Credit card applications

skaboy607

Hi,

I've just finished my degree and was looking to restructure my debt (overdraughts and credit cards) to a 0% balance transfer card. I can afford to pay off £250 a month which will mean the balance £4k will be paid off in 16 months. Not all of the £4k is existing, I need to pay for security deposity and first months rent for house etc.

I have called a few firms up but they want me to have 1 months salary paid into my account. I have a job contract signed and dated and due to start in 25th June, but apparently that isn't ok.

My question is, had I been naive and just applied online for a credit card stating I was employed (as far as I am concerned, I am) and my salary (£25k), would this have gone through? What checks do they do?

Thanks

Will

bengalknights

Most are automated its only if it flags that manual checks are done.

InsideInsurance

All lenders vary but typically they will look at your credit file and see if that matches what you;ve stated both in fact and expectation as well as if its good or bad.

If its good and it all adds up then they offer the credit. If its borderline then it gets referred to a someone to have a closer look at and decide what, if any, further checks need to be made. Obviously if its bad then they just decline.

The extra checks can be anything they want from contacting employers, asking for statements or payslips etc though these days things tend to be more binary in terms of lend or not lend rather than make indepth enquiries.