Reply
Regular Contributor
Tommy5746
Posts: 440
Registered: ‎02-08-2012
0

Do YOU exaggerate your income when applying?

I think we have all done it.. at least a little bit... You know when your applying for that credit card you reallllly want.. and you want everything positive possible on your side.. Soy uo slightly exaggerate your income.. Lets say you make 30k a year.. maybe you put down 33k? How many of you guys have done this before?? How much do you add on? I dont think its that wrong! Just as long as you dont go crazy saying you make 90k a year when you only gross 20k :smileyhappy:

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit :smileyhappy:
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:

I think we have all done it.. at least a little bit... You know when your applying for that credit card you reallllly want.. and you want everything positive possible on your side.. Soy uo slightly exaggerate your income.. Lets say you make 30k a year.. maybe you put down 33k? How many of you guys have done this before?? How much do you add on? I dont think its that wrong! Just as long as you dont go crazy saying you make 90k a year when you only gross 20k :smileyhappy:


Not at all. Your only opening a can of worms if the creditor decides to call your bluff. Especially AMEX with their FR's.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
Tommy5746
Posts: 440
Registered: ‎02-08-2012
0

Re: Do YOU exaggerate your income when applying?


LS2982 wrote:

Tommy5746 wrote:

I think we have all done it.. at least a little bit... You know when your applying for that credit card you reallllly want.. and you want everything positive possible on your side.. Soy uo slightly exaggerate your income.. Lets say you make 30k a year.. maybe you put down 33k? How many of you guys have done this before?? How much do you add on? I dont think its that wrong! Just as long as you dont go crazy saying you make 90k a year when you only gross 20k :smileyhappy:


Not at all. Your only opening a can of worms if the creditor decides to call your bluff. Especially AMEX with their FR's.

 


True... I agree.. BUT.. do you really think they will take action if you say you make 32 but only make 30? Hmm.. Maybe they would.. I def wouldnt exaggerate with AMEX, Discover or Citi.. But your right.. if you lie, then dont kick and scream if they call you out!

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit :smileyhappy:
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: Do YOU exaggerate your income when applying?

Ya I don't do it. I tell them my gross annual income; no reason to exaggerate.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:

LS2982 wrote:

Tommy5746 wrote:

I think we have all done it.. at least a little bit... You know when your applying for that credit card you reallllly want.. and you want everything positive possible on your side.. Soy uo slightly exaggerate your income.. Lets say you make 30k a year.. maybe you put down 33k? How many of you guys have done this before?? How much do you add on? I dont think its that wrong! Just as long as you dont go crazy saying you make 90k a year when you only gross 20k :smileyhappy:


Not at all. Your only opening a can of worms if the creditor decides to call your bluff. Especially AMEX with their FR's.

 


True... I agree.. BUT.. do you really think they will take action if you say you make 32 but only make 30? Hmm.. Maybe they would.. I def wouldnt exaggerate with AMEX, Discover or Citi.. But your right.. if you lie, then dont kick and scream if they call you out!


AMEX will straight up close your account if you lie on tax returns. If you don't submit to their FR, they will close your account.

 

As far as the topic at hand, AMEX would be the only one I would be weary of fibbing to. As a moral standard, you should always be honest about your income.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
jamesdwi
Posts: 1,906
Registered: ‎09-16-2011
0

Re: Do YOU exaggerate your income when applying?

Lieing on your AP to get credit is the quickest way to end up with no credit. 10% difference in income isn't going to get you any better really its not going to be the difference between a 1k limit and 2k limit perhaps at most its  the difference between  1k limit and $1200 limit, not worth the worry. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Zync NPSL, Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Frequent Contributor
bostonte
Posts: 262
Registered: ‎10-04-2009
0

Re: Do YOU exaggerate your income when applying?

[ Edited ]

 

Regular salary, I agree with LS...

 

But if you're commission or something like that, I don't see an issue with putting down a number that's still within reason and historical earnings, but leans on the more positive side than the lowest "if I only collect my draw and no commission for the rest of the year" number.

 

Exaggeration for pure exaggeration is fraud. Sure it's not like the police are going to hunt you down, but a creditor doing a review would be likely to close your account just for that -- when a review where you didn't lie might result in nothing or perhaps just a small CLD.

 

If you have a regular salary, stick to that number, it just makes life so much easier. 

 

and 30 vs 32 won't make a difference on your application result.

 

Community Leader
Valued Contributor
DaveSignal
Posts: 2,111
Registered: ‎07-29-2011
0

Re: Do YOU exaggerate your income when applying?

I make decent money.  I don't need to exaggerate anything to get credit.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Senior Contributor
jsucool76
Posts: 3,637
Registered: ‎12-11-2011
0

Re: Do YOU exaggerate your income when applying?


DaveSignal wrote:

I make decent money.  I don't need to exaggerate anything to get credit.


I usually just add four or five zeroes to my income on applications. 

 

No Big Deal...

 

:smileylol:

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: Do YOU exaggerate your income when applying?

DaveSignal is a baller :smileywink:

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}