topic Good question?? in Credit Cards

Good question??

Anonymous — Tue, 13 Nov 2012 06:10:16 GMT

I'm wondering if u ALWAYS pay credit card and all other loans but NEVER have a job, can u still be approved for high credit limits/high class cards by lying about your income? But having perfect credit standing

Re: Good question??

webhopper — Tue, 13 Nov 2012 06:14:24 GMT

I'm a firm believer that lies will always be brought to light; and those who have sworn the lies will face the penalties and consequences. Is it worth it to try? Not in my book.

Re: Good question??

Shogun — Tue, 13 Nov 2012 10:20:35 GMT

+1 The truth will out.

Re: Good question??

Anonymous — Tue, 13 Nov 2012 11:18:46 GMT

@Anonymous wrote:
I'm wondering if u ALWAYS pay credit card and all other loans but NEVER have a job, can u still be approved for high credit limits/high class cards by lying about your income? But having perfect credit standing

my friend does this when he applies for his credit cards. he puts down his income that he'll be making once he starts active duty in the military, his parent's income for household, and his hypothetical future wife's income. I always told him it was too risky but it got him a 10,000 CL on a Citi and 6,000 CL on an Amex Blue Cash. I was denied my Amex Blue Sky eventhough we have almost identical credit scores so who knows? maybe it works and you can get away with it. I still would never try it though.

Re: Good question??

Anonymous — Tue, 13 Nov 2012 11:23:01 GMT

American Express its constantly. Making review on customers if they ask him for tax records he's a dead mouse and will eventually be banned from American Express for life or at least a couple years it all depends on he's behavior using the card I don't know about citi bank

Re: Good question??

Anonymous — Tue, 13 Nov 2012 11:26:44 GMT

@Anonymous wrote:
American Express its constantly. Making review on customers if they ask him for tax records he's a dead mouse and will eventually be banned from American Express for life or at least a couple years it all depends on he's behavior using the card I don't know about citi bank

He only uses the card to pay off his credit score monitor, $5 a month. Basically just "sock drawers" the card and keeps it to establish a relationship with Amex. Do you think they will do a random FR if he keeps spending like this and doesn't request a CLI?

Re: Good question??

Anonymous — Tue, 13 Nov 2012 11:31:47 GMT

It depends you know i don't know if they do random customers interviews but I'm sure they do for credit increases also he should use the card a lil more then just 5 a month maybe 150 to 200 a month and pay in full every bill every month they like to see spending on they're cards.. Especially the one he got

Re: Good question??

Anonymous — Tue, 13 Nov 2012 11:39:36 GMT

@Anonymous wrote:
It depends you know i don't know if they do random customers interviews but I'm sure they do for credit increases also he should use the card a lil more then just 5 a month maybe 150 to 200 a month and pay in full every bill every month they like to see spending on they're cards.. Especially the one he got

Yeah he basically has his card set up for the future so he's going to start using them more but for now he literally just started active duty and hasn't received his first paycheck yet. He's been trying to save money since graduation, trying to pay off student loans. It's like a competition between us for Credit Cards and Credit Score, so I was pretty pissed when he got the Blush Cash and I didn't get the Blue Sky. Oh well, going for the CSP now.

Re: Good question??

Anonymous — Tue, 13 Nov 2012 11:40:37 GMT

kinda going off topic now sorry OP. Basically my friend did what you're saying and he hasn't faced any consequences so far. So in the end it's your choice, but me personally i wouldn't take the chance.

Re: Good question??

Anonymous — Tue, 13 Nov 2012 11:42:53 GMT

What are you scores any baddies utilization inquiries. Other credit cards and what limits.. !!!! Lol. You will get it be patience... Post the results of the CSP. And good luck to you i hope you get it

Re: Good question??

Anonymous — Tue, 13 Nov 2012 11:45:14 GMT

Honestly it's not worth it.... I'm sure creditors don't like that. Why take the risk Better be safe then sorry..... and yea got off topic lol.

Re: Good question??

