No you bloody well shouldn’t.
But strangely many people do. There are so many reasons why it is desirable to inflate your income, here are a few:
- Higher Income = higher individual credit line
- Higher Income = higher total credit allocation
- Higher Income = generally more important a person and more likely to be accepted
- The phrase ‘inflating your income’ sounds so much more innocent than lying.
Are any of the above true? I’ve no idea, I do know they sound convincing though.
Here’s a reason that you might not want to inflate your income:
- It’s fraud.
When is it likely to bite you in the butt?
If you do commit fraud on an application you’ll likely not be sent to prison for it as a primary offense. That means that there isn’t a team of prosecutors out there looking for fraudulent applications in order to indict you, however, it can come back to bite you in the backside in a couple of ways. If you fraudulently ‘inflate’ your income and later file for bankruptcy, you might well find that the bank will dig into your declared income and actual income. Don’t be surprised if your claim to eradicate your debt is met with a claim to throw you in the slammer for ‘inflating’. If you’d like to check the law on that you can look up 11 USC sec 523(a)(2) (thanks T)You might also find a moment of panic from financial reviews that card issuers will hit you with for a variety of reasons.
Lying is cool, but it is time to man up
Or ‘Woman up’ if you are ready for that.
Stop using fluffy words like ‘inflate your income’ for what is really best described as ‘outright lie’ or ‘commit fraud’ another term that annoys me is ‘fat finger’ when it comes to your SSN. Earth to fraudster: if you are intentionally mis-typing a SSN in order to get around system rules, you are committing fraud. Calling it something cute doesn’t stop it being fraud, and is not a legal defense. Of course, I am not a lawyer, but I can tell you cutesy doesn’t cut it. Personally, I think that there are times when it is OK to lie. These times include me saying how excited I am to go visit the inlaws, or how I enjoy how many shades of grey there are. The times when it is not OK to lie are when there are Federal consequences. Don’t fool around with this crap for the sake of a few credit card points.