Can you lie about income on credit card applications? Is it illegal? Can you get in trouble? This is a great question to consider.
When applying for your first credit card, you usually want a great rate, and also a high credit limit, right? So people often feel the temptation to lie (or exaggerate) their income or salary on their credit card applications. They may also lie about things such as age, and residence status, etc. So is this okay? Can you get in trouble for lying on a credit card application?
Lying About Income and Other Things on Credit Card Applications
I will come right out and say, NO, you DO NOT want to lie on credit card applications. I know that for many people struggling and hoping for a new credit card, it is very tempting to request a large credit line. However, you shouldn’t lie for the following reasons below:
- Credit card companies can easily check, and often DO! I recall once when I applied for a new credit card because I wanted to do a balance transfer. Discover actually called to check my employment and income status! Yes people, they really do this. Especially if you are requesting a high credit limit! So be prepared for them to check.
- It is FRAUD to lie-You agree when filling out the application that everything is truthful. So if they DID catch you in a lie, you have committed fraud my friend. Is it really worth it to face potential legal consequences? Didn’t think so.
- If you don’t make enough money, you don’t need a high limit card. I know this may disappoint people, but if you earn $12,000 a year, you don’t need a card with a $12,000 credit limit. You need a card with about a $1000 credit limit. Credit cards should never be used as tools to spend beyond your means!
- We are in the 21st century now! That means that with a click of a button, they can find out everything about your credit, age, history, income, etc. etc. The days of fibbing on applications are over (you can thank technology for that)!
Conclusion: Just Don’t Lie on Your Credit Card Applications
If you are considering applying for a credit card, be honest! It isn’t worth the risk to fib, just in hopes of getting approved for a big credit limit card. Instead, just be truthful. Most credit card companies aren’t too picky anyway, and if you get rejected, you can always apply for another one!