How many of you have exaggerated income on an app?

[Anonymous]

If your making 30k and live at your parents and they take 150k and you put 180k as your income, that is definitely lying. I'm currently engaged. Our incomes will be "legally" combined next year but we've been living together for years. He uses my cards and sometimes I use his. So I put our joint income down. If I were to ever apply for assistance (food stamps..just an example go with me here) legally I would have to use his income and if I didn't someone could report it as fraud. So I think it is okay include someone's income that you use to help pay bills and that is why it says all available income to you on apps. Not to mention, we have the same bank accounts. But if you were to use your college roommates income that is probably a big no-no.

[taxi818]

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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 put all income at my disposal that I can use to pay my bills. Here is example. I drive taxi. My total weekly income is about 2k per week. 8k per month. But expenses. 300 week in gas. Cab. Insurance. Leaves me about half. 4k per month. I put the entire 8k as income. Because from that. I use my cards to pay for gas. And other ex entails. Although my take home is much lower after all is said and done. 40k take home. But96k total. Out of the 96 I pay my bills. It depends. Amex specifically ask. All reasonable income go pay bill. Cap one says total net income. On 1 I say 96k. On the other. 40k. Which I can easily prove both. Bank statements shows 96k a year in income. Rad returns show 40k take home. Am I being dis honest. No. Not at all. So it depends on the indivual.  I don't have pay check stubs. I have a 1099. Which shows about 48. Bank statement shows 96k. In one taxes show 40 after all is done. 

[CreditCuriosity]

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@taxi818 wrote:

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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 put all income at my disposal that I can use to pay my bills. Here is example. I drive taxi. My total weekly income is about 2k per week. 8k per month. But expenses. 300 week in gas. Cab. Insurance. Leaves me about half. 4k per month. I put the entire 8k as income. Because from that. I use my cards to pay for gas. And other ex entails. Although my take home is much lower after all is said and done. 40k take home. But96k total. Out of the 96 I pay my bills. It depends. Amex specifically ask. All reasonable income go pay bill. Cap one says total net income. On 1 I say 96k. On the other. 40k. Which I can easily prove both. Bank statements shows 96k a year in income. Rad returns show 40k take home. Am I being dis honest. No. Not at all. So it depends on the indivual.  I don't have pay check stubs. I have a 1099. Which shows about 48. Bank statement shows 96k. In one taxes show 40 after all is done. 

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What you are doing is fine.. Rounding up 1 or 2k I see no huge issue (granted rounding up 2k on 23k to 25k is bigger issue than rounding up from 98k to 100k, same amount, but different income bracket/less percent increase).. Where I see an issue is where people tack on say 25k or include parents income.. Say they make 25k and parents make 100k and they put 125k.. That is just dishonest.  People that share bank accounts and are engaged or going to be married fine.. Others are gray areas, that I don't think should be done.

As stated everyone will justify what they want though..  Most likely it isn't going to byte them, but certainly could and one will pay the price for that if it ever does.  Mainly due to getting in over their heads then said person that shared income with them (parents or BF/GF) isn't willing to help them pay the bill.

[Anonymous]

Most CU usually ask to see income before approving a credit card/loan but I never heard of anyone having to provide proof of income for a regular credit card. I am currently leasing a BMW for 52k that I did not have to provide proof of income for..... everyoone is different but I'll say this  "what you put on your application is your business"

[Anonymous]

I include projected overtime (based on past averages) and gross up my VA disability, but nothing drastic. I don't know if that would be considered exageration or not.

[Anonymous]

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@CreditCuriousity wrote:

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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.

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Same for me when I bought a car earlier this year (though not leased).  They didn't ask for proof of income.

Now on CC's?  I state mine within $100 (nearest) because if is an odd number.  I want to make sure if any of the banks want income proof I can hand it over to them and never have to sweat the outcome.  My stance on the 4506 doesn't change:  They ask for 4506 I go find another CC issuer.

[Anonymous]

Nope. I use employment income 54k, unless I notice a little note stating that other types of income are optional then I'll include 9k of child support but its not that big of a difference. If I couldnt provide documentation for it in my name I wouldnt include it. Exaggerating income sounds like a headache waiting to happen if one were asked to verify it at any given time.

[Anonymous]

I haven't lied but they would probably be more inclined to ask for a paystub if your employer isn't listed on your credit report. If it says mcdonalds and you put 100k that might raise suspicion even though you could work at corporate. 

I think its stupid for them to want to verify income and HP. Isnt the whole point of an HP for determining your credit worthiness. 

BACKWARDS!!!

Good luck whatever you choose to do. 

[woodyman100]

I always put my tax return gross. I don't want any confusion.
Synchrony is a bit different with the "NET" income requirements. That's s bit more subjective.

[Gmood1]

I actually understated my income and left out my long time, live in GF's income when applying.