xxweekxx

what if ur looking for new credit line..... and ur income is $200,000

but you put income as $500,000 so you get a high ass limit..

is there any real risk to this???

do they report that to IRS or something?

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xxweekxx

bump again

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Masterchief

that's blatant fraud dumbass

SmokeyTheBear

No they dont report it to the irs.

and most likely they wouldnt mind anyways ( visa i mean )

the harder it is for you to pay your bill in a timely fashion , the more money they make.

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Masterchief

and trust me, if you're putting that as your income, they're going to want to see a tax return to verify your income

evildick

Pretty sure they verify things like that. Otherwise any Joe Blow could simply say they have a high income to get a shit load of credit. Any credit application I have ever seen also asks for a bank account number.

L-Pink

I like how you added a zero to the real numbers

jimmy-3-way

Banks don't really give a shit what your income is. They look at credit history and nothing else.

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jimmy-3-way

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xxweekxx

nah they didnt verify for my friend...

He put income as X3 what it is, and they gave him higher limit..

He wants higher limit cuz its good for credit due to cushion..

Now he got a $50k limit on AMEX

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xxweekxx

and he can make the payments.. besides he doesnt use credit card much..

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bausch

Don't ever do it with Amex. They are notorious doing manual account reviews where they make you send in your records, even after you've been approved and will terminate your credit lines for lying, even if you're payment record is flawless.

xxweekxx

but legally, will u get arrested for this?

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L-Pink

you are a financial guru

V_RocKs

The info you put there is only used to see if you are stupid enough to say you don't make their minimum requirement.

eroswebmaster

I have an old friend in prison for this very thing right now.

He created all the paper trail he needed to prove he made X amount each year. Falsifying tax returns etc.

Ended up getting like $40K in shit.

What gets me is the guy who raised him, his stepfather was a retired deputy sherrif. The whole family are pious religious types. In fact the company he was working for, where he could falsify all the necessary documents was some kind of Christian company that supplied Christian products.

When the credit card agencies came calling trying to collect, his stepdad and mom defended him, acting as if he did nothing wrong.

It was a real strange thing to watch these people go through.

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xxweekxx

eros big diff between false tax returns,etc..

as opposed to just putting more money in income to get higher limit for credit card..

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L-Pink

Yea, you are a fibber instead of a liar?

Sosa

Fucking CC companies lol. None of them would up my limits at all when I needed. Good credit, and I pay all my cards off every month in full. Maybe because they don't make the extra $ off of my accounts.

Finally got a Amex card with no limit though, so that problem is now solved hopefully.

PowerCum

I don't know how is it in USA.
At least here in spain my bank has never had problems with raising my credit card limits. One of my credit cards has 10k euro daily limit and 300k euro monthly limit. I use it to pay some big bills, and it has never been a problem. By default all credit cards here come with 600 euro daily limit, 3k weekly and 6k monthly unless you request it the other way, but it's solved by just calling your bank and asking them to raise the limits.

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WiredGuy

When applying for a credit card they can investigate your income sources and for something that large, they likely will. Visa/MC aren't in the habit of extending large credit limits without verifying it.
WG

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KingK7

Which bank are you with? Where in Spain are you?
We are thinking of changing banks.

JFK

yup and gthey do a credit check and will go by what ever you have stated before

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Dusen

Why would you want a huge limit? Potential fraud, works against further credit requests.

Banks have a tough time giving you a good rate on a mortgage when you have empty credit sitting there for 1/4 of the mortgage value.

sandman!

if you believe that amx is no limit i got a bridge i would like to sell you

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JFK

right on, you have to build up your credit line, month by month

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sandman!

they used to require more info on 10k charges by me was a pain in the ass i prefer amx cards with fixed limits.

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Peaches

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.

Ron Bennett

In reality, there's virtually no risk ... other than getting carried away buying more stuff than one can afford on the extra credit.

Most credit card companies (talking about personal credit cards, not business) basically evaluate income between $0 and say $150K ... above that it make little to no difference in the amount of credit that's extended.

