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All jokes aside, the simple rule is:
Don't claim what you cannot prove.
@MovingForward_2012 wrote:
What I was trying to say was it is not ALL based on income. Income is the last thing they look at.
Yep, that is for sure, in spite of congress and regulators' efforts to have them do a closer look at income and assets. I don't think they ever look at assets and barely at income other than perhaps to do a rough statistical match with FICO and other's income estimators.
I don't believe many of the responses are honest. I've asked this question several times at partys, dinners, business meeting etc. and usually the vast majority of the people range between fudging a bit to considerably exagerrating.
I can believe that this is a somewhat different group but for like 97% of responses to say it is something they have never/will never do is not likely true.
@jacquelinemay9 wrote:I'm a recent grad (9 mos) and my income has increased significantly. That being said, I report my newer income (around 50k) instead of my pre-graduate income (around 20k). Is that lying? I don't know. But I feel as though I would be unfairly judged (through cls and possibly even approvals) if I were to report my previous income now that I'm making more than double. Maybe I'm justifying... Possibly my average should be reported, but even my average out of the last 3 years would be pretty low.
This is perfectly fine...... you are stating your income. No need to average at all. For example a salaried person may get a 3% raise every april. The stated income in april should reflect the higher 3%, not an average.
@WarJar101 wrote:I used to put my gross income and not my net income. I don't consider it to be a lie regardless it's still technically my "Income", before taxes. However, granted if you make 40k a year and you put 120k a year annual income then that's just ridiculous. Don't do that, just don't.
Anyway, the only CC company I ever heard of FRing people was AMEX from this site. I think for most of the others the only time they'll do that is if you want CL above 25k. I'm not telling anyone what to do or suggesting anything illegal, but just handle your business correctly and you'll get correct results. The way how you handle it is up to you, I'm not judging you and neither should anyone else. (General Statement)
iirc, the info requested on my cc apps was specifically "gross" income. (in 2008 and 2009, the BofA and Chase apps had spaces for both "individual" and "household" gross income.)
the only time i have been asked specifically for "net" income was recently when i requested a CLI with sam's club.
@compassion101 wrote:I don't believe many of the responses are honest. I've asked this question several times at partys, dinners, business meeting etc. and usually the vast majority of the people range between fudging a bit to considerably exagerrating.
I can believe that this is a somewhat different group but for like 97% of responses to say it is something they have never/will never do is not likely true.
Kinda like how every person who's 4'10 claims they're 5 foot tall lol.
I report my actual income, but my filed income is about 15k lower. Why? I get cash tips a lot, and my work refuses to report my cash tips cause they have to pay a %. Besides I do a lot of side jobs for my family they comphensates me for, and I also sell airline tickets at a discount I get from points to a few select friends. Regardless the credit card companies are more than happy with me since I send multiple payments each money. I probably run 10-18k on my credit cards each month on a 55k income on my app. Although I probably made about 75k last year. But I've never carried a balance, and no matter how much I charged I make payments within 3 days of each big purchase.
@compassion101 wrote:I don't believe many of the responses are honest. I've asked this question several times at partys, dinners, business meeting etc. And usually the vast majority of the people range between fudging a bit to considerably exaggerating.
I can believe that this is a somewhat different group but for like 97% of responses to say it is something they have never/will never do is not likely true.
I would disagree..... I think generally people are honest on their APS. I would say one is more likely to report their income exactly if they have mastered the game of credit.
Personally, I think there is more to this discussion then honesty or the amount people put on their APS.
I would say an underlying discussion would be living at or above one means. Often on these boards we see numerous poster that state their income at 30K and have 150K of open credit. In my opinion, this is a receipt for disaster. One could conceivable max out their cards and simple not have the funds to pay the minimum balances. Obviously not everyone will do this, and many are very responsible with their credit, but some could.
I am very fortunate to make a good living, just north of 100K, and when I was younger and not so wise (haha still not that wise) I maxed out 30K worth of credit cards limits. At a 6 figure income I barely was able to make the minimum payments, and still live a normal life. To get out of debt took over 3 years, and a firm dedication to changing my life style, and spending habits; basically 3 years of living for nothing but debt reduction. If I have made 30K at the time I would have been forced to declare bankruptcy. At 30k one takes home roughly 1800 a month. I was paying roughly 900 a month in minimum payments.
I believe this board is an excellent forum for helping to increase one's credit and to help one reach their credit goals. The dark side to this excellent research, and resource(s) is that someone that is not disciplined in their approach to credit could easily overextend themselves by achieving a credit level that is not accurate to their mentality. Trust me if I had found this resource when I was a credit craved manic I would have done irreversible damage to my financial state, and may never have recovered.
@compassion101 wrote:I don't believe many of the responses are honest. I've asked this question several times at partys, dinners, business meeting etc. and usually the vast majority of the people range between fudging a bit to considerably exagerrating.
I can believe that this is a somewhat different group but for like 97% of responses to say it is something they have never/will never do is not likely true.
Well I think alot of things can factor into this for example annual income. I really never felt the need to lie. I honestly don't think I would , but if I knew it would make a difference, and my living situration was different maybe I would.
TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!
in the end if you lied or not doesn't matter as long as your responsible with your spending habits there will be no questions or raised eyebrows from anyone. If your profitable as a customer then the companies will turn a blind eye in the end.
Chase approved me for everything I applied for and I got 3 personal cards and 1 business card in 3months period. People usually say 1 per 6months business and personal. but hey if your pushing numbers it's fine, if they ask I'm honestly running my parents company expenses through my cards = problem solved and no raised eyebrows. I guess it also helps I have 6 figures in my bank account lol