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Do YOU exaggerate your income when applying?

Mega Contributor

Re: Do YOU exaggerate your income when applying?


SpiceIslander wrote:

No...I don't! Here's how I see it: 1. (Personally) I think it's dishonest. 2. They can (though rarely) verify income. 3. If they think my true income doesn't support my current credit profile in addition to what I'm applying for, they'd be doing me a favor by denying credit. After all, they are trying to make money and denial would mean one less customer for them!


Agree. Income needs to fit the limit provided.

 




EQ FICO 548 3/3/16
Message 31 of 118
Valued Contributor

Re: Do YOU exaggerate your income when applying?

It all depends really.  I have an S-Corp where my reported income can vary wildly.  In 2011 my reported 1040 income was $217,000. in 2010 it was $95,000.  I take an annual salary of $50,000 (w-2) and rely on how well I conduct my business to determine if I keep any of my profits or reinvest them (depreciable assets) in my business.  So my taxable incme varies greatly.  2012 is going to be close to $400,000, which unless I buy depreciable equipment, and if I don't, is going to cost me a tax bill that I can't by any means afford to pay.  I am a perfect example of how success is penalized in this country.  

 

So what figure do I use for applying for credit cards?  $100,000. I'm going to need to apply for a few more just to pay the tax bill this year. How bad does it suck to borrow money to pay your tax bill after kicking butt all year to better myself?  I don't want this to turn into a political discussion - please.  Let's just say that I am very wary of this econimic cliff that's going to happen at the beginning of the year.       

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836
Message 32 of 118
Regular Contributor

Re: Do YOU exaggerate your income when applying?


android01 wrote:

It all depends really.  I have an S-Corp where my reported income can vary wildly.  In 2011 my reported 1040 income was $217,000. in 2010 it was $95,000.  I take an annual salary of $50,000 (w-2) and rely on how well I conduct my business to determine if I keep any of my profits or reinvest them (depreciable assets) in my business.  So my taxable incme varies greatly.  2012 is going to be close to $400,000, which unless I buy depreciable equipment, and if I don't, is going to cost me a tax bill that I can't by any means afford to pay.  I am a perfect example of how success is penalized in this country.  

 

So what figure do I use for applying for credit cards?  $100,000. I'm going to need to apply for a few more just to pay the tax bill this year. How bad does it suck to borrow money to pay your tax bill after kicking butt all year to better myself?  I don't want this to turn into a political discussion - please.  Let's just say that I am very wary of this econimic cliff that's going to happen at the beginning of the year.       


Android... you've had a few cocktails and just went on a bender and applied for a Barclay ring card... you should rest that head of yours on a pillow and say goodnight.. That'll Do my friend.. That'll do.. Hahaha.. JK... But in all seriousness i hear what you're saying... You just have to keep on keep'n on if you know what i mean!

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit Smiley Happy
Message 33 of 118
Valued Contributor

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:

android01 wrote:

It all depends really.  I have an S-Corp where my reported income can vary wildly.  In 2011 my reported 1040 income was $217,000. in 2010 it was $95,000.  I take an annual salary of $50,000 (w-2) and rely on how well I conduct my business to determine if I keep any of my profits or reinvest them (depreciable assets) in my business.  So my taxable incme varies greatly.  2012 is going to be close to $400,000, which unless I buy depreciable equipment, and if I don't, is going to cost me a tax bill that I can't by any means afford to pay.  I am a perfect example of how success is penalized in this country.  

 

So what figure do I use for applying for credit cards?  $100,000. I'm going to need to apply for a few more just to pay the tax bill this year. How bad does it suck to borrow money to pay your tax bill after kicking butt all year to better myself?  I don't want this to turn into a political discussion - please.  Let's just say that I am very wary of this econimic cliff that's going to happen at the beginning of the year.       


Android... you've had a few cocktails and just went on a bender and applied for a Barclay ring card... you should rest that head of yours on a pillow and say goodnight.. That'll Do my friend.. That'll do.. Hahaha.. JK... But in all seriousness i hear what you're saying... You just have to keep on keep'n on if you know what i mean!


