Accurate details when apply for credit card and consequences

shakey999

For my job I'm contracted 12h a week (350/m), however, there is always so much overtime available that I do much much more. I've been working over a year, but because I had exams and stuff before I haven't always done a lot of overtime. This financial year I've earnt around 750 per month (April and May) and should got around 1200 in June. I hope to keep this up. But then I got uni in Sept.

When applying for my credit card I assumed my annual income is 10k, however because I'll be going uni, I doubt I'll make 10k, maybe half that. The bank accepted the application form and sent me a contract. Then I got a call asking why I still haven't signed it, I told the person on the phone I may have estemiated the income wrong and she said it's not really based on income but your credit rating. So it shouldn't matter.

Should I sign it, or is this a big thing and I can get in trouble?

Thanks

_Andy_

If you sign it knowing the income is wrong then it's fraud.

chattychappy

Can't see there's any problem. They are not asking for a forecast of your future income months ahead (so don't worry about university), just what your "current" income is.

Unless they specifically tell you how to calculate your income, any reasonable method would be OK. Someone who just started a new job would be entitled to put their new salary even though they might not have received a pay cheque yet. Someone with a variable income could average their recent pay.

In the case of your current job, it looks like you've put a little above an annualised income based on April/May but less than if you took into account the kind of overtime you will get in June. Looks pretty honest to me.

CannyJock

If you have a P60 from last year, simply base it on those numbers - that way you have a document to support the case.

As chattychappy says, they're not asking for a forecast of future income which is why we always suggest that people apply for any credit they need before a change of circumstance takes place.