Your income on applications... be honest :)

[Anonymous]

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@zumroff wrote:

Last 2 applications i used an income of a million dollars just to see if they would verify. This was SYNC. Was approved for both cards without question.

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Good luck with that.

[Taoron]

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@Anonymous wrote:

Curious how many of you put down your actual income on CC applications or CLI requests and how many inflate their income a bit.  I know on some of the high SL, high roller / tough cards to get they actually do income verification with W2's, pay stubs etc. but I'm talking for your typical run of the mill cards that are discussed on these forums most frequently from day to day.  I was on the phone for a CLI today and when they asked my income I added $4k to my real annual income to bring it to the next $10k increment... don't know why, I guess I thought it just looked/sounded better.

So do you guys typically give your real income?  Slightly inflated?  Grossly inflated? 

Be honest

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It is a crime to knowingly misrepresent information about your finances on credit applications.  You can be fined $1mil and/or be imprisoned for 30 years in a federal prison for each count of credit card application fraud.

"..even slightly embellishing your reported income can get you prosecuted under federal bank fraud statutes. The penalty is up to 30 years in federal prison and a fine of up to $1 million, for each instance.."

[Anonymous]

Looks like about 50% of the people in this thread are subject to a $1M fine and 30 years of jail time then.  Rough stuff.

[steelers1]

I've been self employed since 1991.

I would like to make a point in regards to income. I have came across several instances in my life where the following has came up more than once.

This is just ONE EXAMPLE.

I have a service vehicle that I use everyday. I put an avg of 30,000 miles per year on it. I take the standard deduction of $0.575 (2015 rate) per mile.

30,000 x $0.575 = $17,250.00 per year deduction.

My payment on my service vehicle is $380.00 per month.

$380.00 x 12 = $4,560.00 per year.

Lets say I apply for a loan product of any sorts...

My income is already less $17,250.00 for my vehicle expense deduction NOW the lender wants to deduct another $4,560.00 from my income and count it against my DTI. Even though that has already been accounted for in my vehicle expense deduction.

$21,810.00 per year off of my income for one service vehicle. Actual out of pocket costs is about 40%.

Its really tough trying to explain this to an underwriter.

[masscredit]

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@Taoron wrote:

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@Anonymous wrote:

Curious how many of you put down your actual income on CC applications or CLI requests and how many inflate their income a bit.  I know on some of the high SL, high roller / tough cards to get they actually do income verification with W2's, pay stubs etc. but I'm talking for your typical run of the mill cards that are discussed on these forums most frequently from day to day.  I was on the phone for a CLI today and when they asked my income I added $4k to my real annual income to bring it to the next $10k increment... don't know why, I guess I thought it just looked/sounded better.

So do you guys typically give your real income?  Slightly inflated?  Grossly inflated? 

Be honest

---

It is a crime to knowingly misrepresent information about your finances on credit applications.  You can be fined $1mil and/or be imprisoned for 30 years in a federal prison for each count of credit card application fraud.

"..even slightly embellishing your reported income can get you prosecuted under federal bank fraud statutes. The penalty is up to 30 years in federal prison and a fine of up to $1 million, for each instance.."

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I can see it now, two prisoners meet up in the court yard -

P1 - Hey, what are you in for? 

P2 - I killed three people while robbing a bank then kidnapped manager. What about you?

P1 - I added a couple thousand to my income when I applied for a credit card

Yup, the credit card guy will probably end up being a gang leader!

[Anonymous]

Currently I work two jobs and whenever I have applied for a CC I always keep it within a single percentage point range (Because both jobs do offer tips and bonus incentives).

I feel much safer legally if I understated rather than overstated, but having an actual figure nailed down is not easy considering I have to approximate how much income I expect to have at the end of the year.

Then again, that could also be wrong and I could be misinformed.

[Anonymous]

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@zumroff wrote:

Last 2 applications i used an income of a million dollars just to see if they would verify. This was SYNC. Was approved for both cards without question.

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Omg, I could not stop laughing. All levels of wrong. Karma will always come back and self regulate everything. you can take it now but in the future someone can take it right from you. It is always best to do the right thing.

[Anonymous]

You got some big... cojones to knowingly admit you committed fraud online. Yes it's a federal fraud statue.

http://www.creditcards.com/credit-card-news/legal-consequences-of-lying-on-credit-card-application-f...

"But if you apply for a credit card, especially during difficult economic times that might give rise to temptation, you should find it sobering to know that substantially inflating or, theoretically, even slightly embellishing your reported income can get you prosecuted under federal bank fraud statutes. The penalty is up to 30 years in federal prison and a fine of up to $1 million, for each instance.

"The federal statute does make it a crime to submit any false financial information to most banks and it does get used, from time to time, for these kinds of prosecutions," said John Rao, an attorney for the National Consumer Law Center, a Boston-based group that focuses on consumer credit and bankruptcy issues.

Uncommon is the bank or other credit card issuer that doesn't have some connection to the Federal Reserve Board or other element of the federal banking system, thus putting that card issuer -- and anyone who applies to it for credit -- under the expansive reach of federal law.

"The scope of that statute is pretty broad because so many financial institutions are somehow affiliated with a national bank," Roa said.

The statute covers oral or written false statements or misrepresentations knowingly made on a loan or credit application to an insured bank. The statements or misrepresentations must have been capable of influencing the bank's credit decision, though the applicant can be charged even if the loan wasn't approved."

Seriously, I would consult a lawyer to make sure you aren't in legal hot water here.

[incognitony]

Does anyone tear the tags off of their mattresses? 

[Anonymous]

Let's not take it overboard here.  I'm sure people have accidentally typed an extra zero on their credit card app income and put a million instead of $100k and if something ever came of it all the applicant would have to say is that it was a mistake and they meant to put X.  Unless they are a previous offender I highly doubt anyone would receive more than a slap on the wrist and maybe having their account closed as a result.