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Do YOU exaggerate your income when applying?

Super Contributor

Re: Do YOU exaggerate your income when applying?


Shogun wrote:

CS800 wrote:

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


Hey.. What about me????   Oh yeah,, I'm poor...  Forget I said anything.  Smiley Happy 


You and me alike lol




Message 61 of 118
Regular Contributor

Re: Do YOU exaggerate your income when applying?

This is what i find funny.. A credit card is basically a personal unsecured line of credit.. UNLESS of course its a secured credit card.. but for the majority of people its an unsecured line of credit with a card attached... You apply and rarely does any bank ask for financials... Pay stubs, w-2's... Tax returns.. etc... BUT! If you walk into your local bank or credit union and apply for a personal unsecured line of credit you need to provide paystubs, w-2's and sometimes even tax returns.. even if the line is only for 2k...AND usually the credit requirements if you walk into a bank or CU are MUCH higher than your standard CC... I find that funny when in fact they are basically the exact same thing.. Only difference is one has a card... and actually, some banks are now offering cards with their personal lines... i just find that all very funny!

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit Smiley Happy
Message 62 of 118
Established Contributor

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:

This is what i find funny.. A credit card is basically a personal unsecured line of credit.. UNLESS of course its a secured credit card.. but for the majority of people its an unsecured line of credit with a card attached... You apply and rarely does any bank ask for financials... Pay stubs, w-2's... Tax returns.. etc... BUT! If you walk into your local bank or credit union and apply for a personal unsecured line of credit you need to provide paystubs, w-2's and sometimes even tax returns.. even if the line is only for 2k...AND usually the credit requirements if you walk into a bank or CU are MUCH higher than your standard CC... I find that funny when in fact they are basically the exact same thing.. Only difference is one has a card... and actually, some banks are now offering cards with their personal lines... i just find that all very funny!


Not universally true. I obtained a personal loan (unsecured) from USAA with a 5 minute phone call. I was offered a choice between  LOC and an installment loan, chose installment for reporting purposes. Either way, there was no verification and I digitally signed the loan documents on their web site. Money was in my account within 24 hours of phone call. No verification of anything (beyond providing my usaa pin). 

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Message 63 of 118
Regular Contributor

Re: Do YOU exaggerate your income when applying?

I usually just put total household income... I am not sure if I am supposed to put single, and then report wifes on other. Or I am not supposed to include hers at all. I make 83% of the income.

Message 64 of 118
Regular Contributor

Re: Do YOU exaggerate your income when applying?

I beleive another poster in another thread said that the card act doesnt actually say if you should use household or singe income.. So, if it doesnt say and the app doesnt say.. What do you do? I mean, if they dont actually tell you whaty you should use.. can they realy penalize you for it?

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit Smiley Happy
Message 65 of 118
Mega Contributor

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:

I beleive another poster in another thread said that the card act doesnt actually say if you should use household or singe income.. So, if it doesnt say and the app doesnt say.. What do you do? I mean, if they dont actually tell you whaty you should use.. can they realy penalize you for it?


Yes, if they request your tax returns and pay stubs and they dont match.

 




EQ FICO 548 3/3/16
Message 66 of 118
Regular Contributor

Re: Do YOU exaggerate your income when applying?


LS2982 wrote:

Tommy5746 wrote:

I beleive another poster in another thread said that the card act doesnt actually say if you should use household or singe income.. So, if it doesnt say and the app doesnt say.. What do you do? I mean, if they dont actually tell you whaty you should use.. can they realy penalize you for it?


Yes, if they request your tax returns and pay stubs and they dont match.

 


If you lie then absolutely! I agree... But what im saying is since most apps dont specify if you should use household or personal income... and if the card act doesnt specify... And you truthfully put down your household total income... can they penalize you if they really only wanted your personal but they didnt specify? Seems like a gray area to me...

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit Smiley Happy
Message 67 of 118
Mega Contributor

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:

LS2982 wrote:

Tommy5746 wrote:

I beleive another poster in another thread said that the card act doesnt actually say if you should use household or singe income.. So, if it doesnt say and the app doesnt say.. What do you do? I mean, if they dont actually tell you whaty you should use.. can they realy penalize you for it?


Yes, if they request your tax returns and pay stubs and they dont match.

 


If you lie then absolutely! I agree... But what im saying is since most apps dont specify if you should use household or personal income... and if the card act doesnt specify... And you truthfully put down your household total income... can they penalize you if they really only wanted your personal but they didnt specify? Seems like a gray area to me...


IMO if your name is the only name on the application then your income is the only income that should be considered. ANd more than likely that is how the banks feel.

 




EQ FICO 548 3/3/16
Message 68 of 118
Regular Contributor

Re: Do YOU exaggerate your income when applying?


LS2982 wrote:

Tommy5746 wrote:

LS2982 wrote:

Tommy5746 wrote:

I beleive another poster in another thread said that the card act doesnt actually say if you should use household or singe income.. So, if it doesnt say and the app doesnt say.. What do you do? I mean, if they dont actually tell you whaty you should use.. can they realy penalize you for it?


Yes, if they request your tax returns and pay stubs and they dont match.

 


If you lie then absolutely! I agree... But what im saying is since most apps dont specify if you should use household or personal income... and if the card act doesnt specify... And you truthfully put down your household total income... can they penalize you if they really only wanted your personal but they didnt specify? Seems like a gray area to me...


IMO if your name is the only name on the application then your income is the only income that should be considered. ANd more than likely that is how the banks feel.

 


True... I always only use mine.. Im just trying to see what the general concensus is! I agree though.. If your the only one on the app.. then your income should be the only income provided.

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit Smiley Happy
Message 69 of 118
Valued Contributor

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:

LS2982 wrote:

Tommy5746 wrote:

I beleive another poster in another thread said that the card act doesnt actually say if you should use household or singe income.. So, if it doesnt say and the app doesnt say.. What do you do? I mean, if they dont actually tell you whaty you should use.. can they realy penalize you for it?


Yes, if they request your tax returns and pay stubs and they dont match.

 


If you lie then absolutely! I agree... But what im saying is since most apps dont specify if you should use household or personal income... and if the card act doesnt specify... And you truthfully put down your household total income... can they penalize you if they really only wanted your personal but they didnt specify? Seems like a gray area to me...


The banks can penalize you for anything they want.  They are not obligated to lend you their money.

EX:694 TU:744 EQ:777
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Message 70 of 118