Is lying about income on a Credit Card application illegal?

From what I know they very rarely verify the income you list.

Is there anything illegal about exaggerating annual income on a Credit Card application for the purposes of getting approved/getting a higher starting limit?
Please don’t give me ethics, I just want to know if it constitutes fraud (could be a typo for all they know) or if there’s anything illegal about my SPECIFIC question.
I would like a Yes or No if possible.

What is the punishment for lying about age on a credit card application?

I’m underage (16) and I got to thinking about people my age who have credit cards (and not with their parents tab/consent). They’ve lied about their age on the application. Is there any punishment for this? Does anyone find out? Could a insignificant really get into distress for this? Can’t you just pay off the card?