Do Credit Card Companies Verify Income to Check for Lying? What to put for income on an application?

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  • เผยแพร่เมื่อ 26 พ.ย. 2024

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  • @ProudMoney
    @ProudMoney  ปีที่แล้ว +2

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    • @macgamer1973
      @macgamer1973 ปีที่แล้ว +1

      I get a regular check from a employer and own business ( no paper trail) . Always put 44,000 which no lie

    • @fuentes38
      @fuentes38 ปีที่แล้ว

      My credit score is 741 and I only earn $17,856 at year, can some one help me what credit card I should apply for to be accepted

    • @firehawk6911
      @firehawk6911 8 หลายเดือนก่อน

      Capital One Walmart Rewards card @@fuentes38

  • @Noneofthedays
    @Noneofthedays ปีที่แล้ว +40

    Big banks generally don’t care unless it’s a huge number, but small banks and credit unions will verify EVERYTHING. It’s quite annoying, actually, but they can’t take on as much risk as a big bank.

    • @anandr1385
      @anandr1385 ปีที่แล้ว +5

      US bank wanted my report cards from elementary school
      It was that bad
      Jk but they’re horrible

    • @Noneofthedays
      @Noneofthedays ปีที่แล้ว +2

      @@anandr1385 You’re right! I forgot about them. Their credit card can be more difficult to get than any of the major high-tier, luxury cards.

  • @DlxyRekt
    @DlxyRekt ปีที่แล้ว +7

    I put 80k on all my cards and never had to verify. Just don't start maxxing it out

  • @BSD2000
    @BSD2000 ปีที่แล้ว +7

    "Do Credit Card Companies Verify Income to Check for Lying?" In my 40 years of experience with credit cards: No. Not if it's within an acceptable range for your job title. In my experience, you are either approved or denied. Mortgages? Yes. Car loans? Maybe, depending on your credit score - but never a credit card company. I even had an American Express card and was never asked to verify anything.
    I was asked to prove my income once, back in 1999 when I bought a new Corvette; never since then. Hell, I was unemployed for a few years and lied on credit card applications and was never asked to verify my income. The last car loan I got two months ago was approved without question from five different lenders - I just chose the one with the lowest interest and no penalties for an early payoff.

  • @shojus
    @shojus ปีที่แล้ว +8

    I usually put about $5k LOWER than my annual income so that way I have leverage when I want an increase. Regardless, it's not that much of a difference but looks better if you're asking for an increase if you make more.

    • @shojus
      @shojus ปีที่แล้ว

      @@CheekyBird790 👍

  • @hwoalang9
    @hwoalang9 ปีที่แล้ว +5

    credit limit should be based on your credit history and how much income and expense on average. no one will care even you have million dollar credit limit if you can't pay it back entire amount.

  • @cjjunkee8602
    @cjjunkee8602 ปีที่แล้ว +24

    Great video Adam!!! You know what's illegal, the government owes trillions of dollars and we're still donating to other countries and yet, here we are, going to jail or pay a hefty fine because of income.

    • @ProudMoney
      @ProudMoney  ปีที่แล้ว +7

      funny how that works, right? 🙂

    • @badele80
      @badele80 10 หลายเดือนก่อน +2

      And the government makes us pay for their shitty choices of spending..makes my blood boil

  • @anandr1385
    @anandr1385 ปีที่แล้ว +5

    My only concern is that include off the book income which account for about 14% of what I report. Not sure if they’d care but I wouldn’t want to ruin an 18 year relationship with my bank.

  • @adamsmith8689
    @adamsmith8689 ปีที่แล้ว +10

    Pretty much the only time you will get prosecuted for lying on your application is if you claim bankruptcy and try to discharge the balance.

    • @ProudMoney
      @ProudMoney  ปีที่แล้ว +8

      Yes, it would be pretty rare to be prosecuted. it's really more about burning bridges when it comes to getting credit in the future.

