I want to apply for Wells Fargo secured card. How important is income? Do they verify income, and do most of you say you earn more than you really do? Would it be wrong to misstate income? What would happen if I do not provide them with income information on app at all? Am I going to be turned down if I send in app cashiers check or money order instead of personal check? Thanks! Denny
It is illegal to knowingly provide false information on any application where the information is used by a lender in determining whether or not to grant credit or make loans. However, I have had several loans and CC's and the only one's who ever verify is mainly mortgage, and loans above 10k. But that is only my experience. I have never had a CC company verify. I would be careful, if you default, or declare bk. a CC company could use the false info you provide now to hang you with later.
Only MBNA once...(asked for W-2's)---I SAID STUFF IT!!! I sock drawered it for more than 6 months at $0.00 I have had credit cards since 1978
When you have been a cardholder for YEARS AND YEARS...10+ and they never before asked for income...and then OUT OF THE BLUE ask for it...YA' BEGIN TO WONDER WHAT THEIR PROBLEM IS...
When I leased my vette a month ago, they sure as hell verified my income. Not only did they wanna see Tax returns, they called MLB and verified I was really an employee. made sure i didnt lie about the dates, and probability of continued employment. After about 4 days I got it.
To possibilities: - You have a low credit score - You went with a sub-prime lender No reputable lender will ask for tax returns on a car lease if the individual has good credit.
score was 676. no derogs. Financing through GM They asked, I gave. Its an expensive car, and im a young guy I have my car. The End *****
Re: Re: Do creditors verify income? wow they didn't pull mine on a hummer but i'm not 20 either. the end.
Re: Re: Do creditors verify income? who cares. they wanted to see. I let em see It got me an awesome car. It was either prove I could pay for it. orrr dont lease it.. It was my choice no gun to my head
Re: Re: Re: Re: Do creditors verify income? Shouldn't a credit report and score and income be enough??? The less questions the better... I got an application for a credit card ($2,000 max) that was "LITERALLY" more questions than my MORTGAGE!!!
Re: Re: Re: Do creditors verify income? I just bought a $35K car (2.9% btw... woot!), and they never verified income.
Re: Re: Re: Do creditors verify income? Oops.. I spoke too soon. I called citi just now to find out the status of my line increase request, and they said they were waiting on income verification. I haven't been asked that on a credit card until now..
Re: Re: Do creditors verify income? WRONG!!!! And has been wrong for over 20 years. proof of income would be asked for with less than 20% plus tax down unless under a special dealer program. Even then, expect to verify previous years' income either through W2's or a talk with your company's Human Resources Dept. The Self-Employed have to prove their income to buy much more than a stick of gum on credit, regardless of credit.
Re: Re: Re: Re: Do creditors verify income? If they called my company...they would get "YES GEORGE WORKS HERE" What is the income..."I'M SORRY, FOR SECURITY REASONS, I CAN'T DIVULGE THAT INFORMATION" I need it for this application..."I'M SORRY FOR SECURITY REASONS, I CAN'T DIVULGE THAT INFORMATION~I DON'T KNOW YOU"
Re: Re: Re: Re: Re: Do creditors verify income? No they weren't going to call my company. They told me they sent me a letter in the mail to request it from me directly. I got their fax number and faxed it to them. On a side note, I'm not sure there're any companies out there that would give their employees' salary info to just anyone calling asking for it. Pretty confidential stuff
Re: Re: Re: Re: Do creditors verify income? Does that mean you disagree Will? Are you self employed and if so, what has been your experience. ???
Re: Re: Re: Re: Do creditors verify income? Citi sure as heck did income verification on me. A rep said that if requesting a CL over $10k they may do it and for anything of $15k they will definitely do it.
