Can I lie about my income on a credit card application?
Can I lie about my income on a credit card application?
Lying on a credit application can be a costly mistake. Report your income, debt, employment status and housing costs correctly. Chances are, your lender won't verify these items. But it has every right to, and, if it does, you could end up paying beaucoup bucks and/or spending time in a concrete cell.
What should I put for annual income?
- Wages, salary, overtime pay, commissions, and tips or bonuses before deductions.
- Any social security, retirement funds, or pensions.
- Welfare or disability assistance.
- Court-ordered alimony or child support payments.
- Net income from operating a business or a second job.
What happens if you lie about credit card income?
Lying about your income on a credit card application and stating a higher income than what you really make might be tempting, but it's a bad idea. At best, you could have your credit card account closed if the lender finds out. At worst, you could wind up paying big fines or spending time in jail.Nov 29, 2021
Do credit card companies actually verify income?
Since income doesn't show up on your credit reports, most credit card issuers don't actually verify your income. For low lines of credit, it's not worth their time or money.Dec 13, 2018
Do credit card companies verify employment?
Lenders and creditors verify employment and income when consumers apply for loans and credit cards. But that kind of information becomes difficult to confirm over time as people change employers or get laid off. ... A credit card company can also pull your credit reports to see what employment data is listed.May 11, 2020
Do credit card applications call your employer?
Unlike applications for mortgages and car loans, credit card applications don't ask for documented proof of income or employment. ... The bank that issued the card won't call your employer, but if you fall behind on payments on a credit card you're using, a debt collector has the right to contact your employer.