    • @11binfantryfollowmeus.army95
      @11binfantryfollowmeus.army95 ปีที่แล้ว +1

      ⁠@@CheekyBird790What bank……..sounds like made up BS!!

  • @johnadan3509
    @johnadan3509 9 หลายเดือนก่อน +2

    Really??? So I will lawsuit the credit card companies when they send to me approval notice in the mail and then deny when use the promo cods 🤔

  • @docsays
    @docsays ปีที่แล้ว +11

    The big banks normally dont for personal accounts, but the credit unions frequently ask for proof of income via payroll or tax documents. Also i believe the big banks have established algorithms which align your spending or transactions and correlate it to your income.

    • @docsays
      @docsays ปีที่แล้ว +1

      @@CheekyBird790 - thanks for confirmation BBF. To me i just don’t see the need to lie about income, when i can only spend what my “real income” allows.

  • @oshynclair7592
    @oshynclair7592 8 หลายเดือนก่อน +2

    I made less 2022 compared to 2023 on my tax forms... Hopefully discover will see that

  • @floppyjalopy94
    @floppyjalopy94 8 หลายเดือนก่อน

    Yea in Australia for every credit application you have to send them 3 months of bank statements and last 3 payslips. Makes sense because why would a banks lend you money if you don’t actually have consistent money coming into your bank.

  • @southengirl1
    @southengirl1 ปีที่แล้ว +2

    I make a little over $200,000 a year, I get arrived for some and denied for others, my credit score is just over 800 and I can’t figure it out?…

  • @cardojp
    @cardojp ปีที่แล้ว +3

    Great content as always, thanks Adam!!!

  • @badele80
    @badele80 10 หลายเดือนก่อน +2

    If you have excellent credit but a terrible debt to income ratio no matter what you put into n credit card applications they deny...but you can walk into a car dealership and get approved for a car lol

  • @crypto_que
    @crypto_que 10 หลายเดือนก่อน

    The best way to “verify income” is to speak with an actual rep and NOT an App. Make sure the rep sees your increasing monthly deposits. When banks see you making regular deposits with increasing amounts they can tell your income is higher.

  • @matthewcastillo9951
    @matthewcastillo9951 9 หลายเดือนก่อน +4

    Just stop paying your credit cards people. They are getting rich off the interest.

  • @jow13323
    @jow13323 ปีที่แล้ว +1

    Yes Discover and American Express.

  • @rawleyansen7963
    @rawleyansen7963 ปีที่แล้ว +7

    74k-115k is the sweet spot

  • @oliviarobinson7402
    @oliviarobinson7402 ปีที่แล้ว +9

    I heard that DISCOVER will verify income.

    • @adamsmith8689
      @adamsmith8689 ปีที่แล้ว

      I've had multiple discover cards over the years and they've never verified my income. But I've heard stories about it. I think with them it often depends on how large your credit limits are and your proportion of balance to limit.

    • @KevinMitchellsubscribe
      @KevinMitchellsubscribe ปีที่แล้ว

      Mine didn’t verify income

    • @michaelfoland2007
      @michaelfoland2007 ปีที่แล้ว +3

      They wanted to verify mine for identification purposes. I had told them mine was primarily disability, and I do website work, etc, and they said the verification for the tax document was just for identification purposes :)

    • @rhondaturner4205
      @rhondaturner4205 หลายเดือนก่อน

      Just got one of these letters..I have a zero bal told discover to close my acct.

    • @rhondaturner4205
      @rhondaturner4205 หลายเดือนก่อน

      ​@@michaelfoland2007they're getting more invasive...

  • @Tulku
    @Tulku ปีที่แล้ว +1

    Capital one made me supply income documents when I applied for a card years back. When I had to supply proof I was extra happy I didn't lie. I'm about to close that capital one card now because it's an AF QS and I just don't see the benefit of having it anymore.

