Credit card Application

[ejny65]

When applying for a credit card, some questions are asked about home ownership, income and such. If applied over the phone, how long will they keep these records? Could these applications come to hunt BK case or create an objection?

[emoney]

Many CC companies record these conversations. How long they keep this is anyones guess.
If you did not tell the truth and they still have your statements they could contest your BK.
regards,
emoney

[magyar123]

Many CC companies record these conversations. How long they keep this is anyones guess.
If you did not tell the truth and they still have your statements they could contest your BK.
regards,
emoney

But income can change - cut in hours, less pay, loss of job, new job with less pay - from the initial income as stated on the application.
But normally creditors do not file objections to information initially provided - could be years - on credit applications.

[jp2861]

But income can change - cut in hours, less pay, loss of job, new job with less pay - from the initial income as stated on the application.
But normally creditors do not file objections to information initially provided - could be years - on credit applications.

Where did you get this idea from? Information provided on an application is the easiest for creditors to object on. It's probably the one most tangible source they can refer back on if they want to object for reasons of fraud.

Changes in income are irrelevant. Credit limits are defined at the "time of application".

ejny65: The answer is YES, it can come back to haunt you if the creditor can prove that the information you provided was incorrect. Their biggest challenge is to prove that you did this intentionally.

[magyar123]

Where did you get this idea from? Information provided on an application is the easiest for creditors to object on. It's probably the one most tangible source they can refer back on if they want to object for reasons of fraud.

Changes in income are irrelevant. Credit limits are defined at the "time of application".

ejny65: The answer is YES, it can come back to haunt you if the creditor can prove that the information you provided was incorrect. Their biggest challenge is to prove that you did this intentionally.

CRedit card applications -on the phone, on the form, online, ask the same questions:
First name,
Last name
Middle initial
Home telephone
Street address
City, state, zip
Housing status - Own or rent or other
Housing payment (amount)
Length of time at current address - yrs, mos
Employer name
Occupation
Length of employment - yrs, mos
Business phone
Date of birth
SS #
Mother's maiden name
Do you have a checking or debit account - yes/no
Do you have a savings account - yes/no
Do you want an additional card in someone else's name - Last name ,first name, middle initial
Do you want to transfer any balances.

The phone rep of the credit card cannot ask you if you are white, hispanic, black or whatever.

So as I see it, as I posted in my original reply in this thread, the only thing that can change is the income issue, loss of job, cut in hours, different employer/less pay.

[jp2861]

The Op asked if creditors can object to information provided on an application, and you responded: "But normally creditors do not file objections to information initially provided". The truth is that the amounts stated on applications are used as a basis for granting credit. There's other factors, but they want to know that your income will sustain the payment. If they're investigating your financial situation you can rest assured they'll be looking for documents stating your income matched what you claimed it was at the time of application. If you lost a job or had a cut in hours that may not have been in the applicants control. However, stated income was. What an applicant claims on an application will definitely be looked at. Can it come back to haunt someone? If the applicant didn't provide valid information it could definitely come back on them.

[magyar123]

The Op asked if creditors can object to information provided on an application, and you responded: "But normally creditors do not file objections to information initially provided". The truth is that the amounts stated on applications are used as a basis for granting credit. There's other factors, but they want to know that your income will sustain the payment. If they're investigating your financial situation you can rest assured they'll be looking for documents stating your income matched what you claimed it was at the time of application. If you lost a job or had a cut in hours that may not have been in the applicants control. However, stated income was. What an applicant claims on an application will definitely be looked at. Can it come back to haunt someone? If the applicant didn't provide valid information it could definitely come back on them.

You provide the right valid income information AT THE TIME YOU APPLY. One month, 6 months, one year later that income could drastically change.
Today you might be married, and include your spouse's income in the "total household income" figure. Several months later you get a divorce, or your spouse dies.
Total household income changes.
Remember - there are no provisions whatsoever that mandate you to update the creditor with new information, except your address.

[ejny65]

In what method do they record the initial information, if applied over the phone? If they monitor or record the voice, how long do they keep them?

[magyar123]

In what method do they record the initial information, if applied over the phone? If they monitor or record the voice, how long do they keep them?

I'm sure that sooner or later they will transcribe those recordings and file them with the applicant's charge/payment records.

[ejny65]

Isn't it their fault not to ask for any proof of income or house ownership? They totaly accept whatever applicant says, and they dont make you swear or anything before hand, and since its over the phone there are no signature of confirming what you said. Is it still objectable?????

[jp2861]

Isn't it their fault not to ask for any proof of income or house ownership? They totaly accept whatever applicant says, and they dont make you swear or anything before hand, and since its over the phone there are no signature of confirming what you said. Is it still objectable?????

The bottom line is it's still a debt you owe. And yes it can be objected to. Most likely, it won't be.

As far as them verifying your income, they usually don't. I've never had my income verified when I bought a car either. They simply go by what you say.

If, at the time of application, you said you made $XXXXX thats what they go by. I know it sounds kind of weak for a creditor to grant credit this way but they do. Who knows, maybe it's just another way to suck folks deeper and deeper into debt.

[jp2861]

You provide the right valid income information AT THE TIME YOU APPLY. One month, 6 months, one year later that income could drastically change.
Today you might be married, and include your spouse's income in the "total household income" figure. Several months later you get a divorce, or your spouse dies.
Total household income changes.
Remember - there are no provisions whatsoever that mandate you to update the creditor with new information, except your address.

I'm not going to go into this any further with you. Credit is not granted on a crystal ball vision of what may or may not happen in the future. It's all based on an applicants financial situation "at the time of applying". If an applicant is not truthful "at the time of applying" it can haunt them, regardless of what happens anytime afterwards.

[magyar123]

I'm not going to go into this any further with you. Credit is not granted on a crystal ball vision of what may or may not happen in the future. It's all based on an applicants financial situation "at the time of applying". If an applicant is not truthful "at the time of applying" it can haunt them, regardless of what happens anytime afterwards.

That is exactly what I said - AT THE TIME OF APPLYING.
If you would carefully read my responses instead of keeping your head/eyes where the sun don't shine, you will note that I did make references to timing - at time of applying vs. months or years down the road.

[ejny65]

I am sure they wont care what happens to my income AFTER as long as I make payment on time, which I did for past years, and always. My question is THE TIME OF APPLYING i was not truthfull about ownership, and i seriously didnt mean it, they keep sending me invitation, and well, If I am 80K in debt why are even sending them, you know i need it and i will say things to be eligable, Is it all my fault, great! they found me in vulnorable situation and I had to misled them. Now I am burning, and they should burn a litle bit by not verifying....Now what? (

[PaKettle]

While they CAN go look at the application and see if you lied, it seems that this is pretty rare for them to do. Since I've been reading this board I have not read of one case of it happening.

I don't think it's worth worrying about. The bottom line is that you intended to pay it back, you were paying it back, and then things fell apart and you couldn't pay it back.

Period. End of story.

Don't worry.