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Super Contributor
CS800
Posts: 6,552
Registered: ‎04-07-2008
0

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 :smileyhappy:

 

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.  :smileyhappy: 


You and me alike lol




Regular Contributor
Tommy5746
Posts: 440
Registered: ‎02-08-2012
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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 :smileyhappy:
Established Contributor
Cdnewmanpac
Posts: 766
Registered: ‎01-16-2012
0

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.
Regular Contributor
Settemio
Posts: 222
Registered: ‎01-08-2011
0

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.

Regular Contributor
Tommy5746
Posts: 440
Registered: ‎02-08-2012
0

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 :smileyhappy:
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

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.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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Regular Contributor
Tommy5746
Posts: 440
Registered: ‎02-08-2012
0

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 :smileyhappy:
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

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.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
Tommy5746
Posts: 440
Registered: ‎02-08-2012
0

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 :smileyhappy:
Community Leader
Valued Contributor
DaveSignal
Posts: 2,111
Registered: ‎07-29-2011
0

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.

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