applying for credit card

[karnoir]

Are there any consequences for "embelishing" a credit card application, like your gross annual income (80k vs 50k)?

I do know that it helps get 0 annual fee credit cards.

Also, what about the arbitration clause when you fill out an applicatoin. It says that i have 45 days to refuse to accept arbitration clause. Has anyone done that here?

thanks

[RobbieH02879]

Only if they ask for POI ( proof of income).

I "gross up" peoples income all the time in the car business if their credit is good enough i.e. a real 620 beacon score or higher, reason being is the banks will usually approve the customer with no POI required. Plus more income equals a higher payment call etc. Sometimes bumping a customers income is needed just to get around DTI or to even meet the banks minimum income requirements...

[Robert Nashville/Savannah]

I believe that lying on a credit application is called “fraud” in most jurisdictions and even if they never prosecute for it, I’d hate to ever have to stand in court, defending a lawsuit for non-payment of a debt, and have to admit I lied on the application…such admissions won’t win you any points with the judge/jury.

And even for those who think credit cards and/or financing depreciating assets are a smart thing to do, if you have to embellish/bump up/lie about your income on the application, you might need to step back and re-think what you are doing and why.

Just my $0.02

[lovebug5]

And this post is the precise reason why sometimes I really cannot stand spending even a few minutes trying to help people on these forums.

You need credit that badly that you need to lie in order to obtain it? Come on, people.

[deltadawn]

I always use what I filed on my income tax return - that way, it always corresponds with my application for that year. DH is self employed; therefore, our income does change from year to year.

[RobbieH02879]

And this post is the precise reason why sometimes I really cannot stand spending even a few minutes trying to help people on these forums.

lol Then why post?

[RobbieH02879]

If it aks for gross monthly use this formula: Hourly Wage x Guaranteed hours per week x 4.33 = Your gross monthly income.

If you put the wrong info on the app and it comes back on you where they ask for POI the worst that will happen is they'll cut the loan or cancel the approval. Trust me, I've been a finance manager at car dealerships for the last 10 years.

[lovebug5]

Why post in this thread?

Because it's obnoxious, that's why. People on these forums have dedicated a lot of time and energy into assisting other people with credit repair...And it's truly pathetic to me to see people posting about such fraudulent activity out in the open. Makes my assumption about those people pretty easy to justify.

(Your name reminds me of the movie "The Wedding Singer.")

[RobbieH02879]

Why post in this thread?

Because it's obnoxious, that's why. People on these forums have dedicated a lot of time and energy into assisting other people with credit repair...And it's truly pathetic to me to see people posting about such fraudulent activity out in the open. Makes my assumption about those people pretty easy to justify.

(Your name reminds me of the movie "The Wedding Singer.")

lol I get that a lot, the wedding singer thing..lol Last time someone said that was in Las Cruces, NM, girl at a store read my Drivers Licence.

I agree for the most part. Banks have tightened up extremely though, and the people who could get approved 8 months ago are getting turned down flat out..not even stipped approvals. It's rough right now, and I don't pity the banks at all..I also don't pity the ones who take on more than they can handle..

[lovebug5]

lol I get that a lot, the wedding singer thing..lol Last time someone said that was in Las Cruces, NM, girl at a store read my Drivers Licence.

I agree for the most part. Banks have tightened up extremely though, and the people who could get approved 8 months ago are getting turned down flat out..not even stipped approvals. It's rough right now, and I don't pity the banks at all..I also don't pity the ones who take on more than they can handle..

I'm obsessed with that movie, which is why it was so easy to point out.

[RobbieH02879]

I'm obsessed with that movie, which is why it was so easy to point out.

It's one of my favs too. Very funny, I enjoy the 80's "culture" anyway...lol Wedding Singer and 50 First dates i can watch over and over lol..don't know why, but I can.

[Robert Nashville/Savannah]

If it aks for gross monthly use this formula: Hourly Wage x Guaranteed hours per week x 4.33 = Your gross monthly income.

If you put the wrong info on the app and it comes back on you where they ask for POI the worst that will happen is they'll cut the loan or cancel the approval. Trust me, I've been a finance manager at car dealerships for the last 10 years.

I see...lie until you get caught; then its just a "mistake".

[Robert Nashville/Savannah]

...Banks have tightened up extremely though, and the people who could get approved 8 months ago are getting turned down flat out...

And that's supposed to be a "bad" thing???

Perhaps...just perhaps...the people who get turned down shouldn't have the the credit approved in the fist place...just a thought.

[RobbieH02879]

I see...lie until you get caught; then its just a "mistake".

lol

[RobbieH02879]

The OP wanted to know what would really happen if he got caught. I responded, I may not agree with it, but I'm not gonna lie and say he will go to jail if he gets caught bogueing up an app just to scare him..lol

[Bigwoodystyl]

Are there any consequences for "embelishing" a credit card application, like your gross annual income (80k vs 50k)?

