By Admin on Feb 11, 2010 in Law & Ethics
Dan V asked:
From what I understand they very rarely verify the income you list.
From what I understand they very rarely verify the income you list.
Is there anything illegal about exaggerating annual income on a Credit Card application for the purposes of getting approved/getting a higher starting limit?
Please don’t give me ethics, I just want to know if it constitutes fraud (could be a typo for all they know) or if there’s anything illegal about my SPECIFIC question.
I would like a Yes or No if possible.
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fraud is a crime. depends on whether one would consider your lie to constitute fraud from a legal standpoint.
Besides, credit cards are about the worst form of personal loan you could use. They practice legalized usury. Having a lower limit is likely better for you anyway.
bustersmycat | Feb 13, 2010 | Reply
Would be best if you don’t lie credit card fraud is a big time trouble. I was charged with credit card fraud and got 4 years in prison my situation was a little bit different than that and I had some other charges against me.
Nicole | Feb 13, 2010 | Reply
Yes, it is illegal. Lying to get someone to agree to a financial transaction is fraud.
No, they probably won’tfoind out.
Are you feeling lucky, punk?
It’s probably not worth it. I don’t think they even pay much attention to the income. A surprising number of lenders do not.
MagnusMoss | Feb 14, 2010 | Reply
Yes it is. But the law will not get involved unless you did so with the intend of getting a higher credit limit and not intending to pay it back. Most likely they will just cancel the card and demand you pay the balance.
Mutt | Feb 15, 2010 | Reply