What can happen if you apply for a loan with "bogus" pay check stubs?
10-26-2007, 12:36 PM
#42
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umm... hes not trying to buy anything out of his means... he make alot more money then what his pay check stubs reflect. he makes $15-20(hrly, commission,tips) an hr. his pay check stubs only reflect $5.85 an hr.
Last edited by Donohue96M6Z28; 10-26-2007 at 03:20 PM.
10-26-2007, 02:09 PM
#44
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You Probably Won't Get The Loan Any income/info you report on a loan application will eventually get to the IRS. If the IRS Shows you made 22k this year and you reported you made 34k on a loan application. They WILL come looking for you.
...It just might take a few years but as I said they WILL find you and want to know why you haven't paid taxes on the extra 12k you made that year.
Trust me. It happened to a friend who did that when he was 18 and they came for him at 22....
...It just might take a few years but as I said they WILL find you and want to know why you haven't paid taxes on the extra 12k you made that year.
Trust me. It happened to a friend who did that when he was 18 and they came for him at 22....
2.) Ever heard of Credit Bureaus? They'll run a check on your SS # & if everything doesn't match, no loan. They'll know your reported income.
You might get extremely lucky & get one that'll check with whoever you reported your current employer is. If everyone lies just right...might work. But that's gonna take a bank that's desperate enough to make a loan to put that much effort into it. Honestly, how many times have you had a bank go out of there way to help a guy with nothing but a checking acct with maybe a $1000 in it?
To a banker young guys + low income + credit report that doesn't add up = Quit wasting my time.
10-26-2007, 02:34 PM
#45
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1.) There's that very real possibility. BTW, don't F with the IRS. 100%+ of the time they don't play. They'll come put a lock on your stuff, drain your bank acct, garnish your wages & if that don't work they'll put your *** in jail. Ask me how I know.
2.) Ever heard of Credit Bureaus? They'll run a check on your SS # & if everything doesn't match, no loan. They'll know your reported income.
You might get extremely lucky & get one that'll check with whoever you reported your current employer is. If everyone lies just right...might work. But that's gonna take a bank that's desperate enough to make a loan to put that much effort into it. Honestly, how many times have you had a bank go out of there way to help a guy with nothing but a checking acct with maybe a $1000 in it?
To a banker young guys + low income + credit report that doesn't add up = Quit wasting my time.
2.) Ever heard of Credit Bureaus? They'll run a check on your SS # & if everything doesn't match, no loan. They'll know your reported income.
You might get extremely lucky & get one that'll check with whoever you reported your current employer is. If everyone lies just right...might work. But that's gonna take a bank that's desperate enough to make a loan to put that much effort into it. Honestly, how many times have you had a bank go out of there way to help a guy with nothing but a checking acct with maybe a $1000 in it?
To a banker young guys + low income + credit report that doesn't add up = Quit wasting my time.
the only reason why he has "low income" is that is what his check stubs reflect, but thats not what he actually makes.
Last edited by Donohue96M6Z28; 10-26-2007 at 03:21 PM.
10-26-2007, 02:59 PM
#46
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it's not outside his means, he just makes his money in tips. Have you ever worked at a carwash/detail center? When you clock out, it does not even give you an option to claim your tips so you are kind of SOL when it comes to providing "proof" of your income.
10-26-2007, 07:40 PM
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I Feel Your Pain The system is setup (rigged) to work on credit scores. No doubt you've learned REPORTED income is a significant portion of the score.
I wish you(him) luck. I know how bad you want it.
