Offered 29m 0% Tesco Credit card, what is required ?

Stranger956

I've been sent a Tesco Credit card application, with an offer to transfer my existing balance to a 29month, 0% interest deal.

Have any forum members taken advantage of this kind of offer from Tesco Credit Card ?

If so, was it just a matter of completing the application and within a few weeks the Tesco Credit Card was received ?

Or did Tesco Credit Card require proof of income or require any addition document before being accepted ?

Reason I ask, when I took out my current credit card, I was employed, but from begining of this year, although paid by the same employer, I'm now technically regarded as self employed.

I have an excellent credit rating and payment history, never defaulted and never had a CCJ, yet I often read & hear, that it is difficult for the self employed to obtain credit.

Please, can ONLY forum members who have recently applied and received a Tesco Credit Card, self employed or employed answer this topic.

sulphate

I received my Tesco credit card in November and no I did not need to provide documents as proof of income. However, I am not self employed and I don't remember exactly what questions were asked.

Aquamania

Stranger956 wrote: »

I've been sent a Tesco Credit card application, with an offer to transfer my existing balance to a 29month, 0% interest deal.

Have any forum members taken advantage of this kind of offer from Tesco Credit Card ?

If so, was it just a matter of completing the application and within a few weeks the Tesco Credit Card was received ?

Or did Tesco Credit Card require proof of income or require any addition document before being accepted ?

Reason I ask, when I took out my current credit card, I was employed, but from begining of this year, although paid by the same employer, I'm now technically regarded as self employed.

I have an excellent credit rating and payment history, never defaulted and never had a CCJ, yet I often read & hear, that it is difficult for the self employed to obtain credit.

Please, can ONLY forum members who have recently applied and received a Tesco Credit Card, self employed or employed answer this topic.

I have a Tesco credit card with a 0% BT offer, but unfortunately I cannot take advantage of it as I have no credit card balance to transfer. Credit card borrowing (other than low/zero cost promotional rates) is just too expensive for me.

Stranger956

Yeah, in hindsight, it's too expensive for me too and probably the vast majority of forum members who post within this section.

However, I'm looking at ways to reduce my current borrowing and 0% interest Credit Card for 29mths, looks ideal.

Based on my current monthly payment, with a 29mth 0% deal, I could clear my existing balance in two years, thus saving money.

I don't want to risk applying, if there's a huge chance of being refused due to being self employed and not possessing or be able to produce three years account record.

A credit refusal can impact on future credit applications.

If the Tesco's Credit card application process is the same for employed and self employed and acceptance is based on credit score and infornation held by Credit Reference Agencies and additional documentation or proof of income is not required, then I'll probably go for it.

However, I would much prefer more replies from Tesco Credit card applicants first, before I make my decision.

System

my oh has just got this from what i remember it asked for his gross income and his employers name ,although it didnt ask for any proof.

Stranger956

Thanks for replying.

Yeah, that was same with my existing card, I just completed the application form, provided employers details, my income and I was accepted.

I guess the acceptance was based on a credit score and information held by credit reference agencies.

But now I'm self employed, only since begining of this year, so although I can estimate what I should earn during a year, I can't prove it.

Also, I cant technically say my employers name, as now I invoice them rather than receive a wage, I invoice other companies too.

I can't imagine all self employed Credit Card applicants providing proof of their income.

I need to know what checks are in carried out.

As I'm looking to rent somewhere with my girlfriend and all estate agents carrying out credit reference checks, I'm worried that if declined a credit card, it will show up on a credit check for the next 6 years.

aldredd

A declined CC application shouldn't impact a rental reference. I at one point in the past had several unsettled defaults, and didn't have problem passing a rental check. More recently, I had a couple of mortgage applications on file, so decided to rent again for 1 year, and again no issues.

Point of note - technically, there is no such thing as a 'declined application' on your credit file, only applications full stop. Of course they can usually deduce whether you were declined by whether you have the product, but isn't always the case (I've been credit checked and accepted only to decide not to take the product)

Stranger956

My concern regarding rental credit check is the cost, majority of property agents charge huge fee's just for the credit check, payable even if declined.

If I'm also declined a Tesco Credit card due to employment status, it'll be an expensive way to find out for a long period of time whether or not it will impact my credit file.

I've already discovered, since becoming self employed, most property agents ask for 6 mths rent in advance plus agencies fee.