Do Card Providers really dislike the self employed?

mroakley

More on Tesco Credit Card:
Just taken a look at the application form and, in the optional "help with application" window, it says you need to send them original copies of whichever forms of i.d. they request, plus proof of income. But I'm assuming they didn't bother - with the latter at least - in your cases, djm & Never. Did either of you (or your partners) admit to self employment?
Plus, changing the subject slightly, does it really damage your credit rating badly if you apply and get turned down once or twice? We're dithering so much over this, trying to pick the right provider, my g/f reckons she should just take the plunge with two or three and see how we go. Good idea or not?
Cheers

magic-man_2

mroakley wrote: »

".......plus proof of income......"

"does it really damage your credit rating badly if you apply and get turned down once or twice?"
Cheers

Thats what I thought, with regards to prrof of income.

I am also concerned about my credit rating and being turned down

djm1972

Credit limit was 4.5K.

The help information regarding sending documents and / or proof of income does mention "where necessary"; so I would imagine that processes is only required where your address cannot be confirmed by electronic means, for example you're not on the electoral roll.

Regarding income; I don't know what mechanisms the banks and credit references agencies have regarding personal income; but "just incase" I have made a habit in the 5 years that I have been self-employed to always withdraw from my business account to my current account instead of directly to savings so that my current account turnover reflects my annual income.

I think there are also ways that information in your credit file can be used to estimate your annual income (such as balances carried and paid-off on other cards) so if that's the case it would explain why there's no need for follow-up proof of income.