topic Re: Do YOU exaggerate your income when applying? in Credit Cards

Do YOU exaggerate your income when applying?

Tommy5746 — Fri, 28 Sep 2012 20:53:40 GMT

I think we have all done it.. at least a little bit... You know when your applying for that credit card you reallllly want.. and you want everything positive possible on your side.. Soy uo slightly exaggerate your income.. Lets say you make 30k a year.. maybe you put down 33k? How many of you guys have done this before?? How much do you add on? I dont think its that wrong! Just as long as you dont go crazy saying you make 90k a year when you only gross 20k

Re: Do YOU exaggerate your income when applying?

LS2982 — Fri, 28 Sep 2012 20:54:35 GMT

@Tommy5746 wrote:
I think we have all done it.. at least a little bit... You know when your applying for that credit card you reallllly want.. and you want everything positive possible on your side.. Soy uo slightly exaggerate your income.. Lets say you make 30k a year.. maybe you put down 33k? How many of you guys have done this before?? How much do you add on? I dont think its that wrong! Just as long as you dont go crazy saying you make 90k a year when you only gross 20k

Not at all. Your only opening a can of worms if the creditor decides to call your bluff. Especially AMEX with their FR's.

Re: Do YOU exaggerate your income when applying?

Tommy5746 — Fri, 28 Sep 2012 20:58:27 GMT

@LS2982 wrote:
@Tommy5746 wrote:
I think we have all done it.. at least a little bit... You know when your applying for that credit card you reallllly want.. and you want everything positive possible on your side.. Soy uo slightly exaggerate your income.. Lets say you make 30k a year.. maybe you put down 33k? How many of you guys have done this before?? How much do you add on? I dont think its that wrong! Just as long as you dont go crazy saying you make 90k a year when you only gross 20k
Not at all. Your only opening a can of worms if the creditor decides to call your bluff. Especially AMEX with their FR's.

True... I agree.. BUT.. do you really think they will take action if you say you make 32 but only make 30? Hmm.. Maybe they would.. I def wouldnt exaggerate with AMEX, Discover or Citi.. But your right.. if you lie, then dont kick and scream if they call you out!

Re: Do YOU exaggerate your income when applying?

webhopper — Fri, 28 Sep 2012 21:01:24 GMT

Ya I don't do it. I tell them my gross annual income; no reason to exaggerate.

Re: Do YOU exaggerate your income when applying?

LS2982 — Fri, 28 Sep 2012 21:02:02 GMT

@Tommy5746 wrote:
@LS2982 wrote:
@Tommy5746 wrote:
I think we have all done it.. at least a little bit... You know when your applying for that credit card you reallllly want.. and you want everything positive possible on your side.. Soy uo slightly exaggerate your income.. Lets say you make 30k a year.. maybe you put down 33k? How many of you guys have done this before?? How much do you add on? I dont think its that wrong! Just as long as you dont go crazy saying you make 90k a year when you only gross 20k
Not at all. Your only opening a can of worms if the creditor decides to call your bluff. Especially AMEX with their FR's.

True... I agree.. BUT.. do you really think they will take action if you say you make 32 but only make 30? Hmm.. Maybe they would.. I def wouldnt exaggerate with AMEX, Discover or Citi.. But your right.. if you lie, then dont kick and scream if they call you out!

AMEX will straight up close your account if you lie on tax returns. If you don't submit to their FR, they will close your account.

As far as the topic at hand, AMEX would be the only one I would be weary of fibbing to. As a moral standard, you should always be honest about your income.

Re: Do YOU exaggerate your income when applying?

jamesdwi — Fri, 28 Sep 2012 21:02:06 GMT

Lieing on your AP to get credit is the quickest way to end up with no credit. 10% difference in income isn't going to get you any better really its not going to be the difference between a 1k limit and 2k limit perhaps at most its the difference between 1k limit and $1200 limit, not worth the worry.

Re: Do YOU exaggerate your income when applying?

bostonte — Fri, 28 Sep 2012 21:04:52 GMT

Regular salary, I agree with LS...

