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

Re: Do YOU exaggerate your income when applying?


DaveSignal 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...


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


Absolutely true that banks are NOT obligated to lend you their money.. However, I would disagree that they can penalize you for anything they want.. they have laws, rules and regulations which they must follow.. if they penalize a person unjustly just because they feel like it then they can face some pretty harsh fines and penalties of their own! We have seen in recent times that a lot of the old fee's that banks and CCC's used to charge have been challenged heavily by the Government.. Granted, they just fine other ways to ding you for a buck here and there but still..

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

Re: Do YOU exaggerate your income when applying?

[ Edited ]

I wasnt aware I shouldnt use total house income... I 'will' going forward. Thanks for the info. I am not worried really. I have been saying 205k income, which included my wifes and I make 170k so if they ever want to penalize me for that, I guess they can do whatever they think will be in their best interest... That or Ill start working overtime :smileyhappy:

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

Re: Do YOU exaggerate your income when applying?


Tommy5746 wrote:

DaveSignal 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...


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


Absolutely true that banks are NOT obligated to lend you their money.. However, I would disagree that they can penalize you for anything they want.. they have laws, rules and regulations which they must follow.. if they penalize a person unjustly just because they feel like it then they can face some pretty harsh fines and penalties of their own! We have seen in recent times that a lot of the old fee's that banks and CCC's used to charge have been challenged heavily by the Government.. Granted, they just fine other ways to ding you for a buck here and there but still..


As far as reducing credit limits, putting funds on hold, or closing accounts, banks do it all the time and I don't think there is any government regulation that prevents them from doing so.

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Contributor
ajh5408
Posts: 98
Registered: ‎04-13-2012
0

Re: Do YOU exaggerate your income when applying?

I never exaggerate... I take far more pride in the size of my investment accounts than in the size of my credit lines.

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Voodard
Posts: 83
Registered: ‎06-13-2012
0

Re: Do YOU exaggerate your income when applying?

If you live in a community property state, like I do here in Texas, then stating your household income is perfectly fine on a credit application.  My wife's debt is mine and mine is hers in accordance with our state.  Texas' point of view is that if either of us mess up, we're both liable.

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New Member
samanthathewitch
Posts: 5
Registered: ‎09-16-2012
0

Re: Do YOU exaggerate your income when applying?

I find it hard to believe I'm the only one, but I have always lied on CC aps for income.

 

 

Valued Contributor
mxp114
Posts: 1,364
Registered: ‎09-01-2011
0

Re: Do YOU exaggerate your income when applying?


samanthathewitch wrote:

I find it hard to believe I'm the only one, but I have always lied on CC aps for income.

 

 


You're not alone but few will admit to doing so here and get chastised about it. So everyone denies it but it is surely done by many.

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

Re: Do YOU exaggerate your income when applying?


samanthathewitch wrote:

I find it hard to believe I'm the only one, but I have always lied on CC aps for income.

 

 


Welcome to the forums!!!

 

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New Member
samanthathewitch
Posts: 5
Registered: ‎09-16-2012
0

Re: Do YOU exaggerate your income when applying?

Thanks for the welcome. TBH, it's quite a revelation to me that so many people claim less or equal to what they actually make. I always assumed nearly everyone fudged and it was just a question of how much. I've had 20+ CC accounts since 1990 (not all at once) and have never been asked for any proof of income. I've never applied for an AMEX. I didn't think my limits were based too much on the income though.

 

 

 

 

 

 

Frequent Contributor
jd5189
Posts: 470
Registered: ‎08-14-2012
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Re: Do YOU exaggerate your income when applying?

I love honest people! lol. Welcome to the forums!!!

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