Faking Income

[RushXTC]

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@H4LO wrote:

I'm starting to see a lot more on this forum that people are afraid of CC companies requesting income... or getting the dreaded FR from AMEX.

It's making me think that people are inflating their income to get higher CL's.

Makes me worry that when young teens find this website, they'll just enter in some sort of income to get a CC.

I don't know if it's just me seeing this. But eh... Sticky situation. 

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I don't think you're approved with higher odds if you claim to make $75,000 a year lol.

[gdale6]

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@fungoman wrote:

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@gdale6 wrote:

The only income verification I will provide a creditor is 2 paystubs, if they ask for more, i tell them sayonara and close the account if one has been opened, I'm not giving them my lifes story.

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Serious question: If you feel that way about an unsecured loan, will you apply that same logic to a secured loan (like a mortgage)?

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 No, of course not, mortgage is a different animal, my comments were directed at unsecured CCs

[grinlikechelsea]

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@guiness56 wrote:

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@grinlikechelsea wrote:

As some of you know, I am under 21 and have worked really hard to establish credit over the past two years. That being said, NFCU was the only lender that asked for verification of my income (Chase asked me to call in, but they did not require proof). I honestly find it disturbing that banks are granting young adults such as myself high credit limits without checking to make sure they even have a job to pay back the debt. I didn't inflate my income and everything checked out, but it makes me wonder how many people slip in undetected.

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Being under 21, the Frank Dodd act requires a creditor to insure you can make the minimum monthly payments before opening an account. 

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That is my point. That hasn't happened except with NFCU. No verification of income or cosigners.