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Within a few weeks, credit card companies will start verifying your income before they process your credit card applications.\u00a0 This will also apply for credit limit increases. The companies will go as far as asking for pay stubs and copies of your prior year tax return.\u00a0<\/p>\n
Companies such as the major retailers are using another tool called the Income Estimator.\u00a0 This helps them to estimate your income based on data compiled from your tax return.\u00a0 The income estimator has both pros and cons.\u00a0 It provides a convenient way for retailers to process instant credit requests.\u00a0 On the flip side is that the income estimator may not be too accurate.\u00a0<\/p>\n
So what can you do to prepare for this change? The first step is to gather the tax return and pay stub data.\u00a0 Additionally, check your credit report to ensure that all of the data is accurate.\u00a0<\/p>\n
Your credit report can be obtained by contacting the credit bureaus or by visiting the site below:\u00a0<\/p>\n
www.annualcreditreport.com\/cra\/index.jsp<\/a>\u00a0<\/p>\n Follow us on Twitter.: http:\/\/twitter.com\/1stCapAdvise<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" \u00a0 Within a few weeks, credit card companies will start verifying your income before they process your credit card applications.\u00a0 This will also apply for credit limit increases. The companies will go as far as asking for pay stubs and … Continue reading