Why it’s a bad idea to change salary field on credit card application forms?

  • authorJayendra Kumar Sahu
  • 04-02-2022
Cardnomics is written by credit card industry professionals which helps you to take more informed view about credit cards.

We’ve been analyzing some data on why credit cards are rejected. One of the interesting things that came out is: people frequently change their salary information just to get eligibility in the first place.

This is a terrible idea. Drop this if you are thinking of doing it.

There are ways to find your income with you saying it.

There are ways the card issuer can find out your income beyond what you give as an input.

Credit bureaus provide income estimation and your mobile phone model. The card network predicts a certain lifestyle by reading SMS data which provides a direct view into your salary credit.

Edits are monitored

Modern card issuers monitor every time you enter a piece of information including the edits you do. If you edit your salary information back and forth – most likely you will not be eligible.

An enquiry is generated in the credit bureau within 15 mins

Post pandemic, the frequency with which banks update new card / loan enquiries have come close to 15 mins intervals.

This means, if you are doing this to check eligibility - an enquiry would be created in CIBIL and this may affect your future loan or card applications.

Your first entry goes through (and gets rejected), rest will be flagged as duplicate - making it useless

Even if your application gets submitted, your first entry possibly goes through.

In our experience, after checks this will get rejected eventually.

But the subsequent applications will get rejected outright because they are duplicates.

Reality check: You will be under scrutiny or under a special list making it difficult for you to get a card.

Even if you pass the eligibility stage, you may be scrutinized during the underwriting if you edit your income proofs while submitting.

Net result - you will most likely not get a credit card.

So, it is advisable not to frequently edit salary information on card or loan applications.

idea points

Pro-tip: Check eligibility requirements upfront, if you don’t meet them - there are still other ways to get the same card.