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Is it fraud if you overstate your income on a credit card application and years later the card goes into default?
No. The enforcement of criminal fraud concerning debt pertains to issues such as using false identity such as social security numbers. Using credit cards or other financial transactions to obtain goods,services or money without having the intent or means of repayment can also be considered fraud. People's income change all the time, for the better or worse what is relevant is the financial status at the time of default.
What else can I help you with?
Is earned income nomal balance a debit?
All incomes has credit balance as a default normal balance so earned income also has credit balance as default normal balance.
Can you include your household income on a credit card application?
Yes, you can include your household income on a credit card application as long as you have access to that income to repay any charges made on the card.
Do expenses have credit or debit?
All expenses has debit balance as normal default balance while all income has credit balance as normal default balance.
What information will be required for an application for business credit cards?
The information that will be required for an application for business credit cards is type of business you do and your income.
Can i Report income on credit report?
Income is reported typically on the credit application and does not show up on credit results. If you are curious about your credit results, I c=recommend using a free service such as http://thecredtreportreview.info
What income should I report on my credit card application?
When applying for a credit card, you should report your total annual income, including wages, bonuses, alimony, and any other sources of income. Be honest and accurate in reporting your income to ensure you can manage your credit responsibly.
Why would a company overstate its expense and understate its net income?
Simply to avoid taxes
What is the minimum income requirement for a household or individual to qualify for a credit card application?
The minimum income requirement for a household or individual to qualify for a credit card application varies depending on the card issuer, but generally ranges from 15,000 to 20,000 per year.
How is credit limit determined?
Credit limit is determined by the information given to the company during their application. The person's income and credit score play a big part in the limit.
Do you need a co-signer for your loan application?
Whether or not you need a co-signer for your loan application depends on your credit history and financial situation. If you have a strong credit score and stable income, you may not need a co-signer. However, if your credit is limited or you have a low income, a co-signer can help increase your chances of approval.
What happens when you are in a nursing home and can longer pay your credit cards?
You will default on your credit card accounts. Being an unsecured loan, there is little a credit card company can do. That is a risk credit card companies take. Regardless of why you can't pay, non-payment will result in default. The extent to which a credit card company will attempt to collect depends on whether or not they feel you have sufficient income.
Does my salary affect credit score?
It doesn't. Income is completely ignored in credit scoring. Salary does affect your debt-to-income ratio, which may be examined as a part of a loan application. However, it does not influence your credit score in any way, shape or form.
