Do Credit Card Companies Verify Income to Check for Lying? What to put for income on an application?
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- Опубликовано: 5 окт 2024
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I get a regular check from a employer and own business ( no paper trail) . Always put 44,000 which no lie
My credit score is 741 and I only earn $17,856 at year, can some one help me what credit card I should apply for to be accepted
Capital One Walmart Rewards card @@fuentes38
Big banks generally don’t care unless it’s a huge number, but small banks and credit unions will verify EVERYTHING. It’s quite annoying, actually, but they can’t take on as much risk as a big bank.
US bank wanted my report cards from elementary school
It was that bad
Jk but they’re horrible
@@anandr1385 You’re right! I forgot about them. Their credit card can be more difficult to get than any of the major high-tier, luxury cards.
The big banks normally dont for personal accounts, but the credit unions frequently ask for proof of income via payroll or tax documents. Also i believe the big banks have established algorithms which align your spending or transactions and correlate it to your income.
@@CheekyBird790 - thanks for confirmation BBF. To me i just don’t see the need to lie about income, when i can only spend what my “real income” allows.
"Do Credit Card Companies Verify Income to Check for Lying?" In my 40 years of experience with credit cards: No. Not if it's within an acceptable range for your job title. In my experience, you are either approved or denied. Mortgages? Yes. Car loans? Maybe, depending on your credit score - but never a credit card company. I even had an American Express card and was never asked to verify anything.
I was asked to prove my income once, back in 1999 when I bought a new Corvette; never since then. Hell, I was unemployed for a few years and lied on credit card applications and was never asked to verify my income. The last car loan I got two months ago was approved without question from five different lenders - I just chose the one with the lowest interest and no penalties for an early payoff.
I put 80k on all my cards and never had to verify. Just don't start maxxing it out
I usually put about $5k LOWER than my annual income so that way I have leverage when I want an increase. Regardless, it's not that much of a difference but looks better if you're asking for an increase if you make more.
@@CheekyBird790 👍
Great video Adam!!! You know what's illegal, the government owes trillions of dollars and we're still donating to other countries and yet, here we are, going to jail or pay a hefty fine because of income.
funny how that works, right? 🙂
And the government makes us pay for their shitty choices of spending..makes my blood boil
credit limit should be based on your credit history and how much income and expense on average. no one will care even you have million dollar credit limit if you can't pay it back entire amount.
Pretty much the only time you will get prosecuted for lying on your application is if you claim bankruptcy and try to discharge the balance.
Yes, it would be pretty rare to be prosecuted. it's really more about burning bridges when it comes to getting credit in the future.
@@CheekyBird790What bank……..sounds like made up BS!!
My only concern is that include off the book income which account for about 14% of what I report. Not sure if they’d care but I wouldn’t want to ruin an 18 year relationship with my bank.
Really??? So I will lawsuit the credit card companies when they send to me approval notice in the mail and then deny when use the promo cods 🤔
Great content as always, thanks Adam!!!
I make 47k and tell all credit card companies I make 62k
no comment 🙂
@@ProudMoney why no comment
@@CheekyBird790household income? Really? Even if you live with a family member but not a spouse?
@@GoosbyGoosbybecause they guy just said he is lying and in the video he says that's illegal lol
Yea in Australia for every credit application you have to send them 3 months of bank statements and last 3 payslips. Makes sense because why would a banks lend you money if you don’t actually have consistent money coming into your bank.
The best way to “verify income” is to speak with an actual rep and NOT an App. Make sure the rep sees your increasing monthly deposits. When banks see you making regular deposits with increasing amounts they can tell your income is higher.
74k-115k is the sweet spot
I made less 2022 compared to 2023 on my tax forms... Hopefully discover will see that
If you have excellent credit but a terrible debt to income ratio no matter what you put into n credit card applications they deny...but you can walk into a car dealership and get approved for a car lol
I make a little over $200,000 a year, I get arrived for some and denied for others, my credit score is just over 800 and I can’t figure it out?…
Yes Discover and American Express.
I heard that DISCOVER will verify income.
I've had multiple discover cards over the years and they've never verified my income. But I've heard stories about it. I think with them it often depends on how large your credit limits are and your proportion of balance to limit.
Mine didn’t verify income
They wanted to verify mine for identification purposes. I had told them mine was primarily disability, and I do website work, etc, and they said the verification for the tax document was just for identification purposes :)
Excellent info! Thanks
Lmao probably not 😂 I put 40k more then I actually make to get the gold & platinum cards. & a year before I accumulated a lot of cards using that method. I think current positive credit history & showing that you can manage multiple credit cards is all you need.
🥶
Just stop paying your credit cards people. They are getting rich off the interest.
Capital one made me supply income documents when I applied for a card years back. When I had to supply proof I was extra happy I didn't lie. I'm about to close that capital one card now because it's an AF QS and I just don't see the benefit of having it anymore.
so weird I always lie and they have never checked
@@ucd3658 That's the only time I've ever had to verify my income, but yeah it was weird. It wasn't like I was saying I make seven figures or anything.