Credit card companies typically consider far more than just income... on an aside, under $15K or so usually equals automatic denial or at best the shittest card one can imagine with crazy application fees, insane monthly fees, weird surcharges, etc.

The items below are the ones that really make a difference whether one gets a higher limit, or possibly even a lower one...

* Credit scores from one or more of the credit bureaus; each use a different method / scale so the scores will often vary somewhat from each other.

* Amount of unused / used credit (debt ratio).

* Highest balance history on each card - especially important in instances when one is asking for more credit.

* Payment history - being occasionally late is usually no biggie to one's credit score, but other creditors likely won't consider credit increase requests for about 6 months from date of the last late payment.

Ron

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Barefootsies

Exactly.

Contrary to popular belief, they use what you have claimed previously in some credit DB they all have access to. When you apply for bank loans, car loans, other credit cards. You have listed what you make for years. All that is in a secondary DB.

When making credit decisions, they use a combination of your current app, that DB, and your credit score and sometimes assets (i.e. real estate).

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"Would you rather live like a king for a year or like a prince forever?"

GrouchyAdmin

Get a shitty card, use it, pay it off, they'll keep upping your damn limit even if you don't want it.

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Barefootsies

True.

However people want more than $300-500 increases twice a year.

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ungratefulninja

I worked at a credit card company and this is mostly true.

GrouchyAdmin

My bank gave me a $10,000 increase I didn't even want in less than two years for just keeping my payments up until I paid off a card.

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Barefootsies

Impressive.


Most impressive.

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Enough Said.

"Would you rather live like a king for a year or like a prince forever?"

DaddyHalbucks

Sounds like bank fraud, obtaining a loan under false pretenses.

The FBI is going crazy prosecuting mortgage frauds right now where people lied about their income, etc..

Be careful!

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Barefootsies

That's a cover.

Mortgage companies issues a ton of no-doc loans which default.

Mortgage companies get investigated for shady lending practices.

Mortgage companies pass the buck to the consumer saying they lied.

Corporate America at it's finest.

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GrouchyAdmin

The only impressive part is this was post-dotcom.

Bastards still hate that I closed it. If I can't Cash 'n' Carry, I don't really need it. Not going to fall into the debit-beyond-ability bullshit so they can jack my rates up to 30% and take everything I don't actually own.

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lazycash

If he doesn't use his card much, then why would he care about needing a high limit, nice contradiction.

Barefootsies

to increase the size of his e-penis

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shahab6

Why do that? You're not going to spend that much anyway, and if you do spend that much, and don't pay them back, they can arrest you for fraud

96ukssob

Most will check against your previous years tax returns.

I just went through this with buying a car. Im making 4x what i made last year but they based my limits from what ive made in the last few years. this was with 2 different banks, both that offer credit cards as well.

I think they use that line to see if you are a liar or not.

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flashfire

lol you wont get arrested...they just might not buy it

After Shock Media

People have been doing this forever.

All you need is an "employer" cough cough (friend with a new land line) who will answer the phone professionally for when they call to verify rough income. Your friend or employer just says yes he is our district manager or whatever and he gets 200k a year plus bonuses.

Personally never has a need to lie to get credit but I have known some who needed to in order to take a major risk in order to get a business started.

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minusonebit

No. And they don't care what you say your income is for credit cards. They only check your credit history. Mortgages and actual loans are a bit different.

minusonebit

Phone number needs to be in a business name and bill to a business address. If they care enough to call, they will check the address type and do a reverse lookup on the number as well.

96ukssob

if your looking for a bigger credit line, your best bet may to write them a written request with proof of income and reason why.

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minusonebit

They cannot just go to the IRS and get your tax returns. They may ask you to send copies of them in, and then, well, every time they do that... I make sure they see what I want them to... :-)

After Shock Media

Address means next to none.
And having the line be a business line is ok, but rarely needed. Just get an 800 or 877 number and they do not look past it.

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teg0

They'll bump it up. They want you in you debt.