09-28-2012 08:37 PM
I didn't lied on my Amex Zync and Discover Student card applications, and they still approved me. I put down less than 20k.
09-28-2012 08:42 PM
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
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.
09-28-2012 08:49 PM
09-28-2012 09:03 PM
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.)
09-28-2012 09:06 PM
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.
09-28-2012 09:17 PM
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 .
09-29-2012 01:34 AM
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.
09-29-2012 02:10 AM
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.
09-29-2012 03:33 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.