Can I include student loans as income?

alexdrans

I'm looking to get a credit card to improve my credit score. I currently have a part-time job, working 15 hours per week during term time, and more during the holidays. I've estimated my annual income to be around £5,500-£6,500, depending on how many hours I can get in the summer.

The amount of money going into my account is over £10,000 per year, but this is including student loans too. Am I able to include this as income, or am I only able to include the income from my job?

alexdrans

If not, I was looking at the Capital One Classic card. Is this a good place to start?

alexdrans

Another question -

The monthly credit card payment is:
- the full outstanding balance if it is less than £5, but otherwise the greater of:

• An amount equal to the total of (i) 1% of the outstanding balance on your account; (ii) interest applied to your account in that month; (iii) all Default Sums incurred in that month; and (iv) one twelfth of your Annual Fee, or
• £5

Does this mean that I will pay at least £5 per month to use the card?

Plxply

No any sort of loan is never income, only your work can be included. When you say improve your credit, do you mean that you have no credit history or that you have missed payments etc. ? It would be a good idea to look at your credit files from at least one of the major three reporting agencies before applying for a card.

alexdrans

Plxply wrote: »

No any sort of loan is never income, only your work can be included. When you say improve your credit, do you mean that you have no credit history or that you have missed payments etc. ? It would be a good idea to look at your credit files from at least one of the major three reporting agencies before applying for a card.

I'm 19, never had any bad credit. This would be my first card, and I currently have 4 mobile phone contracts in my name, the "youngest" being around 8 months, and the oldest being 19 months. I checked my credit score a few months ago on Credit Expert and it was in the green section, although I can't remember the exact score.

[Deleted User]

you have 4 mobile contracts?no wonder you need a cc -)
as for income i would say that anything going into your bank is income if its regular

alexdrans

I was also looking at this card: http://www.capitalone.co.uk/creditcards/progress-credit-card.jsf

I don't have a bad credit score, but I would prefer not to be rejected on this, and then have to apply for the Classic card with a risk of being declined due to recently being scored.

maginot

Student loans tend to be assessed differently to normal loans and these are classed as income.

However I would contact your own bank for a credit card, if you have a student account with them and they see the student loan coming in, it is likely they would offer a credit card. If not you could try the more sub prime lenders such as capital one etc but interest is higher, so try and pay off any balance in full at the end of each month to help your credit rating.

alexdrans

woodbine wrote: »

you have 4 mobile contracts?no wonder you need a cc -)
as for income i would say that anything going into your bank is income if its regular

I work at the Carphone Warehouse, so one costs me £18/month (Should be £30), another is £10.50 but I immediately sold the phone for £400 (made a big profit). One is for a family member who pays me £35 when it should be £24 (their choice) and the other is £30, so they actually don't cost me that much

alexdrans

maginot wrote: »

Student loans tend to be assessed differently to normal loans and these are classed as income.

However I would contact your own bank for a credit card, if you have a student account with them and they see the student loan coming in, it is likely they would offer a credit card. If not you could try the more sub prime lenders such as capital one etc but interest is higher, so try and pay off any balance in full at the end of each month to help your credit rating.

My wages go into my Co-operative bank account, and so do my student loans. I'll go to the bank tomorrow and have a chat with them, if they can offer me a card instead then that's more ideal.

YorkshireBoy

alexdrans wrote: »

I was also looking at this card: http://www.capitalone.co.uk/creditcards/progress-credit-card.jsf

I don't have a bad credit score, but I would prefer not to be rejected on this, and then have to apply for the Classic card with a risk of being declined due to recently being scored.

A second 'immediate' application would be a wasted application I fear...

If you have applied for a Capital One card in the last six months your application may be declined.

http://www.capitalone.co.uk/creditcards/classic-credit-card.jsf