HA! The Barclays deal happended about a week ago (it wasn't an instant approval), and i haven't had any cocktails...yet...tonight.  I was really trying to communicate how difficult reporting income for credit purposes can truly be, especially if you are a business owner.  There's an awful lot to explain sometimes....  

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836
Message 34 of 118
Valued Contributor

Re: Do YOU exaggerate your income when applying?

No lies for me.  I state exactly what my income is and not a penny more or less.  I don't want to get caught up in any mess.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Message 35 of 118
Regular Contributor

Re: Do YOU exaggerate your income when applying?


Rhaeny wrote:

No lies for me.  I state exactly what my income is and not a penny more or less.  I don't want to get caught up in any mess.


In your tag you have "The Avenue $150 (Shopping cart trick)" Do you really have a CC with a 150 limit? Thats crazy... What bank owns the card?

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit Smiley Happy
Message 36 of 118
Valued Contributor

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:

Rhaeny wrote:

No lies for me.  I state exactly what my income is and not a penny more or less.  I don't want to get caught up in any mess.


In your tag you have "The Avenue $150 (Shopping cart trick)" Do you really have a CC with a 150 limit? Thats crazy... What bank owns the card?


Well Tommy, that is from WFNNB and so is the Victoria's Secret, Catherines and Woman Within.  Isn't that such a piddly amount huh?  Not much a woman can do with $150 bucks!  But.....you see I was just discharged from bk so that's why it is so low.  I figure it will increase over time, besides I was able to re-establish my credit very quickly....like in the last month Smiley Happy.

 

The Credit One Visa and The Avenue card I got in May and June.  All of the rest were opened this month and I hope I haven't done myself in with any AA.  I am laying really low for awhile now.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Message 37 of 118
Frequent Contributor

Re: Do YOU exaggerate your income when applying?


Never.  I get an extra 3k on my flex fund but I don't call that as income as it goes straight to my pension fund.  Thing is, if they check up on my actual pay they won't see it on a typical paycheck so they will think I am exaggerating or lying.  Besides, I make enough.


Starting Score: 732 October 2007; Current Score: EQ 836; TU 806, November 2017; Oldest Reporting EQ Account: 15.8 years; EQ AAoA: 8.0 years; Typical credit utilization 1.8% typical single card utilization 10.6%
Message 38 of 118
Regular Contributor

Re: Do YOU exaggerate your income when applying?


Rhaeny wrote:

Tommy5746 wrote:

Rhaeny wrote:

No lies for me.  I state exactly what my income is and not a penny more or less.  I don't want to get caught up in any mess.


In your tag you have "The Avenue $150 (Shopping cart trick)" Do you really have a CC with a 150 limit? Thats crazy... What bank owns the card?


Well Tommy, that is from WFNNB and so is the Victoria's Secret, Catherines and Woman Within.  Isn't that such a piddly amount huh?  Not much a woman can do with $150 bucks!  But.....you see I was just discharged from bk so that's why it is so low.  I figure it will increase over time, besides I was able to re-establish my credit very quickly....like in the last month Smiley Happy.

 

The Credit One Visa and The Avenue card I got in May and June.  All of the rest were opened this month and I hope I haven't done myself in with any AA.  I am laying really low for awhile now.


Thats awesome that you're re-establishing your credit and on the right track!! Good for you!! I hope things only get better Smiley Happy Best of Luck! Hopefully sometime soon that 150 will turn inoq 1,150 Smiley Wink

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit Smiley Happy
Message 39 of 118
Super Contributor

Re: Do YOU exaggerate your income when applying?

Never start something that could jeopardize your relationship with ANY creditor. You never know down the line you might need the small creditor again.

 

That said we do have some members with baller status on here Smiley Happy

 

DaveSig, RockinRay, Big Daddy, Bibro and Crashem lol

 

Sorry if i missed some




Message 40 of 118