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I don't have outrageous limits (probably $100K total with all my cards) but I have never had a credit card, mortgage company or car purchase/lease company check my income or my bank balance. Hell, I can move money from bank to bank to bank and make it look like I make a few million a year (which I do not ;) ).
When I was in the corporate world I told all my employees that I would "agree" to whatever income they wanted to say they made. I didn't have to make the payment - they did. Same now - if you want more credit and lie about your income, you're just going to get into a situation where you can't pay your bills.
I don't know about credit cards, but most mortgage and car loan applications you sign where everything you've stated is true. I suppose if worse came to worse they could come after you, but with the subprime banking industry in the shape it's in, I doubt they have the time/resources to check all the late pays information.
Right now it seems like every other month my limits are being raised and I'm seriously thinking of taking advantage of some of the low interest credit card rates even though I hate carrying credit card debt. I'm just worried the rates are going to start going UP and I won't be able to lock in $X in those rates again. Right now I can borrow at 1% and put it into a 4+% MM. Then if the MM rates hits bottom, I can take the money and pay off the CC.
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