How many of you have exaggerated income on an app?

[Anonymous]

Just bought a car (bc an illegal, unlicensed & uninsured driver totaled mine)- dealer never asked to see my pay stubs.  Brought every single 1 & every govt & employment travel reimbursement! Yet- Cap 1 has kept me on the same lousy "training wheel card" @ $500 w/ 15% APR. Finally called & upgrade to QS - & got Venture card $10K (APR that was supposed to be 16% - in writing/snapped photo of promised 16% - then got 21% after card issued (ticked off about that).  Bottom line- I don't lie on apps- I have high income (thanks to hubby) & professional job title probably keeps verification at bay. If you say you are a part-time check-out girl at super market & put $80K - you get caught. I usually apply over the phone- most apps don't ask job title- just if you own/rent as if that's the determining factor if you can afford what you have (my apt cost more per month than my mortgage on old home). 

I did have a friend (HAD)- & he lied on app bc he had bad credit- & wanted foot in door. He was a flight attendant w/ 2 yrs experience & made very little $. He still reported twice what his income really was at the time. H got away w/ it but scores didn't give him big CL or low APR. 

[Anonymous]

As you should have privilege of reporting that income. Should be treated just as if spouse were still alive providing for family. Family contribution should always, legally speaking, be confined to any lawful partner by marriage or support thereof &/or living w/ someone you proportionately provides with support & a long-term established relationship exists (including if you are an adult & mommy still pays your bills & live in her home- although I still believe that's a stretch). Sorry for your loss. 

[Anonymous]

I used to represent SSA clients in hearings & per SSA guidelines for determine whether one meets criteria/standard for ssdi or ssi... Govt requires reporting of household income to include even a roommate or friend if they allow you to live there long-term and in-kind (free rent... Counts as income for ssi but an exception is if one proves that any freebies from others are "loans", in which case, they are to be paid back (should they win their case & recover reimbursement). In other words- if SSA uses liberal standard to try to prove you earn/receive TOO MUCH income, then it should be the standard for attaching SSA income in general to assist in applying for cc apps.

[Anonymous]

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@Anonymous wrote:

I used to represent SSA clients in hearings & per SSA guidelines for determine whether one meets criteria/standard for ssdi or ssi... Govt requires reporting of household income to include even a roommate or friend if they allow you to live there long-term and in-kind (free rent... Counts as income for ssi but an exception is if one proves that any freebies from others are "loans", in which case, they are to be paid back (should they win their case & recover reimbursement). In other words- if SSA uses liberal standard to try to prove you earn/receive TOO MUCH income, then it should be the standard for attaching SSA income in general to assist in applying for cc apps.

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HAHA KMP1! I am a paralegal at a firm that handles SSA cases. I feel like I explain this same exact thing 50 times each day. The attorneys want me to take the rep test in the spring. What do you think? Is it worth the extra stress?

Back on topic, I have included my boyfriend's salary on applications, since we have cohabitated for 8 years and we equally share expenses. I have never been asked for POI, but I think that I could easily provide it if needed. I don't feel like that is dishonest, since the apps I have used allow you to include all income available to you and his checks are deposited into our joint checking account.

[Anonymous]

Glorious California lets me report spouse income as my own. Even sent both of our paystubs (with her permission obviously) when JCB wanted verification without an issue.

[Anonymous]

Hi, that's great! I do think it would be fulfilling to be a NAR. Take the test- but know ssa procedure (all the if, & and, buts). The CFR & new regs are your Bible- the test will be like a mini-bar exam w/ exception it's based on a federal issue & question types will be similar types of questions (multiple choice & scenario-based). Obviously the questions only relate to SSA disability law, you really need to co-chair A LOT of hearings & a good idea would be to request in writing that the ALJ allow you to conduct a hearing as primary rep, w/ atty rep co-chair & ask client's permission. This used to be a requirement, but education & experience now suffice. CEUs are usually free & provided by SSA each yr. But you will need to shop around for E/O insurance that accepts your exact job title w/o classifying you as an atty- hard to find. In summary (long story longer)- take the exam, make sure you can deal w/ ALJs- some hate certain law firms & some hate NARs- & some hate their jobs; be prepared for some judges to be jerks. You will be more marketable as a paralegal. Make sure you know your medical stuff- all the Listings-it is a competency on exam & judges like to quiz you & hold you to a higher standard at times. 

Oh, & attaching bf's income to yours is perfectly w/in the confines of the law. Domestic partnership (long-term relationship) shouldn't be a problem. Good Luck!!

[Anonymous]

I represent my income and include expected overtime and bonuses, as my OT is cyclical but very consistent in it's cycles.  Last year I used 60K as the number and my W2 gross at end of the year was 59,860, so I'd say that is within the realm of acceptable.  This year I received a raise and have been putting 70K.  Thus far this year I've made 39 and still have an up cycle of OT about 3 months long and a bonus of 1500-2k to go, so I think I will be very close if not under this year.

[Anonymous]

Would sound like a good idea except for the fact that if you state you make the higher income, you would need a larger spend per month.  Wouldn't they wonder why you're spending hasn't changed?  I can say that we started out with a smaller income and you slowly change your life style and you don't realize it.  But I bet those banks sure do.  I do think they watch use.  Or at least watch our spending habits.  Just my 2 cents. 

[OmarGB9]

How would they know if you're just rotating cards and spreading out your spending evenly though?

[Anonymous]

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@Anonymous wrote:

Exaggerated income and unverifiable income are 2 different things. 

Some people make $35,000 a year and list $55,000 on a app. But many people have under the table, gift, and side job incomes that while not verifiable on tax returns,  still is income that people use to live on and pay bills.And many people with businesses take a lot of write offs and pay bills through the business so they must approximate a gross income to get any credit at all.

All that matters is paying back what is borrowed in a timely fashion and keeping utilization in check.

The banks are the biggest manipulaters and fraudsters around. They worry about losing money on bad loans, but the vast majority of the big banks engage in risky and deceptive behavior themselves. I have no sympathy for them as they write off all their losses and have outrageous profits even after paying large fines for committing fraud.

So to the income fudgers, just make your payments on time and keep your credit clean. No worries.

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OMG.   PREACH!!!!!!!!   Did you steal my thoughts????  So so true.  I could not responded better!