Question:
I accidentally inflated my income on a credit card application due to a mathematical error, and was approved. Should I be worried?
G
2015-04-21 08:57:28 UTC
I have no credit and was looking to get a credit card to start building credit, so I applied for DiscoverIt. I am a part-time worker, full-time student. I was instantly approved, but then realized that I messed up my annual expected income. I make commission at my job, but my base pay drops when I hit my minimum quota. I accidentally added my normal base pay to the expected commission, which is a difference of over $2,000. I had difficulty with figuring out what annual expected commission would be , and had a feeling it was a little high when I calculated it all, but I haven't worked at this job a full year yet, so my recent tax form didn't show what a whole year would look like and I didn't think much of it for that reason. But I forgot about my drop in base pay. What should I do? I certainly don't want to lie on the application, but I was already approved. Would it be ridiculous to call and explain the issue? I don't care if they'd lower my credit line for it. I already have a debit card and would only be using this card for small purchases to build credit. I'm just worried that they would cancel my card because I technically inflated my income. I am brand new to credit and have no clue if this is even a serious issue or not. Any advice?
Eighteen answers:
roderick_young
2015-04-22 17:53:34 UTC
The income on an application is understood to be a ballpark estimate. If you made the application in good faith, I'm sure everything will be fine.



What you absolutely need to do is make sure that you manage your money well, though. If you carry a balance month to month on the card, that's a sign that you're spending too much. Be sure that you don't charge more than you can pay off when the statement comes. That same advice would go to anyone with a credit card, even if they perfectly reported their income.
?
2015-04-21 09:47:01 UTC
Uh. Even if you misuse the card, it's no MORE of an issue. Of course it is unwise to spend more than you afford. That goes without saying, and is irrespective of your credit score. It's actually advantageous to have a higher credit rating. It can make the difference between getting a home loan, or living in your parents basement.



Did you kids just get off the boat?



Your credit score is not a legal issue, or even an ethical matter, in reality. Worst case scenario, you get an AMEX card with unlimited balance. That is a good thing, guaranteeing auto loans, and larger lines of credit.



Take that card and only use it for purchases that you would otherwise use cash or debit, knowing for certain that you'll pay the balance on time, every time. This increases your rating, as a reliable and credit-worthy person. Yes, the temptation to spend more than you have is the ONLY caveat. Otherwise, your creditors are pleased with your reliability, offering lower rates, and improved lines of credit.



If this seems somehow underhanded or unlawful, it is not, and those answering the phones at your banks will readily admit that the better your credit score, the better! They just want to get familiar with you, and feel confident that you are responsible with your money.
jenbill1602
2015-04-22 11:06:58 UTC
No need to worry about it being it is a credit card approval and not a big ticket item like a mortgage on a new house or automobile just keep it in good standing you will be fine
Tricia
2015-04-21 15:01:09 UTC
yes, you should be worried. nowhere do you state exactly what your card dollar limit is. tis limit was based on the information on your form, which was totally incorrect. that information follows you about in all your records. sooner or later will show to be false. now your credibility will be at stake everytime you turn around. you don't need this starting out best to be honest straight up from the beginning. call the customer service dept no. on back of card and request a decrease in your limit and explain why. they will comply appropriately.
captb007
2015-04-22 08:35:28 UTC
Don't worry about it if they approved you. Just watch how much you spend. My advice would not be carry a balance because they charge so much interest. They trick you on the bill by putting in big print the minimum amount you have to pay and then charge a high interest rate on the unpaid balance.
?
2017-04-04 17:58:32 UTC
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RE :I accidentally inflated my income on a credit card application due to a mathematical error, and was approved. Should I be worried?

I have no credit and was looking to get a credit card to start building credit, so I applied for DiscoverIt. I am a part-time worker, full-time student. I was instantly approved, but then realized that I messed up my annual expected income. I make commission at my job, but my base pay drops when I hit my minimum quota. I accidentally added my normal base pay to the expected commission, which is a difference of over $2,000. I had difficulty with figuring out what annual expected commission would be , and had a feeling it was a little high when I calculated it all, but I haven't worked at this job a full year yet, so my recent tax form didn't show what a whole year would look like and I didn't think much of it for that reason. But I forgot about my drop in base pay. What should I do? I certainly don't want to lie on the application, but I was already approved. Would it be ridiculous to call and explain the issue? I don't care if they'd lower my credit line for it. I already have a debit card and would only be using this card for small purchases to build credit. I'm just worried that they would cancel my card because I technically inflated my income. I am brand new to credit and have no clue if this is even a serious issue or not. Any advice?

Follow 18 answers
2015-04-21 09:00:06 UTC
If you don't tell them I won't. I doubt if they will care unless you default in some way. You are a source of income to them which they live for.
Ti
2015-04-22 10:11:04 UTC
Yes, misrepresenting your income when applying for credit is a crime.

I suggest you pay what you owe, cancel the card, and reapply using only correct information.
Scott
2015-04-22 10:18:41 UTC
You should be okay. They can check your specialty credit report to get your pay if your employer reports it. Also, you can update your profile if you sign up for the online account portion with your updated income.
?
2015-04-21 15:22:01 UTC
A $2,000 guestimate difference is no big deal. Just use the cards wisely, and make all payments as directed.
2015-04-21 09:07:48 UTC
As long as you do not misuse the card it is not an issue. No one will ever have need to check your income.
Michael
2015-04-21 08:59:11 UTC
If you don't trust yourself to not max out the card, then go ahead and call them up and ask them to lower your limit. If you do trust yourself, don't worry about it.
B
2015-04-21 22:09:55 UTC
I would call Discover customer service and tell them you made a mistake
?
2015-04-22 09:22:06 UTC
They know what you owe, what you earn and, if you pay on time, so that's why you were approved.
?
2015-04-21 16:38:22 UTC
potential creditors look at more than your income, creditors look at your credit report which includes payment history, current debt:credit
smahadevan39
2015-04-21 10:56:08 UTC
Better to inform them. If any higher limit is permitted, let them reduce
2016-09-18 10:49:27 UTC
Pretty good arguments.
Casey Y
2015-04-21 09:48:26 UTC
As long as you pay it, no big deal.


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