As you consider applying for a credit card or seeking a higher credit limit, you might feel tempted to stretch the truth to boost your chances of approval. However, falsifying information on a credit card application is far from harmless. Depending on the severity of the offense, you could face state or federal charges with serious penalties.
Why honesty is the best policy on credit card applications
In California, presenting false financial statements to obtain cash or credit is a form of fraud. This may include:
- Omitting or exaggerating information about your financial situation, income, assets or liabilities
- Providing doctored bank statements as proof of income
If your lie is discovered, you may face up to 1 year in the county jail.
Moreover, misrepresenting information on a credit card application can lead to federal prosecution, carrying even heavier penalties. A conviction could result in up to 30 years in prison and fines of up to $1 million.
Beyond legal consequences, an accusation of credit card fraud can damage your future creditworthiness and employment prospects. All this is a steep price to pay for what might seem like a small white lie.
If you are facing charges for credit card fraud, you will need a strong defense. Consider consulting with a criminal defense attorney to learn more about your options. Their experience in handling cases similar to yours can provide valuable insights to help you make informed decisions about your future.
The road to better credit
When finances are tight, you might feel justified in telling a small lie to give yourself a break. However, there are various credit cards that cater to different income levels. If they do not offer what you need right now, you can work on improving your credit legitimately.
Card issues consider many factors beyond income when reviewing applications. Applicants with a history of timely payments and resolved debts often have better approval chances.
There’s no shame in having less-than-perfect credit. It’s far better to work on improving your financial situation than to risk such severe consequences.
