The short answer is most likely nothing, though do keep in mind you are committing loan application fraud, punishable by jail time and or fines if you were to be caught…but the chances of that happening are beyond small for credit card applications. As per Yahoo Finance:
It would take a ton of time, energy and cash for banks to verify the income, housing costs and and employment of every credit applicant. They devote that kind of time — poring your over tax records, pay stubs and bank statements — to larger loans, like mortgages, because they have more at stake. The average U.S. household carries about $15,000 in credit debt compared to $130,000 in mortgage debt.
“For credit cards, most of the time the bank will take the applicant’s word for their income or they’ll use some other method such as income prediction modeling,” says credit expert John Ulzheimer. “The only time a bank will want ironclad proof of income is if the applicant wants some extremely large credit line or they’re buying a house.”
One reason a bank might take the time to investigate your income would be if you start making late payments or max out your cards. Remember though, the bank assigns a credit limit because it feels that’s the amount you can comfortably handle. Also, if you were to file bankruptcy, the bank can refuse to discharge your debt if they can prove you lied about your income.
Full article from Yahoo here.
Related:
- What’s In My Wallet?
- Credit Card App Advice from a Senior VP of Credit Approval & Risk – Part 1
- Revealing Credit Card Interview – Senior VP of Credit Approval & Risk – Part 2
- Part 3 – Revealing Credit Card Interview – Senior VP of Credit Approval – Reader Questions
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