Re: Do YOU exaggerate your income when applying?
09-30-2012 11:55 AM
I doubt that strategy is on the up and up.
If it was, I could easily gather up all my savings, checkings, 401(k), IRA, MMA, etc.. accounts and inflate my annual income by at least 50k. Imagine you do this and then at some point declare bankruptcy. The judge might see this as fraud and then you just shot yourself in the foot.
Most application forms specifcally ask for monthy or yearly income anyway, not total assets.
I looked into it more.. you CAN declare your savings as part of your income as long as you draw from your savings in a standard fashion.. SO, lets say you have 20k in your savings and you set up a monthly transfer of 500.00 into a transaction checking account.. thats 6k extra you can add to your income annually... Now, i do however wonder how they allow this seeing as eventually the savings will run out if you do this..
According to what source?
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 670, Wally TU 700, EX 718 (11/29/13, EX 07/11/13)
Goal Score: 680 in all three (01/01/14)
Take the FICO Fitness Challenge