Providing wrong income information on a credit card application can have various consequences, depending on the severity and intent of the misinformation. Knowingly lying on a credit card application is a federal crime and can result in expensive fines or even prison time.
Consequences of Wrong Income on a Credit Card Application
- Application denial: If the credit card issuer discovers incorrect income information during the verification process, they may deny your application. Lying on a credit card application is considered fraudulent and can result in immediate rejection.
- Account closure: If you have already been approved for the credit card and the issuer later discovers the incorrect income information, they may choose to close your account. This can happen if they determine that you misrepresented your financial situation intentionally.
- Get a higher credit limit than you can handle: When you get access to a higher credit limit than you can manage, you could put your credit at risk. That’s because you are more likely to overspend and accumulate too much credit card debt.
- Legal consequences: Providing false information on a credit card application can have legal repercussions. If it is found that you intentionally provided false information with the intention to deceive the issuer, you may face legal actions and potential charges.
It's crucial to provide accurate and honest information on credit card applications. If you have made a mistake on your application, it's best to contact the credit card issuer immediately to rectify the situation and provide the correct information.
This answer was first published on 05/25/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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