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Regular Contributor
GoldenloveNY
Posts: 243
Registered: ‎02-29-2012

Re: Do YOU exaggerate your income when applying?

I didn't lied on my Amex Zync and Discover Student card applications, and they still approved me. I put down less than 20k.

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Valued Contributor
scottwagnon
Posts: 1,333
Registered: ‎02-07-2010

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:


i doubt anything would happen. i wouldn't worry about it. i agree with you, even amex with a FR is not going to cut someone that fudges 3k on 30. 90 on 20 however, thats just stupid. expect alot of "how could you! shame on thou!" replies.  but some of us that may or may not slightly fudge our incomes ever so slightly are probably not willing to cheat others with workplace politics to get up that ladder in order to make 90k in order to get those really nice cards. so do 3k just not 30 ok. after all you cant report HHI anymore even though both parties are mutual.

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

Re: Do YOU exaggerate your income when applying?

Calm down wolf... This is a forum that's supposed to be just as much about having fun as it is about being accurate and full of information. Nobody owes anybody an apology. Enjoy the forum!
Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit :smileyhappy:
Valued Contributor
scottwagnon
Posts: 1,333
Registered: ‎02-07-2010

Re: Do YOU exaggerate your income when applying?

i think it is easy for someone that makes adequate income (60K+) to look down in shame at someone that wasnt willing to spend 60 to 200k in student loan debt on the 30 to 40 percent chance that they might land a job making 60k a year. so their incomes are 16 to 26k at most and no debt. no, shame on the wise young men and women with bad unloving parents for wanting to fudge their incomes by 15 percent. sure CCC's are going to get them and send them to prison for a long time (absolutely free health care in prison, btw.)
EX BankCard 8 FICO 820 (250-900) 04/08/14
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Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:
Calm down wolf... This is a forum that's supposed to be just as much about having fun as it is about being accurate and full of information. Nobody owes anybody an apology. Enjoy the forum!

I accept that you said it in jest.   I did not read it that way.   Proper placement of your smiley (end of  the first sentence ) would have helped with the tone.

 

 

 

 

 

 

 

New Member
benzaring
Posts: 7
Registered: ‎01-16-2009

Re: Do YOU exaggerate your income when applying?

My wife works part time 25K/year and has 90k in credit......

 

 

I make 50K and have been denied credit because I have too much at 30k.. Income is a small % IMO .

 

Valued Contributor
mxp114
Posts: 1,350
Registered: ‎09-01-2011

Re: Do YOU exaggerate your income when applying?

The thing you need to becareful about is if you end up with so much debt that you need to file for bankruptcy, the court can deny your petition if they find you improperly attained the credit by lying about your income. Tbh I'm just shocked banks hand out even $10k without verification but perhaps it would be too costly and ultimately not worth the hassle.

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Valued Contributor
DaveSignal
Posts: 1,987
Registered: ‎07-29-2011

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:

Revelate wrote:

Tommy5746 wrote:

DaveSignal wrote:

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.



I am more than willing to bet Income plays a good part.. NOT in being approved but in the Line of credit you are given..If you have two people with perfectly identical credit reports... and one person makes 20k annually and the other makes 90k annually, the person who makes more is going to get a bigger CL...


I agree with this; with the CARD act and the mandate that the consumer must have the ability to repay, it's simple math that someone making 100K per year can pay back a higher balance than someone only making 10K per year.

 

It's one thing when we're talking toy limit cards, but when you start talking about 5K tradelines, it can be a factor, and certainly when it comes to 10K or 25K credit cards.

 

I don't know where the break point is for each tier, but there has to be some reasonable algorithm they've come up with that, and as a result there's got to be an income requirement somewhere when it comes to CL's.

 

Personally I only claim the income I can easily prove, in this case my one job that has pretty ADP paystubs, but that winds up being a large underrepresentation of what I actually claim on my tax returns.  Admittedly it might be different if that income level were 30K, but if what I can easily prove is enough for the CL's I'd ever care about, I don't see the point of disclosing my full financial assets, only my full financial responsibilities.

 


Well said my friend


I think there is a bottom limit, say 30k.  People under this are struggling.  Then from around 35k to 100k+, people have enough money to pay their bills.  If a consumer falls into this second group (ie: they have enough money to be reasonably considered), then the lender will look at their credit report and base approval and limit off of credit history, score, and current limits on active revolving tradelines.

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Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012

Re: Do YOU exaggerate your income when applying?

I dont think its worth it to lie about your income. I make 25k on payroll but get 15% of whatever sells i make (cash) and i have a garage where i work on classic nissan cars but dont consider it a bizz. If i add all of it i make around 46k but i only put 25k when apping for anything cuz i dont want problems in the future.
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Valued Contributor
Repo-ed
Posts: 2,953
Registered: ‎02-09-2012

Re: Do YOU exaggerate your income when applying?

I short mine, as I do not feel like dealing w/ a delayed decision nor FR.


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