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What happens if yo exaggerate your income to a credit card provider?

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Just curious
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  • meer53
    meer53 Posts: 10,217 Forumite
    Tenth Anniversary 10,000 Posts Combo Breaker
    Why would you do that ?
  • Claire454
    Claire454 Posts: 18 Forumite
    Higher credit limit
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    It will be compared (via fraud prevention agency files) with what you've previously submitted for other credit applications which, for the same employer and job title, could land you with a CIFAS marker.

    You'll then have to lie on every other application you make, whilst ever you're in the same job. If you forget to lie you could get a CIFAS marker.

    Satisfy your curiosity?
  • Claire454
    Claire454 Posts: 18 Forumite
    Yep :)

    That was actually very helpful!
  • GingerBob_3
    GingerBob_3 Posts: 3,659 Forumite
    Bear in mind, if it's your first credit application in - 12 months, say - it doesn't matter. Credit providers don't (yet) have access to third party data about your income.
  • Claire454
    Claire454 Posts: 18 Forumite
    I wasn't going to say anything because I doubt people will believe me but I am actually not going to do this nor have I. I just know of a few people who do and I wanted to know how they haven't been caught.
  • boo_star
    boo_star Posts: 3,202 Forumite
    Part of the Furniture 1,000 Posts
    Claire454 wrote: »
    I wasn't going to say anything because I doubt people will believe me but I am actually not going to do this nor have I. I just know of a few people who do and I wanted to know how they haven't been caught.

    I'd say most crimes don't result in prosecution, that doesn't mean you should see it as a green light to do the same.

    I'll tell you what will happen if you inflate the numbers...

    1). You'll get whatever you applied for and that'll be the end of it.

    or

    2). You'll get a CIFAS marker making it near impossible to get any financial product for up to six years.

    and/or

    3). You'll be prosecuted for fraud.

    Your choice.
  • Superscrooge
    Superscrooge Posts: 1,171 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 3 March 2016 at 12:49AM
    Have just checked the T&C's on my MBNA card which states they have the right to terminate the agreement and demand immediate repayment

    if any of the information you gave
    us when you applied for the credit is found or
    suspected to be untrue


    So if you give fraudulent information and manage to shift a large balance onto a 0% card you might suddenly find the 0% deal is withdrawn and the CC company demanding immediate repayment.
  • Nasqueron
    Nasqueron Posts: 10,723 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    It will be compared (via fraud prevention agency files) with what you've previously submitted for other credit applications which, for the same employer and job title, could land you with a CIFAS marker.

    You'll then have to lie on every other application you make, whilst ever you're in the same job. If you forget to lie you could get a CIFAS marker.

    Satisfy your curiosity?

    What happens if you have a payrise between applications? Obviously if you were being dishonest that's a different issue but I am curious about the first part if you were being honest - if you apply for say a loan with a salary of £18k and then 6 months later apply for a credit card with a salary of £20k would it be an issue?

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • mwarby
    mwarby Posts: 2,049 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Nasqueron wrote: »
    What happens if you have a payrise between applications? Obviously if you were being dishonest that's a different issue but I am curious about the first part if you were being honest - if you apply for say a loan with a salary of £18k and then 6 months later apply for a credit card with a salary of £20k would it be an issue?

    The fraud detection algorithms will be more complicated than does salary match. Its probably going to have results of say pass\reffer\fail.

    I'm guessing in terms of pay it goes something like. Number of pay rises - is this in the 'normal' band if not check manually, pay rise amount is this in 'normal' band if not check manually. A complete guess normal for number of rises 0-4, for total rise over year 10 or 20%, i wouldn't be surprised if it also looks at others with same job title and looks to see how close you are to average for this (perhaps a banker with 50% rise isn't considered unusual, but for a cleaner it is unusual)

    As others have said best not to try and game system, a fraud marker or conviction will dent your credit worthiness pretty bad
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