Friday, July 23, 2010

Annual household income when applying for credit? make it up?

if i were to apply for a credit card and i just made up a large household income number just to get approved... what would that mean later? (lets say i do get approved)Annual household income when applying for credit? make it up?
Generally, nothing bad would happen. But, the thing is that you won't be approved for a large line just because you have a good total household income.





For example, if you're a student and you have a $500 or $1000 credit card that you've handled well for a year or two and you're applying for a new card and you say that you now have a total household income of $150k, you're still not going to get a 30k credit card. You may get a 2-3k line, but because of your overall credit history you wouldn't get auto approved just because of the income.Annual household income when applying for credit? make it up?
Unless your parents can use your credit card and their names are on there as authorized signers, I wouldn't try it. And why would you lie? If you get a larger authorized credit balance, you wouldn't be able to pay it. The creditors could go against you for fraud if you default on the debt. An application that you sign is a legal document. Read the bottom of the application.
I would not lie as it's easy enough to disprove should they consider you for sizeable limits and either run an asset check or ask to see copies of your W-2 or paystubs.
That would be considered lying....? Also is called fraud - you are signing the application that the information you have provided is true and accurate.

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