of request multiple times from the bank. When I called the bank on why this is needed the answer is my current credit limit is outdated as it is based on my income twenty years ago and they would like to review my credit limit now. Anyway, I ignore it as I am happy with the current credit limit and life go on. Yes, I still have the same credit limit after twenty plus years.

 

[hellhole]

u choose what personal information you want to release

 

[henrylbh]

Usually they send these mailers to get a update income to increase your credit limit, so long as you do not update your current status the bank will just pretend that your data is still current.

Years ago, the card company asked for my income update and I ignored.

Then they increased my credit limit automatically.

Then I called them to say I don't want higher limit and they say cannot

 

[oleyAeon]

Wah, first time heard of bangs asking for income update leh.
Why dun you call back say you never apply for cc or facility wad. What right does the bang have asking for confidential info like this?

i think this is very common SOP from banks.
they usually request for income updates after x number of years.

usually to increase credit limit.

 

[touchring1]

I never received such letters for more than 10 years since i got my card from dbs bank, but then, i used giro for the card payment, and every year ask for card fee refund.

 

[henrylbh]

The last time they asked me for income update was many years ago.

In the past few years, I did not use the card at all. Neither were the 2 sup cards used.

In 2016, I was surprised that they sent me 3 renewed cards 4 times by post or all in I got 12 cards ..... as souvenirs with my card embossed 'Lifetime Member'