topic Re: Credit App in Credit Card Applications

Credit App

Anonymous — Fri, 18 Oct 2019 23:22:18 GMT

My friend told me the other day that he put 2 separate incomes on 2 different credit card applications. For an example $40,000 on one and $70,000 on the other. What could happen to him?

Re: Credit App

Jnbmom — Fri, 18 Oct 2019 23:26:04 GMT

@Anonymous wrote:
My friend told me the other day that he put 2 separate incomes on 2 different credit card applications. For an example $40,000 on one and $70,000 on the other. What could happen to him?

So he is not being honest on one of his applications? Answer potential trouble

Re: Credit App

Anonymous — Fri, 18 Oct 2019 23:29:15 GMT

Would they close his accounts if he gets caught?

Re: Credit App

Anonymous — Fri, 18 Oct 2019 23:29:40 GMT

It's a felony to lie on a credit card application but it's very rare that it gets prosecuted, usually happens when bankruptcy gets filed and the real numbers come out.

If the lenders figure it out though they can shut down and may blacklist your friend so they can't get cards in the future.

It's a bad idea but what's done is done.

Re: Credit App

Jnbmom — Fri, 18 Oct 2019 23:31:00 GMT

@Anonymous wrote:
Would they close his accounts if he gets caught?

YES

Re: Credit App

Anonymous — Fri, 18 Oct 2019 23:31:10 GMT

@Anonymous wrote:
My friend told me the other day that he put 2 separate incomes on 2 different credit card applications. For an example $40,000 on one and $70,000 on the other. What could happen to him?

A wide range of things could potentially happen; ranging from nothing to a lender filing a criminal complaint for fraud and/or prosecution for federal bank fraud. But the most likely outcome is that a lender will ask for proof of income and close an account if he fails to provide it, or prove that the income stated on an application is accurate.

Re: Credit App

Anonymous — Fri, 18 Oct 2019 23:32:47 GMT

What if he were to update his income in the app or something? Would they like at it and FR him?

Re: Credit App

Anonymous — Fri, 18 Oct 2019 23:37:37 GMT

What your "friend" apparently fails to understand is that banks/lenders have a variety of ways of verifying income. There are several databases that lenders purchase that provide such information; The Work Number by Equifax is one such source and there are many others. Your friend could also be asked to allow a lender to access his federal tax returns to see if reported income matches what is stated on an application.

Re: Credit App

Jnbmom — Fri, 18 Oct 2019 23:38:26 GMT

@Anonymous wrote:
What if he were to update his income in the app or something? Would they like at it and FR him?

Well if he put 70K then updated to 40K it could raise eyebrows. I suggest you tell your friend to not lie on applications.

Re: Credit App

Anonymous — Fri, 18 Oct 2019 23:40:06 GMT

Yeah he messed up lol, but I’m gonna show him all this so he understands. Thank you all

Re: Credit App

busted2 — Sat, 19 Oct 2019 02:05:59 GMT

https://frankonfraud.com/fraud-operations/how-machines-can-help-identify-income-fraud-without-verification/

Re: Credit App

Meanmchine — Sat, 19 Oct 2019 03:11:23 GMT

Tell your friend you dont need to lie on credit app to achieve success in the credit "game" Ask @AverageJoesCredit

Re: Credit App

GApeachy — Sat, 19 Oct 2019 17:17:56 GMT

I'd tell your friend not to activate card, call and cancel.