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Do YOU exaggerate your income when applying?

Senior Contributor

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)
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Message 11 of 118
Moderator Emeritus

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...

 

Smiley LOL


LOL!!!!

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Message 12 of 118
Regular Contributor

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!

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Message 13 of 118
Frequent Contributor

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.

Message 14 of 118
Senior Contributor

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


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Message 15 of 118
Established Contributor

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.

Message 16 of 118
Valued Contributor

Re: Do YOU exaggerate your income when applying?

I state what is on my Federal tax returns.

Ray

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Message 17 of 118
Moderator Emeritus

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...

 

Smiley LOL


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.  Smiley Happy

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Message 18 of 118
Valued Contributor

Re: Do YOU exaggerate your income when applying?

Lie to Capital One, just not everyone else. Smiley Very Happy

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Message 19 of 118
Valued Contributor

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.

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Message 20 of 118