But if you're commission or something like that, I don't see an issue with putting down a number that's still within reason and historical earnings, but leans on the more positive side than the lowest "if I only collect my draw and no commission for the rest of the year" number.

Exaggeration for pure exaggeration is fraud. Sure it's not like the police are going to hunt you down, but a creditor doing a review would be likely to close your account just for that -- when a review where you didn't lie might result in nothing or perhaps just a small CLD.

If you have a regular salary, stick to that number, it just makes life so much easier.

and 30 vs 32 won't make a difference on your application result.

Re: Do YOU exaggerate your income when applying?

DaveSignal — Fri, 28 Sep 2012 21:10:50 GMT

I make decent money. I don't need to exaggerate anything to get credit.

Re: Do YOU exaggerate your income when applying?

jsucool76 — Fri, 28 Sep 2012 21:12:27 GMT

@DaveSignal wrote:
I make decent money. I don't need to exaggerate anything to get credit.

I usually just add four or five zeroes to my income on applications.

No Big Deal...

Re: Do YOU exaggerate your income when applying?

webhopper — Fri, 28 Sep 2012 21:13:53 GMT

DaveSignal is a baller

Re: Do YOU exaggerate your income when applying?

Walt_K — Fri, 28 Sep 2012 21:14:21 GMT

I put less. I usually get a bonus but that's not guaranteed so I don't include it. A portion of my gross income is paid as a contribution to my 401K. I don't include that.

Re: Do YOU exaggerate your income when applying?

webhopper — Fri, 28 Sep 2012 21:15:04 GMT

@jsucool76 wrote:
@DaveSignal wrote:
I make decent money. I don't need to exaggerate anything to get credit.
I usually just add four or five zeroes to my income on applications.

No Big Deal...

LOL!!!!

Re: Do YOU exaggerate your income when applying?

Tommy5746 — Fri, 28 Sep 2012 21:17:43 GMT

Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!

Re: Do YOU exaggerate your income when applying?

Anonymous — Fri, 28 Sep 2012 21:30:50 GMT

@Tommy5746 wrote:
Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!

At most major restaurants the servers declare their cash tips daily on the point of sale system, which it adds to the credit card tips and reports on your paycheck as income. Taxes are then withheld from your paycheck based on your hourly wage and your tips, and then the tips are shown on your W-2 and your tax return.

Many restaurants avoid tip income fraud by taxing on and reporting wages plus "expected" tips based on the amount of the checks closed out.

Re: Do YOU exaggerate your income when applying?

Walt_K — Fri, 28 Sep 2012 21:34:02 GMT

@Tommy5746 wrote:
Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!

Tax returns. If you're underreporting, you can't be heard to complain.

Re: Do YOU exaggerate your income when applying?

djrez4 — Fri, 28 Sep 2012 21:41:07 GMT

I underestimated a bit on my last round of apps. No need to exaggerate and bring the potential FR bogeyman down upon me.

Re: Do YOU exaggerate your income when applying?

RockinRay — Fri, 28 Sep 2012 21:56:01 GMT

I state what is on my Federal tax returns.

Re: Do YOU exaggerate your income when applying?

Shogun — Fri, 28 Sep 2012 22:01:43 GMT

@webhopper wrote:
@jsucool76 wrote:
@DaveSignal wrote:
I make decent money. I don't need to exaggerate anything to get credit.
I usually just add four or five zeroes to my income on applications.

No Big Deal...

LOL!!!!

I love this one!!! But why stop at 4 or 5? hahaha

As for me, nope, just what I make, actually round it down.

Re: Do YOU exaggerate your income when applying?

injustifiiable — Fri, 28 Sep 2012 22:06:40 GMT

Lie to Capital One, just not everyone else.

Re: Do YOU exaggerate your income when applying?

DaveSignal — Fri, 28 Sep 2012 22:12:51 GMT

I don't think lenders base credit limits off of your income anyway.... at least it is not a primary concern. They just don't want to see something like 10k annually or some number that would make paying your bills and staying alive at the same time impossible.