I think you should always try to be honest. If they catch you in a lie, you can be damn sure that will tarnish your chances there and possibly other studios in the future. If your portfolio is good, something will happen for you. Also, if you say you have a title under your belt (when you don't) how will you answer the…
I have heard a lot about the job requirements being there to filter out less confident candidates. Although with the experience thing that sometimes is wanted by them because although you may produce good art the question is for them. Can you produce it to the specs? Is it workable I.e no errors, can work fully in the game…