No big deal. Most CC companies rely almost exclusively on credit reports, rarely going above an acceptable FICO score.
You will be approved based on your score. As the credit score increases, the interest rate will decrease and the credit limit will increase. The initial limit may be slightly increased or decreased if income across a reasonable range is reported.
Try to make your lies plausible. They’ll likely never know or care.
What are the consequences of lying on a credit card application?
They’ll normally ask for evidence of income, which is usually a recent paystub. If they can’t verify your salary level any other way, they’re more likely to do this.
They’ll normally ask for the previous year’s tax return if you’re self-employed. They’ll reject the application if they can’t verify it (for example, the prior year’s tax return having much less income than the CY not yet submitted).
It is entirely possible for them to flag your profile as someone who is “sketchy” if they discover you’ve purposefully lied. This would also fall under the category of “fraud” (jesus people, if you lie to someone about anything financial, it’s fucking fraud!) and they may choose to prosecute, although I doubt they would. It is more likely to flag the identity as someone who…acts a bit fraudulently.
Is income verified when applying for credit cards?
Not all lenders or credit card companies will request these documents to prove your income. They may not be a requirement to earn approval for the credit card of your choosing.
What happens if I do the wrong math on a credit card receipt?
Value is measured by the total. When figuring out the tip amount, I just write the total – for example, if the bill comes to $17.32, I just write $20.
Do credit card applications care about how much income I put in?
Yes, in fact. They do this so they know how much of an initial credit limit to give to you at the outset. Keep in mind, if try to put down 1 million dollars or something, the credit card company reserves the right to ask for proof of income.
What if you write the total on the tip line on a credit card receipt by mistake?
OMG this happens all the time and in a million variations and has been going on for years! People confuse the tip line with the total line and even the signature line! Some folks event write the tip and total and signature on the slip on some strange place that makes absolutely no sense. Don’t get me started with the folks that sign the wrong slip!
Keep in mind that alcohol is frequently involved. People are too sluggish to turn on their cell phone flashlight at dark/dim restaurants, which adds to the problem.
THIS IS NOT A SIGNIFICANT PROBLEM! Restaurants figure it out without even thinking about it because it’s so common. It’s unlikely that your credit card charge will be wrong if you make a mistake.
Why don’t credit card firms check your income before approving your application?
They might not think it’s worth their effort, given the volume of credit card applications. Furthermore, acquiring tax returns and other paperwork can be a time-consuming procedure, which may discourage people from applying.
Remember that the better a credit card is in terms of incentives and limitations, the higher the credit score needed to qualify. When credit card providers notice that someone has a good payment history and keeps their accounts in order, they take it as a sign of trust that this person would probably pay their bills on time and do the right thing. They’re willing to issue a card without confirming income since they have such faith.