How do Banks check Credit Card Applications Details?

[kallinch]

This may be a stupid question:

How do banks go about verifying all the details you put into credit card applications e.g. how many dependents you have / your monthly living expenses etc. ?

Just wondering what stops people from putting in fake details so they can be approved...

 

[JohnK]

I dont think all details are checked.

I applied for Westpac low rate Visa credit card the other day. Approved. Credit card is already in branch today. All they want is drivers licence, Medicare card, 2 recent consecutive payslips and rental income statement. Once you have been identified you can activate credit card.

I am not sure if anyone in the background verifies all the information you provide in application. Not sure if all banks are the same.

 

[zainman]

Just wondering what stops people from putting in fake details so they can be approved...

Absolutely nothing.

 

[burmans]

This may be a stupid question:

How do banks go about verifying all the details you put into credit card applications e.g. how many dependents you have / your monthly living expenses etc. ?

Just wondering what stops people from putting in fake details so they can be approved...

Of course you are aware that should they happen to check and find out you are lying that this is fraud? You may find you cant get credit again.