Credit Card Application Income Requirements
Author: Guest
Posted: Sun Nov 16, 2003 11:48 pm
Post subject: Credit Card Application Income Requirements
Can you get into trouble for lying about your income on your credit card application enabling you to receive a higher credit limit then what your salary really warants?
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Author: NightStar
Posted: Mon Nov 17, 2003 12:53 am
Post subject: Credit Card Application Income Requirements
Think there is something around on this matter, credit card laws with each state maybe. Will have to do some looking to see what they say on the matter.
Author: Ira
Posted: Mon Nov 17, 2003 2:24 am
Post subject: Credit Card Application Income Requirements
The interesting question here is how does a potential credit grantor check your income? Most employers will not divulge that information due to privacy considerations. It certainly doesn't appear on a credit report. They can't go to the IRS and say show me Ira's tax returns for the last x years. I have wondered for quite a while if income is really verified or if it is even verifiable. Would appreciate some thoughts on this.
Author: Guest
Posted: Mon Nov 17, 2003 4:47 am
Post subject: Credit Card Application Income Requirements
My actaul income is 14600 per year and I am college student. But my mom send me $ 5000 a year. Can I say that my income is $ 19600?
Author: Pale Rider
Posted: Mon Nov 17, 2003 6:09 am
Post subject: Credit Card Application Income Requirements
A lot of applications have an optional place to enter "other income". I think that would be acceptable to include.
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Author: NightStar
Posted: Mon Nov 17, 2003 7:57 am
Post subject: Credit Card Application Income Requirements
Yea, I agree - what you did is acceptable - because you posted all of your available income used. Some / many credit card companies specifically ask this to allow granting at a higher amount. You did nothing wrong on that part - so don't worry there.
When you get in trouble - and I don't mean legally, but financially is falsely stating income which you don't receive just to get higher credit limit, and you use more then you can possilby pay back.
The creditors are not so much looking for that, some of them really don't care, as long as you take and use the credit. More and more creditors these days are targeting students on purpose - it is unfortunate, just be sure to educate yourself as to how exacty the numbers work on the terms of agreement and that you practice using that credit just carefully as you can.
Author: Verne
Posted: Mon Nov 17, 2003 9:50 am
Post subject: Credit Card Application Income Requirements
All income counts: gifts, child support, disability payments, etc...
They have never verified my income and I've lost count of all the credit cards I've had. But I've heard that if your stated income is too far out of whack they may investigate or flag the application.
There is a law in my state about providing fraudulent information in order to secure a loan. But Iowa is the Loan Star state. Loans, foreclosures, and auctions are a tradition here.
If you leave your garage door open you're having a garage sale. If you leave furniture outside you're having an auction. If you wave at a neighbor you may have bought a tractor.
But the governing jurisdiction would be the state where the CCC pretends to be headquartered. They like to say they are in Delaware or a creditor-friendly state but we really know they are in Antigua.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sun Nov 16, 2003 11:48 pm
Post subject: Credit Card Application Income Requirements
Can you get into trouble for lying about your income on your credit card application enabling you to receive a higher credit limit then what your salary really warants?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Mon Nov 17, 2003 12:53 am
Post subject: Credit Card Application Income Requirements
Think there is something around on this matter, credit card laws with each state maybe. Will have to do some looking to see what they say on the matter.
Author: Ira
Posted: Mon Nov 17, 2003 2:24 am
Post subject: Credit Card Application Income Requirements
The interesting question here is how does a potential credit grantor check your income? Most employers will not divulge that information due to privacy considerations. It certainly doesn't appear on a credit report. They can't go to the IRS and say show me Ira's tax returns for the last x years. I have wondered for quite a while if income is really verified or if it is even verifiable. Would appreciate some thoughts on this.
Author: Guest
Posted: Mon Nov 17, 2003 4:47 am
Post subject: Credit Card Application Income Requirements
My actaul income is 14600 per year and I am college student. But my mom send me $ 5000 a year. Can I say that my income is $ 19600?
Author: Pale Rider
Posted: Mon Nov 17, 2003 6:09 am
Post subject: Credit Card Application Income Requirements
A lot of applications have an optional place to enter "other income". I think that would be acceptable to include.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Mon Nov 17, 2003 7:57 am
Post subject: Credit Card Application Income Requirements
Yea, I agree - what you did is acceptable - because you posted all of your available income used. Some / many credit card companies specifically ask this to allow granting at a higher amount. You did nothing wrong on that part - so don't worry there.
When you get in trouble - and I don't mean legally, but financially is falsely stating income which you don't receive just to get higher credit limit, and you use more then you can possilby pay back.
The creditors are not so much looking for that, some of them really don't care, as long as you take and use the credit. More and more creditors these days are targeting students on purpose - it is unfortunate, just be sure to educate yourself as to how exacty the numbers work on the terms of agreement and that you practice using that credit just carefully as you can.
Author: Verne
Posted: Mon Nov 17, 2003 9:50 am
Post subject: Credit Card Application Income Requirements
All income counts: gifts, child support, disability payments, etc...
They have never verified my income and I've lost count of all the credit cards I've had. But I've heard that if your stated income is too far out of whack they may investigate or flag the application.
There is a law in my state about providing fraudulent information in order to secure a loan. But Iowa is the Loan Star state. Loans, foreclosures, and auctions are a tradition here.
If you leave your garage door open you're having a garage sale. If you leave furniture outside you're having an auction. If you wave at a neighbor you may have bought a tractor.
But the governing jurisdiction would be the state where the CCC pretends to be headquartered. They like to say they are in Delaware or a creditor-friendly state but we really know they are in Antigua.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:00 PM
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