Anonymous — Tue, 13 Nov 2012 12:14:50 GMT

@Anonymous wrote:
What are you scores any baddies utilization inquiries. Other credit cards and what limits.. !!!! Lol. You will get it be patience... Post the results of the CSP. And good luck to you i hope you get it

my experian fico is 739. Credit karma is 749 and credit sesame is 709. No baddies and the credit cards that are listed in my sig. AAoA is 2 year 4 months and I also have student loans. Only working against me is no cards with a cl > 5,000. Thanks I may need all the luck I can get.

Re: Good question??

TheConductor — Tue, 13 Nov 2012 13:57:04 GMT

I am not a lawyer. However, it bears saying that there is a larger concern here than "What will the creditors think?" or "Can I get a bigger credit limit or better card by overstating my income?"

Again, I am not a lawyer, but by my interested amateur's understanding of the law it is an act of fraud to knowingly lie on an application for credit. That is a prosecutable offense with the potential for significant penalties. It is an action I would neither advise nor condone.

Re: Good question??

mikka1 — Tue, 13 Nov 2012 15:23:52 GMT

Personally I've never provided any false information during the credit card application, but I have a relative who does it all the time and I fully understand why she is doing so - as far as I see, according to new CARD Act you can only count on your personal income in the application and it basically eliminates any chances to build a proper credit history for ALL stay-at-home moms and dads on their own (yes, they can obviously become an authorized user with their spouse's card, but in case of unexpected break-up / divorce and closure of all their cards by the main user that might lead them to a very nasty situation of not having any credit at all in their name).

I truly think it's not fair to all those people to be ineligible for literally ANY card product, and while I might not support their decision from the sole perspective of it being a fraud to some extend, I don't see any other option for stay-at-home moms/dads to get any credit in their name other than stating *some reasonable* figure in an income field of an application even if in reality they earn nothing on their own.

Re: Good question??

Anonymous — Tue, 13 Nov 2012 15:31:11 GMT

So many good points addressed within this thread

Re: Good question??

Anonymous — Tue, 13 Nov 2012 19:27:14 GMT

@mikka1 wrote:
Personally I've never provided any false information during the credit card application, but I have a relative who does it all the time and I fully understand why she is doing so - as far as I see, according to new CARD Act you can only count on your personal income in the application and it basically eliminates any chances to build a proper credit history for ALL stay-at-home moms and dads on their own (yes, they can obviously become an authorized user with their spouse's card, but in case of unexpected break-up / divorce and closure of all their cards by the main user that might lead them to a very nasty situation of not having any credit at all in their name).

I truly think it's not fair to all those people to be ineligible for literally ANY card product, and while I might not support their decision from the sole perspective of it being a fraud to some extend, I don't see any other option for stay-at-home moms/dads to get any credit in their name other than stating *some reasonable* figure in an income field of an application even if in reality they earn nothing on their own.

Re: Good question??

TheConductor — Tue, 13 Nov 2012 19:32:55 GMT

@mikka1 wrote:

I truly think it's not fair to all those people to be ineligible for literally ANY card product, and while I might not support their decision from the sole perspective of it being a fraud to some extend, I don't see any other option for stay-at-home moms/dads to get any credit in their name other than stating *some reasonable* figure in an income field of an application even if in reality they earn nothing on their own.

Yeah, this was an effect of the CARD act that seemed completely out of step with both the times and any reasonable sense of fairness.

But the good news is that the new CFPB appears to be working on fixing it: http://www.dailyfinance.com/2012/09/24/stay-at-home-spouses-will-once-again-get-the-credit-they-deserve/

Until then, I still can't say I would advise fraudulent apps, but I can thoroughly understand in this case why they might be happening.

Re: Good question??

mxp114 — Tue, 13 Nov 2012 19:34:38 GMT

The big issue is bankruptcy, if you obtained credit and subsequent debt by misleading lenders about your income, your filing can be denied and you will owe the money. Otherwise it seems like banks don't care or they would take steps to verify income more prior to extending higher limits.