Stay at home Mum - what income to use to apply for credit card?

MummyJenny_2

I want to get a credit card, mainly to boost my credit rating as I recently got declined to be added onto my partners account, meaning we still can't have a joint account.

I am a stay at home Mum, so don't have any wages coming in. However my partner earns a half decent wage which is what would pay for it (and I would just use for food and fuel which he pays for anyway).

Do I count everything going into my account each month or has it got to be wages when they ask for income? As I have Child benefit, Child support from my ex and my partner currently gives me £200 a month towards the groceries etc although this may stop if I do get a credit card as would be better for him to pay the CC straight off.

We would be planning to pay off by DD every month so hopefully no charges induced? I don't know much about CC as neither of us have had one for years.
I was thinking of maybe a Tesco clubcard CC to gain CC points?

If anybody could help that would be great! I feel clueless at the moment!

forgotmyname

The problem is he maybe on a good wage. But if you run up debts they cannot chase him for payment only you.

Unlees he acts as a guarantor. Then any debts are also his if you dont pay.

Have you checked your credit file to see if there is anything bad on it?

Missed payments? Electoral roll? CCJ's ?

My wife had a similar issue couldnt open an account anywhere.

Gels

Some cc applications ask only for household income, off the top of my head, John Lewis Partnership card is one of them, also Asda I think, there are more around though. If you have limited credit history a 'starter' card such as Vanquis may be your only option (not sure if they ask for general household income though) and as you intend to pay the bill in full, their ghastly interest rates won't bother you.
Also, yes, I would count child benefit as it is money you have coming in and can prove it if required.

Hope this helps a little and good luck.

tinkerbell28

Well I'm a housewife. I've got a TESCO 18 month interest free on purchases, a barclaycard, an o/d which I never use.

Oh as for income, yes anything your husband puts into your account, your child maintenance, etc. Declare it. After all income doesn't actually specify WAGES. It could be rental income, returns from investement, child maintenance, "housekeeping". INCOME is INCOME. Your husband putting money in your bank account is income. I asked TESCO this before applying btw and got an instant accept.

Plus my bank keeps trying to chuck a 25k loan at me based on account conduct :eek: I'd have no way of paying it back if we split...:D

I'd check your credit file tbh, refusal to be added to his account is suggesting something is amiss here,,,

JKSandy

As above, some applications ask for household income, which is the total income coming into the house.

Maybe wait a few months now; as too many application in a short time can hamper your success.

Also maybe an idea to go with Barclays initial or one of the credit bulider cards?

Barclays/Nationwide and Fluid do a pre-approval check (no
guarantee's mind), not sure though if these ask for household income.

InsideInsurance

I am not sure you can count "pocket money" given to you by your partner, particularly if the bank then goes on to ask about other household income as it is then double counting the money.

Certainly everything that comes from outside of the household can be counted as income unless the question is specifically about wages

tinkerbell28

InsideInsurance wrote: »

I am not sure you can count "pocket money" given to you by your partner, particularly if the bank then goes on to ask about other household income as it is then double counting the money.

Certainly everything that comes from outside of the household can be counted as income unless the question is specifically about wages

Well with TESCO you can, which is what op is asking, as it asks for your income, not household. So as my husband splits his income with me I could declare it.

However being declined for a joint account, wouldn't stand her in good stance if you ask me.

lisyloo

Well with TESCO you can

Have you confirmed that with Tescos?
or is it your interpretation of "income".
I'm not having a go but I think it's crucial the OP and others know where this information comes from.

I've looked up income and the definition is

The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments.

The transfer of money between spouses is normally called a "gift". I don't mean in normal language, I mean in financial terms.

tinkerbell28

lisyloo wrote: »

Have you confirmed that with Tescos?
or is it your interpretation of "income".
I'm not having a go but I think it's crucial the OP and others know where this information comes from.

I've looked up income and the definition is



The transfer of money between spouses is normally called a "gift". I don't mean in normal language, I mean in financial terms.

Yes. Like I have already said and I was accepted. Looking online at previous posts, I'm not the only housewife accepted for a TESCO card. Which is what op is asking about. Your interpretation or some internet interpretation of income is wrong for certain things. Income can come from many sources. Depending on what people use as income

It would be a different kettle of fish, if say, someone asked for your income, then that of your household, as you're doubling your income. A clubcard credit card doesn't. You even declare home maker when applying so they know it is not "wages". Even though I told them anyway. I imagine if they were suspicious of made up or declared income which doesn't count as income they'd ask for statements.

I don't know where you definition of income comes from either. As for financial purposes child maintenance is classed as income even for mortgage apps. Which op gets. Then.... EVEN benefits! Yep as op has child benefit paid to her, that is also income.

I think it's insane personally that when you apply for a mortgage now, they even ask if you qualify for tax credits or child benefit, as THAT is classed as income. Craziness, as I don't think it should be if people are reliant on it to get a mortgage.

Too many people just see income as "wages". But it can be child maintenance, spousal maintenance (no different from you husband giving you spends really), benefits, whatever. It DEPENDS on where you are applying, what for, what they specifically ask, and the other surrounding questions.

I don't think there is anything crucial about it. People should ALWAYS check before proceeding with anything, rather than follow the internet. Things change I looked up this before applying for my credit card in September ish? Saw other "home makers" had the card. Contacted them to make sure and applied.

busiscoming2

Have asked at the bank where your main account is?

I did this with Lloyds and they gave me a card with a £10k limit - yes as a non working housewife. It was a few years ago now though. I had tried Tesco first but they wouldn't give me one, once I had the LLoyds one, Tesco allowed me one. There doesn't seem to be any sense in it.

tinkerbell28

busiscoming2 wrote: »

Have asked at the bank where your main account is?

I did this with Lloyds and they gave me a card with a £10k limit - yes as a non working housewife. It was a few years ago now though. I had tried Tesco first but they wouldn't give me one, once I had the LLoyds one, Tesco allowed me one. There doesn't seem to be any sense in it.

Tesco are quite hard to get for some reason? Allegedly.

I'm the same, my bank will give me a 25k loan, no questions asked. I would truly be stuffed if we broke up on that! Or about your limit on a CC.

I know it flies in the face of most of the advice given here about debt vs salary ratios and available credit. But there ya go.

It makes no sense, but what's posted here is not always correct.