Credit Card Company Applications and Income Status
Author: evansab
Posted: Sun Feb 19, 2006 11:51 am
Post subject: income?
How does the credit companies check if the anual income you provide them at the application is true?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Sun Feb 19, 2006 12:34 pm
Post subject: Re: income?
evansab wrote:
How does the credit companies check if the anual income you provide them at the application is true?
THEY DON'T
Unless they ask for a W-2
I never have been asked to PROVE IT
If they asked I would just move on to the next application that won't ask
Author: ALex
Posted: Sun Feb 19, 2006 3:21 pm
Post subject: Re: income?
evansab wrote:
How does the credit companies check if the anual income you provide them at the application is true?
A lot depends on your demographic's, mortgage and other loans, ect on your Credit reports.. Example: If you are a cashier at walmart and you are claiming your income to be 80,000, additional information may be needed, and the employment information states that you are a principal at a school and the income listed is 82000. no additional income verication will be needs..
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Sun Feb 19, 2006 5:07 pm
Post subject: Re: income?
ALex wrote:
evansab wrote:
How does the credit companies check if the anual income you provide them at the application is true?
A lot depends on your demographic's, mortgage and other loans, ect on your Credit reports.. Example: If you are a cashier at walmart and you are claiming your income to be 80,000, additional information may be needed, and the employment information states that you are a principal at a school and the income listed is 82000. no additional income verication will be needs..
When they ask for TOTAL GROSS H/H INCOME a cashier can list $80,000+
(assuming they have a husband/wife/etc)
Author: creditnewbie
Posted: Mon Feb 20, 2006 6:21 am
Post subject: Credit Card Company Applications and Income Status
I read somewhere that creditors can figure out your income from looking at the credit report. Probably from limits and minimum payments..if you pay in full, the minimum payment will be like $10, or $20 on a $7500 balance from Bank of America. So they know that you paid off last month's balance.
If you lie about your income, you better have enough money in the bank to support your claim because some banks want to know your banking information, especially, when you request limit increase at activation and ask for a much larger limit than what they gave you. Citi gave me a lousy limit last year then I requested a limit increase upon activation. They increased it by $14,000 I think but got my banking account numbers. AMEX verifies also if you request more than $25,000 limit.
Also, it doesn't make sense to have small limits on your credit cards like $200-$700 and claim that you make $100,000.
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 Feb 19, 2006 11:51 am
Post subject: income?
How does the credit companies check if the anual income you provide them at the application is true?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Sun Feb 19, 2006 12:34 pm
Post subject: Re: income?
evansab wrote:
How does the credit companies check if the anual income you provide them at the application is true?
THEY DON'T
Unless they ask for a W-2
I never have been asked to PROVE IT
If they asked I would just move on to the next application that won't ask
Author: ALex
Posted: Sun Feb 19, 2006 3:21 pm
Post subject: Re: income?
evansab wrote:
How does the credit companies check if the anual income you provide them at the application is true?
A lot depends on your demographic's, mortgage and other loans, ect on your Credit reports.. Example: If you are a cashier at walmart and you are claiming your income to be 80,000, additional information may be needed, and the employment information states that you are a principal at a school and the income listed is 82000. no additional income verication will be needs..
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Sun Feb 19, 2006 5:07 pm
Post subject: Re: income?
ALex wrote:
evansab wrote:
How does the credit companies check if the anual income you provide them at the application is true?
A lot depends on your demographic's, mortgage and other loans, ect on your Credit reports.. Example: If you are a cashier at walmart and you are claiming your income to be 80,000, additional information may be needed, and the employment information states that you are a principal at a school and the income listed is 82000. no additional income verication will be needs..
When they ask for TOTAL GROSS H/H INCOME a cashier can list $80,000+
(assuming they have a husband/wife/etc)
Author: creditnewbie
Posted: Mon Feb 20, 2006 6:21 am
Post subject: Credit Card Company Applications and Income Status
I read somewhere that creditors can figure out your income from looking at the credit report. Probably from limits and minimum payments..if you pay in full, the minimum payment will be like $10, or $20 on a $7500 balance from Bank of America. So they know that you paid off last month's balance.
If you lie about your income, you better have enough money in the bank to support your claim because some banks want to know your banking information, especially, when you request limit increase at activation and ask for a much larger limit than what they gave you. Citi gave me a lousy limit last year then I requested a limit increase upon activation. They increased it by $14,000 I think but got my banking account numbers. AMEX verifies also if you request more than $25,000 limit.
Also, it doesn't make sense to have small limits on your credit cards like $200-$700 and claim that you make $100,000.
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 5:03 PM
0 Comments:
Post a Comment
<< Home