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Established Contributor
Posts: 592
Registered: ‎06-19-2014

Lying about Income

I was going to make a large purchase on a diamond the other day and the salesman wanted to get me to apply for their retail card to qualify for the promo no interest then he insisted I exagerate a little on my income for the app. Honestly at that point I felt the deal went sour and decided to hold off. It made me realize with the score I told him I had was borderline approval.

 

I was just curious if anyone here has exagerated a bit on their income when app'ing?

Moderator
Posts: 26,990
Registered: ‎12-13-2013

Re: Lying about Income


TheFate wrote:

I was going to make a large purchase on a diamond the other day and the salesman wanted to get me to apply for their retail card to qualify for the promo no interest then he insisted I exagerate a little on my income for the app. Honestly at that point I felt the deal went sour and decided to hold off. It made me realize with the score I told him I had was borderline approval.

 

I was just curious if anyone here has exagerated a bit on their income when app'ing?


Doing so would be fraud... Anyone suggesting such a thing would be guilty of conspiracy to defraud the issuing bank.


EX Fico 08 Bankcard 04/16: 793 (-15) EX Fico 8; 766 (-17)
TU Fico 8 05/16: 777 (+5)
EQ Fico 8 04/16; 769 (-8)
Established Contributor
Posts: 505
Registered: ‎10-08-2011

Re: Lying about Income

Way back in the beginning of my credit journey, I fudged my income a bit. I didn't know better at the time.

 

But that particular card has long since been closed and nothing has ever come of it, but I know now that it could have been a different story.

      
Valued Contributor
Posts: 1,482
Registered: ‎03-10-2014

Re: Lying about Income

[ Edited ]

I am sure people do it all the time. But it's bad practice to do so. As an example, let's take a look at Amex. Sure you can lie to them, but if they ever FR you and you lied, they will close your accounts. No ifs or buts. 

 

Also, Lexi will probably move this discussion elsewhere.

Age: 23 | AAoA: 5.1 yrs | FICO Scores: EX: 800, EQ: 810, TU: 813 | Inq: EX: 4, EQ: 2, TR: 1 | GARDENING AS OF 08/26/2015
Established Contributor
Posts: 592
Registered: ‎06-19-2014

Re: Lying about Income

@Gdale that's what I thought, But I wonder if a CC actually did a FR would they have you prosecuted or would they just drop you and put you on a black list

Moderator
Posts: 26,990
Registered: ‎12-13-2013

Re: Lying about Income


TheFate wrote:

@Gdale that's what I thought, But I wonder if a CC actually did a FR would they have you prosecuted or would they just drop you and put you on a black list


If they found out and you didnt burn them it would most likely just be account closure and BL, if there was financial loss to them it could get ugly if they challenged it...


EX Fico 08 Bankcard 04/16: 793 (-15) EX Fico 8; 766 (-17)
TU Fico 8 05/16: 777 (+5)
EQ Fico 8 04/16; 769 (-8)
Established Contributor
Posts: 542
Registered: ‎10-20-2008

Re: Lying about Income

I would guess millions of people have done that for as long as there have been credit cards. Realistically I've never heard of anyone ever having any fallout from it other than maybe a card closure on an AMEX FR.

 

Regular Contributor
Posts: 203
Registered: ‎02-21-2014

Re: Lying about Income

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. 

Established Contributor
Posts: 592
Registered: ‎06-19-2014

Re: Lying about Income

@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?

Regular Contributor
Posts: 203
Registered: ‎02-21-2014

Re: Lying about Income


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."

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