    • @ucd3658
      @ucd3658 ปีที่แล้ว +2

      so weird I always lie and they have never checked

    • @Tulku
      @Tulku ปีที่แล้ว

      @@ucd3658 That's the only time I've ever had to verify my income, but yeah it was weird. It wasn't like I was saying I make seven figures or anything.

    • @tobisupersmart
      @tobisupersmart ปีที่แล้ว

      That’s weird, I looked up this video because capital one has been sending me credit line increase income info requests frequently. I don’t even have a job anymore (husband, in school) and I’ve just been saying I do. Id go to jail for that? Not like I use it for fraud

  • @candicosens8178
    @candicosens8178 ปีที่แล้ว +1

    I had a higher income, but didn't want to put it on there. I didnt now you had to put that on their exact. 2023 was higher next year be lower.

  • @1drummer172
    @1drummer172 ปีที่แล้ว +1

    What about those like my brother whose income is entirely tax exempt? The credit card applications seem to indicate gross income, which includes taxable income.

    • @ProudMoney
      @ProudMoney  ปีที่แล้ว +3

      Most applications also mention tax exempt income and either say how to include it or have a separate box for it.

    • @1drummer172
      @1drummer172 ปีที่แล้ว

      @@ProudMoney 👍

  • @GoosbyGoosby
    @GoosbyGoosby ปีที่แล้ว +9

    I make 47k and tell all credit card companies I make 62k

    • @ProudMoney
      @ProudMoney  ปีที่แล้ว +2

      no comment 🙂

    • @GoosbyGoosby
      @GoosbyGoosby ปีที่แล้ว

      @@ProudMoney why no comment

    • @badele80
      @badele80 10 หลายเดือนก่อน +1

      ​@@CheekyBird790household income? Really? Even if you live with a family member but not a spouse?

    • @badele80
      @badele80 10 หลายเดือนก่อน +2

      ​@@GoosbyGoosbybecause they guy just said he is lying and in the video he says that's illegal lol

  • @geoffreysegarra3684
    @geoffreysegarra3684 ปีที่แล้ว +1

    Excellent info! Thanks

  • @everydaygamer7787
    @everydaygamer7787 ปีที่แล้ว +1

    what happens when your income is entirely tax exempt like an annuity, what would you put if they just ask for gross income

    • @ProudMoney
      @ProudMoney  ปีที่แล้ว +4

      There usually are instructions on the online applications on how to handle that, sometimes there is a separate box for that income.

  • @shadow7142007
    @shadow7142007 ปีที่แล้ว

    I know this is a stupid question but can I but what I currently made this year so far or do I have to put last year income?

  • @oliviarobinson7402
    @oliviarobinson7402 ปีที่แล้ว

    This is a good video , wonder about that my self.

  • @romelodow123
    @romelodow123 ปีที่แล้ว +2

    Thanks!

    • @ProudMoney
      @ProudMoney  ปีที่แล้ว +1

      Just noticed this, thank you!

  • @KarmenD-ce5re
    @KarmenD-ce5re หลายเดือนก่อน +4

    OVERSTATING YOUR INCOME ON A CC APP and you will possibly go to jail, hahahahahah, GOOD LUCK WITH THAT!!! never gonna happen! funniest thing I have ever heard of!

  • @rnitro4950
    @rnitro4950 ปีที่แล้ว

    I always update my yearly income by using my last pay stub from my job.

    • @ksbma
      @ksbma 10 หลายเดือนก่อน

      Have you ever updated your income to something significantly lower than what you originally had when you applied? And if you have, was your credit limit lowered?

  • @roby385
    @roby385 ปีที่แล้ว +2

    Hi Adam! Great channel! I recently received a POI (3 bank statments) from Amex when I asked for a CLI. I'm at $3k and I asked for $9k. My reported income is $100k... which is my household income. So when I send my statements to AMEX (or connect to bank account) it will not reflect $100k... because the statements will only reflect my individual income. So, should I just send them my info and try to explain the situation? I don't want to raise flags or risk getting a financial review. What what you suggest? Thanks! ----- Rob

    • @ksbma
      @ksbma 10 หลายเดือนก่อน +1

      Hi I just read your comment and found it similar to my situation. Have you heard back from your bank?

