Applying for a credit card using false(?) income information

[FortyBears]

State is Florida.

December of last year, I was brought on board as an owner of a small business in Daytona. I'm paid 500 a month under the table, and to this day the paperwork was never put in place to show that I actually own any percentage of the business.

I'm currently in debt $12,000 and need the money quickly. I spoke to someone at Bank of America and they suggested that if I brought them proof that my business pays me 40k a year they could get me a credit card for the amount I owe.

If the amount of money I make fluctuates so much that at some point I might ACTUALLY be making 40k a year, can I claim that they pay me 40k and get the larger credit card? Would this be fraud? Also, because of my low income, I plan on getting an additional credit card and using them to pay each other after the initial 12k.

 

[LeeHarveyBlotto]

State is Florida.

December of last year, I was brought on board as an owner of a small business in Daytona. I'm paid 500 a month under the table, and to this day the paperwork was never put in place to show that I actually own any percentage of the business.

I'm currently in debt $12,000 and need the money quickly. I spoke to someone at Bank of America and they suggested that if I brought them proof that my business pays me 40k a year they could get me a credit card for the amount I owe.

If the amount of money I make fluctuates so much that at some point I might ACTUALLY be making 40k a year, can I claim that they pay me 40k and get the larger credit card? Would this be fraud? Also, because of my low income, I plan on getting an additional credit card and using them to pay each other after the initial 12k.

The daily double, illegal AND stupid as a money strategy.

 

[FortyBears]

The daily double, illegal AND stupid as a money strategy.

Even if it's stupid, will it work?

Some months I make 3-4 thousand dollars, some months I make 500 dollars. Surly reporting 35-40k isn't completely inaccurate.

 

[LeeHarveyBlotto]

Even if it's stupid, will it work?

Some months I make 3-4 thousand dollars, some months I make 500 dollars. Surly reporting 35-40k isn't completely inaccurate.

Instead of credit card scams, you'd be better served trying to find something to do that pays better. Under the table stuff rarely (as in almost never) leads to anything, other than trouble and poverty.

 

[FortyBears]

I agree 100% that I need to improve my situation, but right now I'm only looking as far as the end of the month. I need to pay this debt off soon. It's to people I know who trusted me and I made mistakes with their money and I don't want my failures to negatively effect their lives.

This has the air of being a scam, but that's where I am trying to find the line. If I report an estimated income rather than an actual income so I can get a higher credit card, are there legal ramifications? Also, paying a credit card with a credit card? Does that rotation work the way I think it does or will I incur fees/interest that will eventually demand additional payments?

 

[FlyingRon]

This is not the "How do I break the law and get away with it forum. " We do not provide advice on that.

 

[STEPHAN]

When you start being honest about money, things will change in your life. Don't try to solve one dishonest situation with another. This is a dwindling spiral and you will find yourself in jail sooner or later.

You are not making enough money. That needs to be changed.

And in regards to the people who trusted you, the best thing you can use is the truth. Yes, it might hurt your reputation, but you will see how fast it changes when you really handle the situation by making money and starting to pay them back.

(I know what I am talking about.)

 

[despritfreya]

Even if it's stupid, will it work?Some months I make 3-4 thousand dollars, some months I make 500 dollars. Surly reporting 35-40k isn't completely inaccurate.

You certainly can supply a creditor with false and/or misleading financials but don't be surprised when that creditor goes after you for fraud. And, based upon your statements, I have no doubt you will eventually file bk. You might want to review 11 USC 523(a)(2)

Oh, and by the way, what are you going to do when the IRS catches up with you being paid "under the table"?

My recommendation is that you get your financial house in order using means that are not fraudulent in nature.

Des.