That’s weird, I looked up this video because capital one has been sending me credit line increase income info requests frequently. I don’t even have a job anymore (husband, in school) and I’ve just been saying I do. Id go to jail for that? Not like I use it for fraud
My income is 12K per year. I just got a 20K limit. Unbelievable! I already spent over 9K. Had it a week now. I bought a lawnmower for 8,640 going to start mowing lawns soon. Will buy weed wackers, hedge trimmers and all top notch stuff. Will run an add on market place also! My brother said I should have truck but I'll drive the lawnmower until I make money. Don't want to waste money when I can drive the John Deere. My next credit card I can start a handyman buisness also. Great having credit!
Sounds like you just put yourself in a hole?
Gosh, what was the card!
@@eddieleejoseph2998fr I was reading his comment like why does he seem content?
Maybe could have done a test run for a few months on much smaller equipment to make sure it would work out.
😳
What about those like my brother whose income is entirely tax exempt? The credit card applications seem to indicate gross income, which includes taxable income.
Most applications also mention tax exempt income and either say how to include it or have a separate box for it.
@@ProudMoney 👍
Thanks!
Just noticed this, thank you!
Discover DID verify mine
same
This is a good video , wonder about that my self.
I had a higher income, but didn't want to put it on there. I didnt now you had to put that on their exact. 2023 was higher next year be lower.
what happens when your income is entirely tax exempt like an annuity, what would you put if they just ask for gross income
There usually are instructions on the online applications on how to handle that, sometimes there is a separate box for that income.
I applied and got approved for 30k they didnt ask for proof its weird I thought 30k was a lot
It depends on how much credit u already have at ur disposal. If it's ur first card 30k is good but not crazy. If u had like 150k of credit and they keep approving u for more without verification that's kinda wierd
@@Joshualibbyy i never had a 30k limit . I was just very surprised but thank you
@Romario D american express everyday preferred.. data point? Income 130k credit score 787. Been amex member for 10 yrs but charge cards not credit. I was just surprised.
You guys have to read in between the lines. He can’t make a RUclips video saying hey you can lie about how much you make. He has basically given us the green light if you pay attention, go hams
That is NOT what i said 😀
@@ProudMoney that is not what he said guys 😉
@ProudMoney - Credit Cards & Personal Finance but u did say we can just fart in the next humans fave and run😂
I always update my yearly income by using my last pay stub from my job.
Have you ever updated your income to something significantly lower than what you originally had when you applied? And if you have, was your credit limit lowered?
OVERSTATING YOUR INCOME ON A CC APP and you will possibly go to jail, hahahahahah, GOOD LUCK WITH THAT!!! never gonna happen! funniest thing I have ever heard of!
What do you guestimate is the least someone can make to apply for the Capital One Savor? Thanks in advance.
Loved the video thank you
I only put about 1/3rd of my income down on mine so far anyway.
Why so little?
Why?
@@ProudMoney makes too much and doesn't need it. I like to lower my card limit as well.
Hi Adam! Great channel! I recently received a POI (3 bank statments) from Amex when I asked for a CLI. I'm at $3k and I asked for $9k. My reported income is $100k... which is my household income. So when I send my statements to AMEX (or connect to bank account) it will not reflect $100k... because the statements will only reflect my individual income. So, should I just send them my info and try to explain the situation? I don't want to raise flags or risk getting a financial review. What what you suggest? Thanks! ----- Rob
Hi I just read your comment and found it similar to my situation. Have you heard back from your bank?
I did something similar with Amex! Oh well 😅
I know this is a stupid question but can I but what I currently made this year so far or do I have to put last year income?
My credit score is 741 and I only earn $17,856 at year, can some one help me what credit card I should apply for to be accepted
Secured credit card. My first one was OpenSky. The app is a little rusty but everything functions and after years of having it they increase the credit line without having to put more money down. It’s a great card.
First viewer😁
Should I put my taxed income or non taxed?
@@BK-tp6jf thank you
non-taxed (write what you make before taxes)
Hey Adam is it illegal for a bank to say u are approved for a loan and then say u are denied after? Happened to me recently
- i dont think so. most approvals are conditional until all docs are signed, submitted & reviewed.
Was it a mortgage? If appraisal comes in lower than expected, and you cannot negotiate a lower price with seller(s), then bank can pull approval.
Nothing is illegal if it's the bank that is doing it 😀 Seriously, though, it depends on the circumstance, whether all the loan docs are completed and signed.
@@CheekyBird790 it was wierd cause they Said they can't approve me cause I'm at the max in terms of amount of money they are comfortable lending out. But right after the phone call I got an approval
@@Joshualibbyy I read Boss Bird's excellent comments. However, I suggest you contact your Loan Officer specifically because Branch Managers are clueless about the lending side of banking (BM are strictly over depository accounts/tellers).
Not sure if you were looking at a Consumer loan or a Commercial loan, they have very different criteria/regulations. The phrase "in terms of amount of money they are comfortable lending out" can be read different ways. Like Boss Bird said, it might be your Debt - to - Income Ratio. However, if this was a muli-million dollar Commerical Loan it could be due to Bank's Legal Lending Limit and they could not find another bank willing to "participate" (if that is the case then you need to go to a larger lending institution that has a higher Legal Lending Limit). Please get clarification with your Loan Officer.
why are we helping people get credit cards.. credit cards are good.
Tell me lies, tell me sweet little lies.
Eat my dislike too.
Jail? Stop playing. Eat that dislike.
Well someone got caught lying in their income lmao
I lold
Proud moneys, can you please go over the AAA visa card from comenity bank and unbox it. Thank you!
unboxed it a long time ago but no video. short review: i like it 🙂