@Elated wrote:Personally, I would never even dream of doing anything like this! Let me just give you this scenario. I work for a very well-reknowned law enforcement agency, and last year there was a gentleman who "fudged" some information on a credit application.
Needless to say, the dealership called us, (because they knew the transaction was a fraudulent one), and we ended up arresting the guy.
I hope this helps...moral of the story, I wouldn't do it.
Just my two cents worth...
It sounds like that was a case of identity theft and not false income info.
I think you credit history makes more of an impact on your CL than income. I have have a significant income for the last 8 years, but my careless lates have plummeting my score and kept me from having more than $5000 CL card until recently...thank you amex! It's humiliating to make my income and only have a card with that limit. My advice: pay bills on time, keep your CS up, and you will have more than enough CL!
Starting Score: TU:676;EQ:648 8/2011
@Elated wrote:No mxp, that is not the case. The gentleman "fudged" his income on a credit application, and had been going around to many of the local area top notch dealerships doing the same thing. It was later discovered that he was involved in some type of auto theft ring involving expensive vehicles. Ultimately, the vehicles ended up being sold and he was pocketing and profiting from the proceeds, and using that as income.
For some of the vehicles he'd would do large down payments and finance the other half with fraudulent monies and income he couldn't prove. Only to go on to the next dealership, and several others around the state, doing the same thing.
So basically it was more than just lying about income, it was a scam in the form of auto theft ring. That was it, I just figured it was a more involving scenario. At least that crook was caught.
@Wolf3 wrote:
@JMN wrote:Do NOT report incorrect income information on an application for credit. It's not only fraud - it is a Federal crime to do so. As others have said, if you were approved for more when you shouldn't have been with such an income, and you become unable to repay your debt, it could lead to bankruptcy courts denying relief of debt, massive fines, or even being sentenced to time in Federal prison.
If it asks for household income, report accurate household income. If it asks for individual income, report individual income. Do NOT fudge numbers.
I usually report only my base pay and leave out a few other smaller sources of income, which can vary,. That way I would only need to supply one paystub if asked. It is about 75% of my the total.
Technically, do you think that is a crime?
Not at all. By fudging numbers, I mean over-reporting one's income. Under-reporting isn't an issue at all.
You're not falsifying anything - you do in fact make that amount, and more. It's when people who report they make a certain amount, and do not, is when the criminal issues arise. 