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Ryan78634

Lied on CC Application about income now being sued. Is prosecution for this as rare as the internet makes it seem?

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I know that technically its illigal and punishment can happen, but lots of websites on the internet say that it is rare. I put 40k down when I am making 25k. How rare is prosecution in these cases, and will I likely be prosecuted? Im 20, No criminal record, Nothing.

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If lots of websites say it's rare, that must be true.

 

Lightning rarely strikes people, but when it does that someone got the bad luck to be singled out by the lightning.

 

Will prosecution happen to you?

 

No way to predict. You'll just have to sweat it out.

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I suspect you have asked this same question on at least one other site, as your post is very similar to another I have seen. If so, the answer is pretty much the same as you got there: if the bank discovers you lied on the application and you have defaulted on the credit card, it certainly may refer you to the FBI or local police for bank fraud. Whether it will do that is anyone’s guess. A lot would depend on how much you owe and whether the lie was material in the bank’s decision to grant you the card. If you commit fraud, you should not be surprised if you end up getting prosecuted for that fraud somewhere down the road. You might consider paying the credit card debt as that should solve your problem. Then I'd go a step further and cancel the card and apply elsewhere for a card with an honest application so you never have to worry about this again.

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I understand that they may, however, is it as rare, or uncommon as the internet posts make it appear?

 

It is fairly rare because in most cases the bank does not investigate to determine if the debtor lied on the application. But the odds of prosecution go up significantly if the bank does in fact become aware of the fraud by whatever means and the fraud was material in the decision to grant the loan. If you don’t owe any delinquency on the loan, however, then the bank hasn’t suffered a loss and it doesn’t become a problem. When you have to worry is when you have defaulted on the loan because, however rare it may be, the possibility is there that the fraud might be found and prosecuted.

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define 'rare.' 

 

Merriam-Webster’s Collegiate Dictionary, 11th Ed., defines the term as it would apply here as “seldom occurring or found: uncommon.” I assume that is what the OP had in mind when using the word, don’t you? If you are asking him to define exactly how rare he thought it might be, i.e. specify a particular probability of occurrence, that’s a different question.

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I understand that they may, however, is it as rare, or uncommon as the internet posts make it appear?

 

As Tax_Counsel mentioned, you beat this question to death on at least one other forum.

 

If you are determined to scare yourself...  Yes, you are very likely to be arrested and prosecuted for fraud.

 

Now, what exactly does that answer do for you?  Are you going to begin carrying your toothbrush around just in case you get slapped in cuffs sometime?

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will I likely be prosecuted?

 

Your question about whether prosecution for this sort of thing is or isn't rare is both pointless and generally unanswerable, except with speculation.  Whether you are likely to be prosecuted is a more sensible question but still unanswerable.  For starters, we have no way of knowing whether the issuer of the credit card knows or is likely to find out about your fraud.  We also don't know where you live (which would be necessary to assess whether any local prosecutor is likely to care enough about something like this).  What I can say with reasonable certainty (although it's still just speculation) is that no one's even going to find out about this if you don't default on your payment obligations.

 

P.S. Posting on the Internet about crimes you have committed is nothing short of stupid.

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