How many of you have exaggerated income on an app?

[Anonymous]

Not sure if anyone that has done this would say so but I'm just curious. Seems like it would be very easy since they don't ask for proof of income. And I'm sure people that have higher income get higher limits. I'm just wondering what would happen if someone that makes 30k/year stated income as 80k/yr on a credit card app. I've never done it and don't plan to, but the thought crossed my mind over the last few days while I was in my mini app spree. 

[CreditCuriosity]

Pretty sure quite a few have... Sometimes it comes backs and bytes them as well when asking for CLI's etc as can be seen in searching the forums as say, but they asked for paystubs or my w-2, etc..  Bank really should verify income prior to handing out credit via paystubs or something not to intrusive.  If a bank such as Amex ever FR's you or another lender and you can't prove it (not saying you), that person is most likely going to have that account closed.  Dosen't happen a ton, but does happen.

[Anonymous]

I should clarify here. The thought of what would happen if someone did this, not the thought of me doing it.

[Anonymous]

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@Anonymous wrote:

Not sure if anyone that has done this would say so but I'm just curious. Seems like it would be very easy since they don't ask for proof of income. And I'm sure people that have higher income get higher limits. I'm just wondering what would happen if someone that makes 30k/year stated income as 80k/yr on a credit card app. I've never done it and don't plan to, but the thought crossed my mind over the last few days while I was in my mini app spree. 

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I make around 35k and that includes the student stipend I receive. I put exactly that and am so glad because Cap One slapped me w/ an income verification in order to receive a CLI. I was worried my student stipend wouldn't/shouldn't count (so there were times I believed my income was inflated b/c of the inclusion of stipend) but two different UW have said that the right thing is to include it. I wouldn't dare put anything more than the 35k I enter and my fear surrounding that was validated when I got income verif. from C1. I don't hear requests for income verif. really often so I can undertsand people feeling free to pad their income a bit, but I think it's absurd to put 80k if you make 30k. Just my humble opinion; I'm sure some have gotten away with that successfully for a long time. 

***You posted again while I was writing and to your second point, it seems like the account might get closed or AA/CLD if a bank finds out you make 30k while claiming 80k. Again, I'm sure lots of folks sneak on by. 

[Anonymous]

I am a huge chicken when it comes to that stuff because I know that they could ask for proof of income and I wouldn't want to get caught in that lie, but you don't hear about it happening very often. When you buy a 25k $ car, you have to provide pay stubs but I hear lots of ppl getting a credit card with a 30k $ limit with no proof if income required.

[ojefferyo]

I'm sure many have, as for myself I don't because you'll just end up in a bad spot when you charge out of control and have no way of paying back. PenFed already asked for POI when I app'd for their PLOC. 

[CreditCuriosity]

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@Anonymous wrote:
I am a huge chicken when it comes to that stuff because I know that they could ask for proof of income and I wouldn't want to get caught in that lie, but you don't hear about it happening very often. When you buy a25k $ car, you have to provide pay stubs but I hear lots ofppl getting a credit card with a30k $ limit with no proof if income required.

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Just leased a 60k car and didn't have to provide income, granted I have 20 years perfect auto payment history and they can see I can handle 1000ish payments from previous loans, thus partially no income verification.. Based on your previous track record.. I would have no problem with them asking to see it either though.  

No one will admit to lieing to their income on applications, although people try to use household income, when in-fact they are including just roommates incomes and such or BF/GF incomes when not jointly filing which I think is wrong, but they justify it.  this has been aruged many many times on this forum and gets no where each time..  People will do what people want to do and most likely they will be ok and get away with it.  Until they get in over their head with debt if they ever do...Then the real fun begins.

[Anonymous]

No! Never have! Never would! Too many scenarios in my head about things that could happen with that.

[CreditCuriosity]

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@ojefferyo wrote:

I'm sure many have, as for myself I don't because you'll just end up in a bad spot when you charge out of control and have no way of paying back. PenFed already asked for POI when I app'd for their PLOC. 

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This is one thing I like about Credit Unions, they actually usually enforce proof of income..  Kinda wonder why they have lower APR%'s then most banks, probably part of it right there?

[Anonymous]

Since I now work part time, I make less than I used to earn. However, my children receive survivor's benefits from SSA, which I include because it is monthly income used to pay the household bills.