10-13-2008 02:11 PM
Whenever I call BOA for a CLI, we go through the same drill, what is your income, do you have any other source of income that you want to report to us etc.
When I was asking for a product change from Visa Student to Visa Signature (which is a big leap) they said my CL is 3K and they give Visa Signature for minimum 10K CL's. I said okay if you can give me a 7K CLI that'd be awesome.. The CSR asked for my income (I always give my household income) this time just because the CLI I was asking was huge, I actually multiplied my income by around 1.5 and gave them a higher figure than we actually make. And when they asked for extra source of income, I told them I have a family business back in my country and I make some extra money over ther.
After going through my record with them (which is flawless from the day I opened my account) they approved my CLI and issued me a Visa Signature.
Being spoiled from this CLI, I called for my BOA Master Card and asked them to match my Visa Signature limit if possible (which was a 8K CLI from 2K to 10K). I told them the exact numbers I gave for Visa Signature and the CSR came back to me with a limit of 12.5K and then said, well for now I think you have enough CL so I'm going to give you 10K instead, you can ask for more later on..
Now, although it isn't very honest to inflate your income, on the other hand it gave me a significant CLI (from 5K to 20K) in 6 months. Do banks actually monitor or have any information about your income, or do they solely process your CLI requests based on the information you give them? I don't want to be emberrassed by a CSR one day by saying "we know you don't make that much, cut the BS and give me an actual figure".
What do you guys say? Is there anyone with a bad experience on that income reporting matter?
10-13-2008 02:35 PM
You're probably going to hear it from some here about lying about your stated income.
I'll leave the harshness to others.
As far as I know though, as long as you don't mess up and give them cause the lender will most likely never check.
In this climate of credit though I would not put that in stone.
I don't think it's worth it.
But in all honesty it is best, and recommended, NOT to exxagerate stated income.
10-13-2008 02:38 PM
10-13-2008 03:38 PM
10-13-2008 04:05 PM
Fortunately for you, BOA does not have a custom to perform FR or income verification, unfortunately for us (non cheaters) because of you they might start doing so.
Has not your mom told you that cheating is wrong thing to do?
10-13-2008 04:17 PM
Now all we need is for CCs to report stated HHI to the IRS
I have always been honest - got into the habit when I was on a green card and could be deported
10-13-2008 04:53 PM
It is a violation of US Code 18 Section 1014 - a felony with a potential fine of 1 million dollars and a 30 year jail sentence.
That is if your conscience isn't good enough to not even have it come to a matter of law.
10-13-2008 08:45 PM
You'll be fine. Bank of America will not check your income. However, how do you justify a 20,000 credit limit when you don't have the income to need that kind of utilization buffer?
I did the exact opposite with BofA. I told them I make 40,000 when i make around 70,000. I also told AMEX i only make 25,000.
Also, BofA granted me a product change to a Visa Signature with my limit at only 6,500.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). 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.