Credit App

[Anonymous]

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?

[Jnbmom]

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@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?

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

[Anonymous]

Would they close his accounts if he gets caught?

[Anonymous]

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. 

[Jnbmom]

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

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YES

[Anonymous]

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@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?

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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.

[Anonymous]

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

[Anonymous]

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.

[Jnbmom]

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

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

[Anonymous]

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