i have 5 Credit Cards (2 VISAs, 2 MasterCards, 1 Amex). What would MasterCard do if one of them found out that I provided fake statement? Will they contact the others? Will they comment it to my credit file? Thank you for your experince!
I believe they could very well report it as a fraudulent account - The credit reporting agencies have different "Alerts" in place to warn other creditors of potential fraudulent activity.
"overstating" ones income is normal, but if you want to provide doctored statements or other documents, thats another story.
Do you mind explaining the difference between "overstating one's income" and "providing doctored statements" ?? How are you going to overstate your income if you don't provide a 'doctored statement' ??
By merely claiming on a form you make more than you do. I've never heard of anyone having to send it documents to prove their income. My dad makes $1XX,000 a year and never had to prove it once.
Generations and my credit union were the only ones that have ever requested proof of income for me. I usually use household income.
INDIVIDUAL INCOME OR TOTAL HOUSEHOLD INCOME I have NEVER had to PROVE income... I try to get the banks that ask TOTAL HOUSEHOLD INCOME...
You could go to jail if you overstate your income on loan forms. I know of one person who was charged with a felony when he tried to obtain a loan and was found to have lied about his income. I don't think the federal government cares about a 5k limit credit card - probably doesn't care about cards, period. But a loan FDIC insured? Whoa, you're going to jail. Don't get in the habit of lying about ANYTHING. Keep your ducks in a row. That's my sermon for today
Credit card companies rely more heavily on credit scores than other creditors because they don't have the resources to verify your income. (Only Bank of Marin is willing to call repeatedly, LOL, and they charge you dearly for that service.) So if you lie about your income, make sure that your credit scores, payment history, and budgeting skills back it up. Otherwise, you (a) won't get the account anyway, or (b) won't make the payments on time and could eventually find yourself in default, which is one case in which lies can come back to haunt you. So don't lie, and if you do lie don't ever default on the debt.
IF YOU LIE ABOUT YOUR INCOME, but NEVER have been late in 20+ years, NEVER been over limit in 20+ years, NEVER BK'D in 20+ years, you will now be late, go over limit, and BK because you lied about your INCOME???? GET REAL!!!
Well, what I mean by overstating is to put down household income etc. But if you are required to send a statement or other proof in, then only give them what you really got, If you make something up, thats what I called doctored. for example, When putting down my income I always include my household income, if possible. But if they send me a letter asking for proof, I will not fake it.
