What Happens if You Make an Error in Your Credit Card Application

When you complete a credit card application, you will be required to sign the document to confirm the information is accurate and to the best of your knowledge. Any error on the application makes the application void. Depending on the type of error, you may find an easy fix. If you intentionally provide false information in order to secure the card, you may be subject to criminal penalties. Simple mistakes that do not affect your ultimate ability to receive credit can be easily corrected.

Providing False Information

The largest factor used to determine whether you should be held accountable for the false information is whether or not it affects your ability to get the credit line. There are some items that directly affect this decision:

  • Social security number or tax payer ID - Providing the wrong identification for a credit check is potentially harmful for your credit application. Many banks or creditors will interpret this as identity theft. Identify theft is punishable by law. If you have made this error, contact the company immediately. Request to cancel the application before it is processed.
  • Incorrect income or financial information - Your financial information, such as how much you earn or your bank account numbers, must be accurate. If you make a mistake in this area, cancel your application immediately to avoid any accusations of fraud.

Negligent or Unintentional Errors

While financial information is extremely important on a credit application, some personal information is not. If you mistakenly entered incorrect personal information, you may be able to submit a correction without cancelling your application.

  • Address, phone number and other information - If the information you entered is subject to change, such as an address or phone number, it is very easy to change the application.
  • Employer information - This part gets a little tricky, because the lender may think you misstate an employer's information in order to withhold income or employment information. You will need to provide the lender with the correct information immediately to prevent rejection of your application. Employer information can include an incorrect address or phone number.
  • Reference information - Any details you provided for required references should be double checked for accuracy. If they are incorrect, quickly rectify the situation so your lender does not reject your application.

Ultimately, your loan application is like a job application. You should fill it out carefully as mistakes will reflect poorly on you. If you have a very good credit score and a high income, these mistakes are largely not a huge issue. However, for borrowers who are already stretching to apply for credit cards, avoiding errors is crucial. A correct application will show you are responsible and taking the credit process very seriously.

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