Understanding CCARD applications (student)

toberemembered

Hi,

The question is how best to apply to a balance transfer card and what income can I use?

I'm currently a student (at the end of second year) and I've unfortunately managed to run up about £3000 of debt on credit cards and overdrafts, all interest chargeable.

I'm currently living with my parents for the summer so my living costs are low and have just got a job that will pay the equivalent of £11544 yearly income, I'll be working there for the next 3 months.

I will also be supplementing that with at least 10 hours a week of temp work during this time (equivalent of £3380 over the year).


My plan is to apply to a balance transfer credit card to stop the bleeding from interest payments for the short term, then pay this off and close it (once loan payments come in in September) to avoid repeating my mistake in the coming year.


My credit rating is 3/5 on Noodle, 869 on Experian

My total loan, grant, erasmus grant for the coming year (doing a year abroad next year) will be about £10,000.

I'm just not sure what to put on my application! I notice there is a section for employer on most applications, but as i have two neither will be able to confirm my total income and student maintenance loan and grants complicates things.

Any suggestions?

andyfromotley

I would put £13731, which is the wages you will earn over the next 3 months plus your 10k student funding. At least then you have been 100% honest. you almost never go wrong if you are acting from a position of honesty.

It is rare ime for cc to contact employers. Just put the employer that pays you the most.

toberemembered

Thanks for the advice, I was accepted for an MBNA 14 month 0% balance transfer card

shortcrust

Bit late now, but I'd be very careful about including student funding as income. I think some lenders explicitly exclude student loans and maintenance grants (Lloyds?).

toberemembered

Thanks for the warning. I'm hoping to have paid off the debt and closed the card by the time I return to my studies in October so hopefully it won't be a problem. My employers are unaware that I'll be leaving also (a bit scummy I know but I really needed the job).

elle_may

My daughter in her third year at uni applied for a halifax student cc card thinking she would be more accepted than a normal one, but was declined. She was disapointed as she thought a student one would understand her better. She has a part time job, phone contact and that she has a good credit, the bills for her flat mates in her name, gas, elect, broadband, so no defaults and they can see they are paid on time. So we can only summise why she was declined. If halifax like Lloylds does not take into account her student grant income why call it a student cc.

InsideInsurance

Student loan certainly wouldnt be "income", its a loan. If that werent the case then you could have the same argument that anyone with a credit card could add its limit to their income.

The Grant is probably reasonably included in come in the same way that certain benefits regarded income.

shortcrust

Could part of the problem be that she's going for a student card so late into her course? She won't be a student for much longer, assuming it's a three year course.