how does a credit card company believe you work?

Question

so if one applies for a card...and lies on their application and get approved...how do the cc know? what if u dotn work but u just tell them u do? and u lie about ivome and ect..?

Answer 1

they really dont know...whatver u tell them they never call the number..i mean think about it...do u think they call evry application? no way...they never did with me.

Answer 2

There may be a very small percentage that does, but as a rule they don't. They just don't have the manpower to manually verify all of the applications. However, they will look at your credit report and see what your balances and spending/payment history is. That is you say you make $200,000(whether or not that is the truth) but your highest credit line is only $500 the chances of them giving you one much higher is small. Basically if you do lie but are paying your bills they really won't care. However, if you do lie and get approved for a high amount, you need to watch out. Because there is a very good chance you won't be able to pay for what you spent at some point.

Now this only applies to Credit Cards, any loan such as a Car Loan or Mortgage they have an entire department that goes through and verifies your income. Usually by asking for paystubs or calling your employer.

Answer 3

Yes. Call and have it reduced to $5000. And congratulations on paying off that huge debt! If you had only paid minimum payments, you'd be indebted to them for life! The reason you want it reduced is akin to why alcoholics know that even one drink can set them back. You do not want, or need, to be seduced into that kind of bondage again. $5000 should be enough for an emergency. Small purchases and gifts can be handled with cash. If faced with an emergency requiring thousands of dollars, then your credit score will allow you to deal with it at that time. If the company does not reduce your limit within the next two weeks, cancel the card. No doubt you've already begun receiving offers from a dozen of other companies. They will also offer high limits! Just stand firm!

Answer 4

Your records that indicate your spending habits e.g bank accounts, utilities, department store cards, SSN etc. The credit card companies nowadays don't really care if you work or not. They are more interested in how much money you can spend via your credit card. The more you spend on it, the higher your credit card balances.

In fact, the more profitable you are to them because they will make the most money out of you for keeping credit card balances with them. They will make more money from you in the form of compound interest accrued daily and pro-rata based on how many days you've kept the balances after the interest free, grace period/days.

Answer 5

They have no real concrete way to verify your income. Contrary to what The Liberal Patriot (an oxymoron if I've ever heard one), the IRS does not share that info with the credit card company, nor would your employer. I suppose they could call and verify your employment, but that's about it.

They do have access to your credit report, so they can see what kind of credit card balances and other loan balances you have. They really depend on your honesty and your documented credit history.

Answer 6

Ever heard of social security numbers, W-2's and the IRS? They just check with them. If you lie and they find out they'll charge you with fraud. You'll be arrested and you could go to jail and/or pay fines.

Answer 7

They don't really care if you work or not.All they want to do is to get your signature on that contract.If your not working,they may or may not ask you for a co-signer.That person will be responsible if you don't pay.

Answer 8

99% of the time they don't check. They only run your social security number to determine if they should give you credit.

Answer 9

honestly i don't think they even check

Answer 10

they don't care they get their money anyhow