Swagato asked:
Do u overstate ur income and/or understate ur expense in credit card applications? (aka do u lie there)
http://1mortgagecalculator.info
Do u overstate ur income and/or understate ur expense in credit card applications? (aka do u lie there)
http://1mortgagecalculator.info
You can to a certain extent.. I use to be a credit analyst and we never checked employment or made phone calls to verify anything. My accounts came up on a dialer, one after one and I would work one and either deny or accept it, then submit it and then another one would pop up and I worked hundreds, thousands over the weeks and months. Nothing is ever checked and we would go by the credit report. For example, if someone wanted a $10,000 line of credit then I would look at their credit report and see they had a median mortgage and some credit cards they were paying on time and then I knew the income they were reporting was correct. But if someone reported they made $125,000 a year and they had a home loan and the house they purchased was only $55,000 and they were behind on their credit cards then I would know the information they were reporting was inaccurate and I may have approved the loan for a lesser amount. So you can fudge some and get away with it. Its not being a liar like the other person said, its knowing how to work it and the only reason I know all of this is because I did that for 2 years. After I wasn’t employed anymore than I applied for a loan myself and I fudged a little (because I knew I could) and I got the loan I wanted. Besides the creditors lie to us all the time. They do switch and bate and raise your interest rates for no reason and have caused many of the people out there to go under with their deception so I say try it and ……Oh and Merry Christmas!
It’s called FRAUD!
Tell them a true story. \
They will check your credit worthiness via a credit report. If you make a million dollars but have lousy credit you are out. If you make $50 a week but have good credit, they love you.
Your income, as stated on your credit application is a minimal factor in a creditors decision to grant you a credit card. In some cases, it isn’t considered at all. Any debts you list aren’t scored. The creditors use the empirical models of their scoring algorithm. These elements include most factors from your credit report.
Credit cards have become a necessity in society nowadays, you can’t go anywhere without having to use one. That’s why it’s imperative to maintain a good
Credit card companies could care less about checking what you put down, except your credit report. They send apps to babies, dogs, intersteller aliens, anyone that breathes. They are in business to make money, have zero ethics, and more fine print than a Chinese fortune cookie factory. As far as I am concerned, you can put down ten times your earnings.