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@abundancejones wrote:
@TheFate wrote:@abundancejones So are you saying I could combine my Fianaces income with mine since we live together and if they found out they would be ok with it?
Yep, as long as the application indicates that its ok, you should be fine. Just make sure you are exact with the numbers you put in based on the last tax return or pay check stubs . The application would usually say something like "If you are 21 and over, you can include wages and salary from others that you can reasonably acess to pay your bills with."
That's good to know, thank you
When I first got my Macy's card, I was working retail making about $18,000 a year only (Sad, I know), I accidently put $180,000 and when I noticed, I just left it there.... I got approved and the account is still open, However I've never been called about it or been contacted for that matter.
LO recently let me include some money that i didn't think was actually income because it never touches my hands. I was surprised but you can sometimes include when other people pay certain things for you. I do a lot of babysitting for my mom (she's a foster parent) and she doesn't actually pay me. She pays for all of my clearances because they are required and she pays my cell phone bill. She also purchases a lot of stuff for my kids that way ALL of the kids are treated equally. He let me include some of that as income in the form of gifts. It was enough to push my income up a bit.
@RushXTC wrote:When I first got my Macy's card, I was working retail making about $18,000 a year only (Sad, I know), I accidently put $180,000 and when I noticed, I just left it there....
Who underwrites that card? I'm thinking someone from the likes of Chase or Bank of Amerrrka would have at least raised an eyebrow.
...
Haha, who am I kidding. They let the stupid computer do its own thing and step in only whenever it determines 2 + 2 = chair and **bleep**s itself.
As it was said earlier, deliberately lying on a credit card application constitutes as bank fraud under Title 18 U.S. Code Section 1014. The penalty for doing so is up to 30 years incarceration or a $1 million fine per instance. One guy from Rochester, NY was caught after he filed for bankruptcy and he faced 90 years in prison, though that is an extreme case.
I'm sure plenty of people do it because they are unaware of the consequences and they know that banks rarely investigate as long as the account holder pays the bills on time. But if someone drastically altered their income and burned a bank, it certainly wouldn't be pretty. I only report what I can document if the bank asked for proof, so I don't include anything that hasn't materialized yet, even if my pay is slated to increase.
@abundancejones wrote:Let's be real here...people do it all of the time. I honestly don't see why one would lie now since most applications are ok with your HOUSEHOLD income.
+1
@Stralem wrote:
@RushXTC wrote:When I first got my Macy's card, I was working retail making about $18,000 a year only (Sad, I know), I accidently put $180,000 and when I noticed, I just left it there....
Who underwrites that card? I'm thinking someone from the likes of Chase or Bank of Amerrrka would have at least raised an eyebrow.
...
Haha, who am I kidding. They let the stupid computer do its own thing and step in only whenever it determines 2 + 2 = chair and **bleep**s itself.
I lol'ed.
I don't think they consider everything that isn't precise, lying. I make $86546, but I say $87K. My house payment 843, but I say $850. I have other household income, because I never count my husbands income. But I don't think they blink an eye. The only time, I'm exact, is when I'm applying for mortgage loans; but for cars and cards, I round up.
This got me thinking and now i am wondering if i was honest with my last app spree. I went by the total household income from our tax returns. That would have been the income for 2013. If i calculated our household income now it would be a lot less. Jeepers, just did the math and we are making half of what we did last year.
Should i have done current income and figured it out or was i fine to use last years reported income>?
@Carrie_in_Pa wrote:This got me thinking and now i am wondering if i was honest with my last app spree. I went by the total household income from our tax returns. That would have been the income for 2013. If i calculated our household income now it would be a lot less. Jeepers, just did the math and we are making half of what we did last year.
Should i have done current income and figured it out or was i fine to use last years reported income>?
Since you have the tax returns to back up what you put in the application, you're okay with that number.
@grinlikechelsea wrote:
@Carrie_in_Pa wrote:This got me thinking and now i am wondering if i was honest with my last app spree. I went by the total household income from our tax returns. That would have been the income for 2013. If i calculated our household income now it would be a lot less. Jeepers, just did the math and we are making half of what we did last year.
Should i have done current income and figured it out or was i fine to use last years reported income>?
Since you have the tax returns to back up what you put in the application, you're okay with that number.
Thanks! I thought so but sometimes i overthink things and then i end up turned around lol