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Hawse771

Lying about Income on application

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Yes i know morally its BAD..but im saying does it help in the long run? My friend when applying for his first CC lied saying he made like 80k a year self employed and got a 5k CC from bank of america..well he wasnt responsible and racked it up and now owes 8500, and also owes 1000 to car toys or some chocolate..this is all from about a year ago. He recently got a 1000 target CC by saying he made 70k a year self employed again. It seems that it works..do they not verify income or can they not? I always say i make 35-40k a year only a little more then i actually do but i get a damn 300 crap one card? And the only bad thing on my credit report is a 120 day late cc..his 8500 has to be worse then that?

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If your friend attempts to discharge that debt in Bankruptcy, he may have a rude surprise.

If the lender can make the case that they'd have granted a lower limit had they known the actual income- the difference between that lower limit and the one they actually assigned may be non-dischargeable.

 

Further, deliberate misstatements (polite term for lying) on a loan application are sometimes cause for default, and often a violation of federal law.

 

The morality of it is something that I won't step into, but the legality of it is problematic enough to make it a bad idea.

 

If they ask for "household income" as many do, you can safely stuff in every dollar your household sees regardless of the source. No problem there.

 

It's my opinion that your existing limits are as or possibly more important than income when determining new limits with some lenders.

You're not stuck with $300 cards because of income, there are other lenders who will up that. The hard part is getting the first one!

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On my apps, I put what I can make a year. If I worked OT every weekend.

 

You will get caught and denied when the first company asks you for proof of income and you can't provide what you stated.

 

That and I agree with everything radi8 said.

Edited by Dickie

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On my apps, I put what I can make a year. If I worked OT every weekend.

 

You will get caught and denied when the first company asks you for proof of income and you can't provide what you stated.

 

That and I agree with everything radi8 said.

 

I had one company ask me to verify my income, so it doesn't pay to fudge the income. In my case, my income was verifiable so there was no problem. In addition, it is an ethical thing to be as accurate as possible.

 

I am the only person in my household, so my income is the only one that counts. It does vary, so I always give them a range and the last year's income as reported on the 1040, which I was asked to provide one time. It never dawned upon me to report anything but the usual income range.

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I use household income but I use DH base pay, don't count OT because he has just started this job this yr so we really have no idea what kind of OT he will see. Plus he has another raise coming up this month so the base amount I put down will change again, he is also being ocnsidered for a supervisor position so that is somethign else. Since I have no idea what he will really make this yr, for now I am using base pay. But next year, I will average the months ans then use it to get a yearly amount. I would rather understate income than overstate and get accused of fraud.

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Citibank, Amex, most CU's have been known at times to do a financial review if there is any doubt as to income, assets, or ability to pay the card. Lying the the app and having it need to be verified later is going to permanently damage your relationship with that particular bank.

 

 

 

lgt

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Yes i know morally its BAD..but im saying does it help in the long run? My friend when applying for his first CC lied saying he made like 80k a year self employed and got a 5k CC from bank of america..well he wasnt responsible and racked it up and now owes 8500, and also owes 1000 to car toys or some chocolate..this is all from about a year ago. He recently got a 1000 target CC by saying he made 70k a year self employed again. It seems that it works..do they not verify income or can they not? I always say i make 35-40k a year only a little more then i actually do but i get a damn 300 crap one card? And the only bad thing on my credit report is a 120 day late cc..his 8500 has to be worse then that?

TOTAL GROSS H/H INCOME is different than WAY OVER STATING INCOME

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Include every dollar you anticipate for that year- salary, commission, profits- but do not lie. Doing so may hinder your account if/when asked to verify stated amount(ie AMEX F/R) and cause your account to be closed. It's not only a moral action but a legal and trust issue as well.

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I've had credit cards for years, and I've never been asked to verify my income. I use my credit responsibly, but if I were completely honest about what I make, I wouldn't get the limits that I get. I use my credit to buy assets only and to support my career and I pay them off early.

 

I don't have any "morals" about "lying" to get a higher credit limit, especially since I'm not blowing my money off.

 

If lying is such a big thing on here, then stop sending letters to the CRA saying that those collection items are "not mine" when you know they are. I think this being blown out of proportion.

Edited by Dlewis78

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If lying is such a big thing on here, then stop sending letters to the CRA saying that those collection items are "not mine" when you know they are.  I think this being blown out of proportion.

this is totally different and if you don't why then you don't understand the FCRA.

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Well with me it doesn't help a bit. Either u are declined or approved based on your credit worthiness. You can make a billion a year but if your scores and credit suck u are denied denied denied.

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Well with me it doesn't help a bit. Either u are declined or approved based on your credit worthiness. You can make a billion a year but if your scores and credit suck u are  denied denied denied.

 

Actually, if you had a billion dollars, you could get any card you wanted, trust me.

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I have been DENIED for "EXCESSIVE INCOME"

 

I have been DENIED with 739

 

I have been DENIED many times with "EXCESSIVE AVAILABLE CREDIT LIMITS"

 

(not used...just available)

 

YOU DON'T HAVE TO HAVE POOR CREDIT TO BE DENIED!!!

 

YOU CAN BE DENIED WITH PERFECT CREDIT!!!

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Well with me it doesn't help a bit. Either u are declined or approved based on your credit worthiness. You can make a billion a year but if your scores and credit suck u are  denied denied denied.

 

Actually, if you had a billion dollars, you could get any card you wanted, trust me.

 

true , i would just open up my own damn cc company

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I played around on Orchard and put 1,000,000.00 as my income and still wasn't elgible for the regular card. secured only  :blink:

DOWN-SIDE THEY WON'T LET YOU HAVE A $10,000 ACCOUNT EVEN "IF" YOU LET THEM KEEP $100,000 IN A "LOCKED" ACCOUNT!!!

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