Income and Credit Rating

amillionlittlepieces

Hi All,

Sorry if this is a long post but would like to explain the full situation and reason behind the question. It may be a stupid question but...

Does income effect your credit rating?

I have recently taken a 6 month sabbatical from my job. I am still employed by the same employer but all my benefits are stopped (ie pay) until I return to work. This means I am unpaid for 6 months but upon return will have the same salary. I have this in writing.

Over the 6 months all my direct debits for credit cards etc will be getting paid from a lump sum in my bank account.

When I return I will need to get a car on finance. About 10% of my salary is part of a car scheme so need a car to get this, but the car needs to be a certain age, mileage etc so can't just pick up a banger. It's a chance to make a few extra quid!

So, having not missed any payment whatsoever and having proof of income (letter from employer and payslips from before I left) will my credit rating be intact??

Again, apologies for the long post, hope someone can help :-)

Thanks

Fruit_and_Nut_Case

amillionlittlepieces wrote: »

Does income effect your credit rating?

If you are referring to the number that the Credit Reference Agencies sell you, no. They do not know your income.

Naturally a lender will take your income (personal and/or household) in to account when considering your creditworthiness.

Thrugelmir

Whether a lender will offer you finance depends on a whole range of factors. As you are employed in a permanent role that's one box ticked.