    • @cbiii
      @cbiii 5 หลายเดือนก่อน

      I did something similar with Amex! Oh well 😅

  • @wadepires
    @wadepires ปีที่แล้ว +4

    My income is 12K per year. I just got a 20K limit. Unbelievable! I already spent over 9K. Had it a week now. I bought a lawnmower for 8,640 going to start mowing lawns soon. Will buy weed wackers, hedge trimmers and all top notch stuff. Will run an add on market place also! My brother said I should have truck but I'll drive the lawnmower until I make money. Don't want to waste money when I can drive the John Deere. My next credit card I can start a handyman buisness also. Great having credit!

    • @eddieleejoseph2998
      @eddieleejoseph2998 ปีที่แล้ว +12

      Sounds like you just put yourself in a hole?

    • @TheLisajoyce
      @TheLisajoyce ปีที่แล้ว +2

      Gosh, what was the card!

    • @iosgaming2824
      @iosgaming2824 ปีที่แล้ว +3

      @@eddieleejoseph2998fr I was reading his comment like why does he seem content?

    • @rendellbaldwin8946
      @rendellbaldwin8946 11 หลายเดือนก่อน +2

      Maybe could have done a test run for a few months on much smaller equipment to make sure it would work out.

    • @MCMLXXXVLIVE
      @MCMLXXXVLIVE 10 หลายเดือนก่อน

      😳

  • @fines3222
    @fines3222 ปีที่แล้ว +1

    What do you guestimate is the least someone can make to apply for the Capital One Savor? Thanks in advance.

  • @r.a.8407
    @r.a.8407 ปีที่แล้ว +8

    Lmao probably not 😂 I put 40k more then I actually make to get the gold & platinum cards. & a year before I accumulated a lot of cards using that method. I think current positive credit history & showing that you can manage multiple credit cards is all you need.

  • @mrmagic9799
    @mrmagic9799 ปีที่แล้ว +10

    Discover DID verify mine

  • @yeyem6678
    @yeyem6678 ปีที่แล้ว +5

    I applied and got approved for 30k they didnt ask for proof its weird I thought 30k was a lot

    • @Joshualibbyy
      @Joshualibbyy ปีที่แล้ว +2

      It depends on how much credit u already have at ur disposal. If it's ur first card 30k is good but not crazy. If u had like 150k of credit and they keep approving u for more without verification that's kinda wierd

    • @yeyem6678
      @yeyem6678 ปีที่แล้ว +3

      @@Joshualibbyy i never had a 30k limit . I was just very surprised but thank you

    • @yeyem6678
      @yeyem6678 ปีที่แล้ว

      @Romario D american express everyday preferred.. data point? Income 130k credit score 787. Been amex member for 10 yrs but charge cards not credit. I was just surprised.

  • @fuentes38
    @fuentes38 ปีที่แล้ว +1

    My credit score is 741 and I only earn $17,856 at year, can some one help me what credit card I should apply for to be accepted

    • @tobisupersmart
      @tobisupersmart ปีที่แล้ว

      Secured credit card. My first one was OpenSky. The app is a little rusty but everything functions and after years of having it they increase the credit line without having to put more money down. It’s a great card.

  • @Kalbert7161
    @Kalbert7161 ปีที่แล้ว +7

    You guys have to read in between the lines. He can’t make a TH-cam video saying hey you can lie about how much you make. He has basically given us the green light if you pay attention, go hams

    • @ProudMoney
      @ProudMoney  ปีที่แล้ว +10

      That is NOT what i said 😀

    • @Kalbert7161
      @Kalbert7161 ปีที่แล้ว +10

      @@ProudMoney that is not what he said guys 😉

    • @Theturbobooster
      @Theturbobooster ปีที่แล้ว

      ​@ProudMoney - Credit Cards & Personal Finance but u did say we can just fart in the next humans fave and run😂

  • @MillisConstruction
    @MillisConstruction ปีที่แล้ว +1

    I only put about 1/3rd of my income down on mine so far anyway.

