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Thread: Credit card Application and household income
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Old Dec 18, 2016 | 4:27 am
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garykung
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Originally Posted by Gitangali
So I'm confused, the consumerfinance says you can include household income, the nerdwallet says it is fraud to overstate your income.

What is FT's take on this?
Nerdwallet is no lawyer. If you want a definite answer, ask your lawyer.

Nevertheless:

1. Fraud requires a higher burden of proof, which means that you must know what you provided is contrary to the reality. For example, the total income in your family (have access or not) is $200K. You report $500K. This will definitely a case of fraud.

2. It is a federal criminal offense. Due to how the Government works, good luck convincing the AUSA to press charge.

(Note - I am not suggesting you should commit fraud and overstate your income. However, in reality, unless the adverse impact is significant, the DOJ rarely gets involved due to budgetary issue.)
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