>you generally have to give your income.
Well, you certainly don't have to give your "real" income. Aspirational income is fine.
Well, you certainly don't have to give your "real" income. Aspirational income is fine.
But (on credit card applications) I've always put a 6-figure income in when asked. Even as a college student with an income of $0.
Also, your accounts would be closed if they found out that you lied on your application. American Express, in particular, is known to conduct financial reviews and shut down accounts who can't prove their income.
Do you have a source for this? Or can you define "many" some more?
(Slightly over a quarter of households in the US have a household income over $100K as reported on tax returns. Household income for the purposes of credit application can be meaningfully higher than for adjusted gross income tax return concerns.)
it's 26.3% of households with incomes over $100K. I saw another estimate of 125 million households, so it could well be ~33 million households with >=$100K household income.
(I'm not so much quibbling with numbers as trying to get across that "it's a lot of people")
Even after you're 21 you're supposed to only include someone else's income if you have access to it. If your parents don't give you a stipend then you aren't supposed to include their income.
>ROCHESTER, NY—U.S. Attorney William J. Hochul, Jr. announced today that David P. Gaylord, 51, of Rochester, New York, pleaded guilty to bank loan application fraud before the U.S. District Judge Charles J. Siragusa. The charge carries a maximum penalty of 30 years in prison a fine of $1,000,000.
>Assistant U.S. Attorney Tiffany H. Lee, who is handling the case, stated that in 2006, while residing in the Western District of New York, the defendant submitted various credit card applications to Advanta Corp., Bank of America, and Family First Federal Credit Union. Gaylord knowingly provided false information regarding his income in order to obtain lines of credit from the banks and credit union. The defendant indicated that his income was anywhere between $90,000 to $122,000 when, in 2006, he reported to the Internal Revenue Service that his income was approximately $12,488. Gaylord ended up leaving outstanding balances on the various lines of credit and filed for bankruptcy.