Reply
Regular Contributor
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..

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit :smileyhappy:
Regular Contributor
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:

Valued Contributor
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.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Contributor
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.

.ılılıll | CK/TU FAKO [770] // CS/EX FAKO [789] // QZ/EX FAKO [724] // EX FICO [763] | llılılı.
Chase Hyatt [$9K] // AMEX SimplyCash [$8K] // Chase Freedom [$7K] // PenFed Platinum Rewards [$6.5K] // AMEX Clear [$6K] //
Citi Forward [$6K] // BoA Privileges Cash [$5K] // Discover it [$3.5K] // Citi ThankYou Preferred [$2.2K] //
Contributor
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.

TU 743 as of 5/12
EQ 715 as of 10/13
EX Plus 780 as of 7/12

Cards in wallet: Chase Sapphire Preferred ($25k) Chase Freedom (8k) NFCU Platinum ($24k) HHonors Reserve ($11k)
United MileagePlus Club ($17k)
New Member
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
Posts: 1,474
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
Posts: 15,442
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!!!

 

Naughty naughty......................:smileyvery-happy:

 




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
New Member
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
Posts: 470
Registered: ‎08-14-2012
0

Re: Do YOU exaggerate your income when applying?

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

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.