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    • MURDO
    • By MURDO 17th May 17, 6:18 PM
    • 1Posts
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    MURDO
    changing banks but no income
    • #1
    • 17th May 17, 6:18 PM
    changing banks but no income 17th May 17 at 6:18 PM
    I am wanting to change current accounts, but I myself have no income, my wife has pensions, we own our own home, have no debts. I have a mastercard... always paid on time. A saving s account where the £1,000 (or whatever is the amount) into the new account every month. But am worried that my lack of income will muck this up. I know the banks do a credit check for overdrafts etc but this something we will never have. I know a negative response can impact on your credit score so if I apply am am likely to be knocked back and harm my credit score. sorry to be so long winded.
Page 1
    • forgotmyname
    • By forgotmyname 17th May 17, 6:38 PM
    • 25,434 Posts
    • 10,084 Thanks
    forgotmyname
    • #2
    • 17th May 17, 6:38 PM
    • #2
    • 17th May 17, 6:38 PM
    Your income is not on your credit file.

    Your "SCORE" is a meaningless number that varies between different providers. My "SCORE" went down because i spent more than 50% of my credit cards limit, even though i paid it off in full when the statement arrived.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • Candyapple
    • By Candyapple 17th May 17, 7:08 PM
    • 2,240 Posts
    • 1,700 Thanks
    Candyapple
    • #3
    • 17th May 17, 7:08 PM
    • #3
    • 17th May 17, 7:08 PM
    When you open a bank account they usually ask if you're employed / retired etc so just tick whatever box is applicable and then put in the amount you receive in pensions/savings. You should be fine. You also don't need to tick the box for applying for an overdraft.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • boo_star
    • By boo_star 17th May 17, 9:54 PM
    • 1,243 Posts
    • 627 Thanks
    boo_star
    • #4
    • 17th May 17, 9:54 PM
    • #4
    • 17th May 17, 9:54 PM
    When you open a bank account they usually ask if you're employed / retired etc so just tick whatever box is applicable and then put in the amount you receive in pensions/savings. You should be fine. You also don't need to tick the box for applying for an overdraft.
    Originally posted by Candyapple
    The OP said their wife has a pension but didn't mention that they did.

    They shouldn't be stating they're retired if they're unemployed.
    • Candyapple
    • By Candyapple 17th May 17, 10:25 PM
    • 2,240 Posts
    • 1,700 Thanks
    Candyapple
    • #5
    • 17th May 17, 10:25 PM
    • #5
    • 17th May 17, 10:25 PM
    The OP said their wife has a pension but didn't mention that they did.

    They shouldn't be stating they're retired if they're unemployed.
    Originally posted by boo_star
    I didn't say that they should state they're retired if they're unemployed, read my post again - I was telling OP some of the options they give you to choose from and to pick whichever one was appropriate for them.

    You also get to list household income usually for current account applications so that's one way he could add in his wife's pension/savings.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Ben8282
    • By Ben8282 18th May 17, 5:33 AM
    • 1,987 Posts
    • 863 Thanks
    Ben8282
    • #6
    • 18th May 17, 5:33 AM
    • #6
    • 18th May 17, 5:33 AM
    I am wanting to change current accounts, but I myself have no income, my wife has pensions, we own our own home, have no debts. I have a mastercard... always paid on time. A saving s account where the £1,000 (or whatever is the amount) into the new account every month. But am worried that my lack of income will muck this up. I know the banks do a credit check for overdrafts etc but this something we will never have. I know a negative response can impact on your credit score so if I apply am am likely to be knocked back and harm my credit score. sorry to be so long winded.
    Originally posted by MURDO

    If you and your wife own your own home, have no debts and if overdrafts etc are something that you and your wife will never have, then WHY DO CARE ABOUT YOUR CREDIT SCORE?
    So that's all you care about; harming your credit score? Why? What do you imagine will happen if you harm your credit score? What financial products are you expecting to apply for in the near future that you fear you will be declined for? As you have no income, you would probably be declined for anything you applied for anyway, so why do you care so much about the credit score.


    Is there any particular reason why you want to change current accounts at this time? Presumably when you are older you will be getting an old age pension so best to wait until then to change the account because if you tell them zero income you may well have a problem to open a current account.


    PS. Don't go telling whoever the mastercard is issued by that your income is now zero. They might take it away.
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