    • @ProudMoney
      @ProudMoney  ปีที่แล้ว +6

      Why so little?

    • @TiffyAlwaysBlissy
      @TiffyAlwaysBlissy ปีที่แล้ว

      Why?

    • @fearless6947
      @fearless6947 ปีที่แล้ว

      @@ProudMoney makes too much and doesn't need it. I like to lower my card limit as well.

  • @Joshualibbyy
    @Joshualibbyy ปีที่แล้ว +1

    Hey Adam is it illegal for a bank to say u are approved for a loan and then say u are denied after? Happened to me recently

    • @docsays
      @docsays ปีที่แล้ว +4

      - i dont think so. most approvals are conditional until all docs are signed, submitted & reviewed.

    • @jeromehenry4484
      @jeromehenry4484 ปีที่แล้ว +1

      Was it a mortgage? If appraisal comes in lower than expected, and you cannot negotiate a lower price with seller(s), then bank can pull approval.

    • @ProudMoney
      @ProudMoney  ปีที่แล้ว +1

      Nothing is illegal if it's the bank that is doing it 😀 Seriously, though, it depends on the circumstance, whether all the loan docs are completed and signed.

    • @Joshualibbyy
      @Joshualibbyy ปีที่แล้ว

      @@CheekyBird790 it was wierd cause they Said they can't approve me cause I'm at the max in terms of amount of money they are comfortable lending out. But right after the phone call I got an approval

    • @jeromehenry4484
      @jeromehenry4484 ปีที่แล้ว +1

      @@Joshualibbyy I read Boss Bird's excellent comments. However, I suggest you contact your Loan Officer specifically because Branch Managers are clueless about the lending side of banking (BM are strictly over depository accounts/tellers).
      Not sure if you were looking at a Consumer loan or a Commercial loan, they have very different criteria/regulations. The phrase "in terms of amount of money they are comfortable lending out" can be read different ways. Like Boss Bird said, it might be your Debt - to - Income Ratio. However, if this was a muli-million dollar Commerical Loan it could be due to Bank's Legal Lending Limit and they could not find another bank willing to "participate" (if that is the case then you need to go to a larger lending institution that has a higher Legal Lending Limit). Please get clarification with your Loan Officer.

  • @lizardmanbass
    @lizardmanbass ปีที่แล้ว

    Should I put my taxed income or non taxed?

    • @lizardmanbass
      @lizardmanbass ปีที่แล้ว

      @@BK-tp6jf thank you

    • @caesarjulius6058
      @caesarjulius6058 ปีที่แล้ว +2

      non-taxed (write what you make before taxes)

  • @sammychicago
    @sammychicago ปีที่แล้ว +1

    First viewer😁

  • @antoinecharlesdegaulle580
    @antoinecharlesdegaulle580 ปีที่แล้ว

    Loved the video thank you

  • @jpack61108
    @jpack61108 ปีที่แล้ว

    why are we helping people get credit cards.. credit cards are good.

  • @kayjoe7237
    @kayjoe7237 ปีที่แล้ว +1

    Tell me lies, tell me sweet little lies.

    • @Pain1959.
      @Pain1959. 5 หลายเดือนก่อน

      Eat my dislike too.

  • @NeoSoulCrew
    @NeoSoulCrew ปีที่แล้ว +7

    Jail? Stop playing. Eat that dislike.

  • @bobnguyen224
    @bobnguyen224 ปีที่แล้ว

    Proud moneys, can you please go over the AAA visa card from comenity bank and unbox it. Thank you!

    • @ProudMoney
      @ProudMoney  ปีที่แล้ว

      unboxed it a long time ago but no video. short review: i like it 🙂