I do know that it helps get 0 annual fee credit cards.

Also, what about the arbitration clause when you fill out an applicatoin. It says that i have 45 days to refuse to accept arbitration clause. Has anyone done that here?

thanks

Overstating your income by 60% isn't an "embellishment"..

[AboveAverage]

Listen, me personally, I haven't had to lie on an app...I make decent amount of money and I would not have to lie.

With that said, it should be on the banks/lenders to properly vet a person before they approve or deny the app.

Newbies who are seeking credit and are on this board, you need to understand something. You are not here because you always had perfect credit. You are here because you either ----ed up, or befell some tragic story, or some other calamity that put your credit in the toilet. So you want to build your credit back up. Once you do bring it up, you need to look back at your past behavior and make sure that whatever calamity forced you to seek out CIC does not occur again. Like Robert said, nothing like seeing someone here fix their credit up, only to ---- up again. That's just very sad...not funny.

With that also said, if I can get credit in a tight lending environment....you can too...without lying on your app. BUT...if you do lie, make sure it doesn't bite you in the tuckus later.

[jrbauto1]

Well said Robert and AA, If you "embelish" your income you are defrauding that institution. You may get away with it but consider this; When you lie on a credit app you are displaying the same iresponsible behaviour that ruined your credit. There are other reasons for bad credit but this is the most common.

I am not perfect, I have made mistakes. This time around however I am going to treat my credit with greater respect.

[lovebug5]

Listen, me personally, I haven't had to lie on an app...I make decent amount of money and I would not have to lie.

With that said, it should be on the banks/lenders to properly vet a person before they approve or deny the app.

Newbies who are seeking credit and are on this board, you need to understand something. You are not here because you always had perfect credit. You are here because you either ----ed up, or befell some tragic story, or some other calamity that put your credit in the toilet. So you want to build your credit back up. Once you do bring it up, you need to look back at your past behavior and make sure that whatever calamity forced you to seek out CIC does not occur again. Like Robert said, nothing like seeing someone here fix their credit up, only to ---- up again. That's just very sad...not funny.

With that also said, if I can get credit in a tight lending environment....you can too...without lying on your app. BUT...if you do lie, make sure it doesn't bite you in the tuckus later.

Here, Here!

[JustaTexan]

I'm obsessed with that movie, which is why it was so easy to point out.

OMG! One of my favorite movies ever!!!!! Now I'm freaking humming "Do you really want to hurt me?" :lol::lol:

I knew there was a reason we are so "compatible."

Anyhow, back to topic:

I have "lied" about my income on cc apps before. But mainly as an experiment to see if they would give me a higher limit because of my income, regardless of credit. And I didn't go all outrageous with it though. In reality I take home about 34k. I would say I took home like 40k.

If you are applying for a loan though, such as a car loan, you can't do that kind of thing, because they will usually verify. There's a post about that somewhere around here. Maybe on the Patelco or Penfed monster thread.

[JustaTexan]

And just to take this further off topic: Am I the only one who thinks that Adam Sandler and Drew Berrymore would just make a wonderful couple in "real life"? Wonderful chemistry.

[karnoir]

great responses

how come no one responded to the arbitration question???

The reason why i embelished my gross income was that paying a $40 annual fee to a bank which will make money of me each time I swipe a card and charge me outrageous APR on a whim is rediculus.

The sole purpose of those credit cards (2) is to rebuild credit history.

[Robert Nashville/Savannah]

...The reason why i embelished my gross income was that paying a $40 annual fee to a bank which will make money of me each time I swipe a card and charge me outrageous APR on a whim is rediculus.

What's ridiculous is how easily banks have brainwashed people into thinking they have to have a credit card.

But perhaps even more ridiculous is what people are willing to do to get them.

...The sole purpose of those credit cards (2) is to rebuild credit history.

No...the sole purpose of credit cards is to allow consumers to go quickly, easily and deeply into debt and for banks to make a lot of money.

[AboveAverage]

Also, what about the arbitration clause when you fill out an applicatoin. It says that i have 45 days to refuse to accept arbitration clause. Has anyone done that here?

thanks

From what I understand, I never lose my rights to take banks/lenders to court, regardless of what is on the contract. Arbitration is just a fancy word for scam and they are heavily slated against the consumer. So there is no reason to opt out of something I plan on bypassing anyway.

[AboveAverage]

The reason why i embelished my gross income was that paying a $40 annual fee to a bank which will make money of me each time I swipe a card and charge me outrageous APR on a whim is rediculus.

The sole purpose of those credit cards (2) is to rebuild credit history.

So basically, the fact that you are concerned with an APR tells me you're going to carry a balance and pay interest? Wow.......hope you like rebuilding credit more than once...

Be careful with your debt, OP. I hope you rebuild wisely.