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How many of you have exaggerated income on an app?

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masscredit
Valued Contributor

Re: How many of you have exaggerated income on an app?


@Anonymous wrote:

Exaggerated income and unverifiable income are 2 different things. 

 

Some people make $35,000 a year and list $55,000 on a app. But many people have under the table, gift, and side job incomes that while not verifiable on tax returns,  still is income that people use to live on and pay bills.And many people with businesses take a lot of write offs and pay bills through the business so they must approximate a gross income to get any credit at all.

 

All that matters is paying back what is borrowed in a timely fashion and keeping utilization in check.

 

The banks are the biggest manipulaters and fraudsters around. They worry about losing money on bad loans, but the vast majority of the big banks engage in risky and deceptive behavior themselves. I have no sympathy for them as they write off all their losses and have outrageous profits even after paying large fines for committing fraud.

 

So to the income fudgers, just make your payments on time and keep your credit clean. No worries.


 

I know someone that has multiple sources of income. One of those is as a private contractor so he gets a commission on the work that he does. That gets reduced for tax purposes. There is a mileage deduction, equipment ect... He's pretty much running his own business as a sole proprietor and can show weekly checks for income. End of month and year reports are lower. So what's his income? I've told him that the amount he's paid is how much he makes from that job. Credit cards are used for some expenses and PIF monthly. 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 687 / TU - 663/ EX - 677

SDFCU Secured - $5000 / TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / Capital One QuickSiver - $4500 / Ally Master Card - $2800/ Walmart Mastercard - $2250

Andrews FCU SSL $1500
Message 71 of 74
Anonymous
Not applicable

Re: How many of you have exaggerated income on an app?


@OmarGB9 wrote:
How would they know if you're just rotating cards and spreading out your spending evenly though?

Or being really smart and just banking/investing extra income. (Just because you get a raise, doesn't mean you have to spend more... unless you'd been in a net negative).

Message 72 of 74
Anonymous
Not applicable

Re: How many of you have exaggerated income on an app?


@Anonymous wrote:
Just a note, my overtime is set, not an option.
Every other week 10 hours overtime, been that way for 7 years. So I do count that as normal income. I do not add my wife's income, but really I should, I pay all the bills and she gives me 30% of that each month.

According to the credit analysts I have spoken too, they say to use income that is accessible to pay bills. I still under report our household income. 

Message 73 of 74
masscredit
Valued Contributor

Re: How many of you have exaggerated income on an app?

Quite a few people have said that they under report their income. I'm surprised by that. As for exaggerating it. I can see if a person makes $57K and rounding to $60K. I don't think that's a proble. It is a problem if you turn that $57K into $100K.

 

Are credit card companies more likely to ask for verification a certain credit limit? It's been about 10 years so I had limits in the $50K - $75K plus range. I don't remember if they asked to verify my income and it if they did it wasn't a problem. I used a lot of those cards for my business so I'd run $50K through it in a month them PIF.  In situations like that, it's kind of obvious that the person has the income to go along with the limit. 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 687 / TU - 663/ EX - 677

SDFCU Secured - $5000 / TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / Capital One QuickSiver - $4500 / Ally Master Card - $2800/ Walmart Mastercard - $2250

Andrews FCU SSL $1500
Message 74 of 74
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