Reply
Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
0

Re: Do YOU exaggerate your income when applying?

I put less.  I usually get a bonus but that's not guaranteed so I don't include it.  A portion of my gross income is paid as a contribution to my 401K.  I don't include that.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Do YOU exaggerate your income when applying?


jsucool76 wrote:

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:


LOL!!!!

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

Re: Do YOU exaggerate your income when applying?

Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit :smileyhappy:
Frequent Contributor
SwampSystems
Posts: 358
Registered: ‎06-25-2012
0

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:

Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!


At most major restaurants the servers declare their cash tips daily on the point of sale system, which it adds to the credit card tips and reports on your paycheck as income. Taxes are then withheld from your paycheck based on your hourly wage and your tips, and then the tips are shown on your W-2 and your tax return.

 

Many restaurants avoid tip income fraud by taxing on and reporting wages plus "expected" tips based on the amount of the checks closed out.

Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
0

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:

Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!


Tax returns.  If you're underreporting, you can't be heard to complain.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012
0

Re: Do YOU exaggerate your income when applying?

I underestimated a bit on my last round of apps.  No need to exaggerate and bring the potential FR bogeyman down upon me.

Valued Contributor
RockinRay
Posts: 1,947
Registered: ‎08-13-2007
0

Re: Do YOU exaggerate your income when applying?

I state what is on my Federal tax returns.

Ray

** Every Card has a Job, and Every Card does its Job **

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Do YOU exaggerate your income when applying?


webhopper wrote:

jsucool76 wrote:

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:


LOL!!!!

I love this one!!!   But why stop at 4 or 5?   hahaha

 

As for me, nope, just what I make, actually round it down.  :smileyhappy:


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
injustifiiable
Posts: 1,867
Registered: ‎03-30-2012
0

Re: Do YOU exaggerate your income when applying?

Lie to Capital One, just not everyone else. :smileyvery-happy:

Scores 6/17/2014: TU FICO: 643 | EQ FICO: 675 | EX AMEX FICO: 666

In my new wallet: American Express Premier Rewards Gold EMV: NPSL | BankAmericard Cash Rewards Visa EMV: $2500 | BarclayCard Rewards Average: $2000 | Travelocity Rewards AMEX: $1050 | Discover IT: $1500 | Amazon Rewards Visa: $1500 | Sportsman's Guide Visa: $3000 | Capital One QuicksilverOne MasterCard: $1250 | Target: $400 | J.Crew $5950
Community Leader
Valued Contributor
DaveSignal
Posts: 2,111
Registered: ‎07-29-2011
0

Re: Do YOU exaggerate your income when applying?

I don't think lenders base credit limits off of your income anyway....  at least it is not a primary concern.  They just don't want to see something like 10k annually or some number that would make paying your bills and staying alive at the same time impossible.

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

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+
}