Should you lie on a credit card application form?

princesspink

I'm 50 plus, I have no depts. I have 3 credit cards and they get paid off every month, so I pay no interest. I got made redundant a couple of years ago, so we have no mortgage. I have in today's view a reasonable amount of cash in the bank, but officially I have a very low income. I don't get my pension for another couple of years.
I'm looking to apply for a cash back credit card. My scoring is very high except on affordability where it is very low. Do I say my income is £6000 a year, but then I could be rejected on aforadability or should I say it is £30k knowing I could pay myself this a year, but it is not really an income from a third party and therefore technically speaking misrepresentation?:question::money:

[Deleted User]

Where is this £30k income coming from? From savings?

Then no.

GingerBob_3

princesspink wrote: »

I'm 50 plus, I have no depts. I have 3 credit cards and they get paid off every month, so I pay no interest. I got made redundant a couple of years ago, so we have no mortgage. I have in today's view a reasonable amount of cash in the bank, but officially I have a very low income. I don't get my pension for another couple of years.
I'm looking to apply for a cash back credit card. My scoring is very high except on affordability where it is very low. Do I say my income is £6000 a year, but then I could be rejected on aforadability or should I say it is £30k knowing I could pay myself this a year, but it is not really an income from a third party and therefore technically speaking misrepresentation?:question::money:

Tell them you have 30k income. It's no business of theirs where it comes from.

BJV

No ! tell the truth. With affordability they will be able to see cash in the bank which is far more stable than a job anyway. No point trying to mislead them.

Ed-1

princesspink wrote: »

I'm 50 plus, I have no depts. I have 3 credit cards and they get paid off every month, so I pay no interest. I got made redundant a couple of years ago, so we have no mortgage. I have in today's view a reasonable amount of cash in the bank, but officially I have a very low income. I don't get my pension for another couple of years.
I'm looking to apply for a cash back credit card. My scoring is very high except on affordability where it is very low. Do I say my income is £6000 a year, but then I could be rejected on aforadability or should I say it is £30k knowing I could pay myself this a year, but it is not really an income from a third party and therefore technically speaking misrepresentation?:question::money:

If you want to get one of these:

https://www.cifas.org.uk/what_are_the_fraud_types_cifas_uses

(Application Fraud category) go ahead and lie.

You should also bear in mind that all banks submit application details to fraud prevention agencies to detect fraudulent apps, for example National Hunter and Synectics Solutions:

http://www.nhunter.co.uk/howitworks/
http://www.synectics-solutions.com/Our-Products

Bottom line is, be truthful, it's not worth risking problems if you face having to prove your income to get rid of one of these fraud markers which could leave you completely without banking facilities anywhere and unable to open further accounts for 6 years.

GingerBob_3

Ed-1 wrote: »

If you want to get one of these:

https://www.cifas.org.uk/what_are_the_fraud_types_cifas_uses

(Application Fraud category) go ahead and lie.

You should also bear in mind that all banks submit application details to fraud prevention agencies to detect fraudulent apps, for example National Hunter and Synectics Solutions:

http://www.nhunter.co.uk/howitworks/
http://www.synectics-solutions.com/Our-Products

Bottom line is, be truthful, it's not worth risking problems if you face having to prove your income to get rid of one of these fraud markers which could leave you completely without banking facilities anywhere and unable to open further accounts for 6 years.

Unlikely. For 'fraudulent' read 'inconsistent data supplied over more than one application'. And if you can pay yourself 30k pa that's not fraud if you give it as your income.


There is a snooping system called CATO - current account turnover - the details of which are held by the CRAs - but by its nature it's wildly inaccurate. It's maybe the only thing you need to think about. In my case much of my income doesn't go anywhere near my current account, but this has never stopped me getting cards.

Arleen

There is no such thing as "you can pay yourself 30k pa" without actually paying youself 30k pa which involves one or other taxed routes to pay yourself (paye/dividents would be two most common ones), anythig else (with some exceptions) isn't really getting paid as transfering yourself money from savings/other bank accounts.

Sure, chances that you will get caught are minimal, but if the account goes bad (for whatever reason it can happen to anyone) then they will get very interested into how someone with 30k pa income cannot pay the card bill. And then the lie will come out as you won't be able to provide any documentation regarding this claimed income, and very likely you will earn a shny cifas marker.

They are very clear on what makes an application fraud:

Application Fraud – where an applicant has used his/her own name but has made an application for an account, policy, service or insurance claim which contains a 'material falsehood' for example, false employment details, false income, or concealed addresses. The use of a false document (such as a payslip, bank statement or driving licence) when applying for an account, policy, service or insurance claim would also fall within this case type.

Doesn't require repeat offender, or anything else, so if you will lie and get pinched, you will very likely get it sticked. So even with morality put aside it's just not smart thing to do, as the gain from that cash card will be in tens, maybe hundrets, of pounds and a fraud market will be wrecking for years. If they won't want you as you are now, look for other lenders, plenty to shop from.

System

What card are you actually trying to get?

MEM62

princesspink wrote: »

or should I say it is £30k knowing I could pay myself this a year:money:

This would not be income. It is withdrawal from savings / investments.

redux

Surely you don't particularly need another credit card, when you could use a debit card instead.

If it's for a category like no extra loading on foreign spending, the Aqua Reward card is for low credit rating customers, or look at prepaid debit cards.

[Deleted User]

What are you putting as employment status, retired? It'd probably flag up anyway, as 30k is a heck of a pension.... Not impossible by any means, but might flag up on that point alone. Likewise homemakers.

The only thing you could legitimately use is any fresh income, including interests/dividends from savings & investments.

If you have such a large amount in the bank to 'pay'/transfer yourself 30k p/a, then try the bank(s) it's held with as they'll have internal data on you. No need to lie then.

Also agree with redux, it's very much a 'want' rather than a 'need' - even less reason to try anything remotely dodgy!

Try the eligibility checker with your true income... you may well be surprised!

If your mortgage was paid off within the last few years presumably it's on your credit report - that's a huge asset and should help you (as will answering home owner (outright) to the living status question).