Applying for current account on a zero hours contract

Sope

Hi,

I'm currently employed on a zero hours contract with very irregular income due to work availability and personal circumstances requiring intermittent periods of time off.

Thankfully I have a healthy amount of savings, no mortgage (not a home owner either though), no loans or debts, and can live reasonably easily within my means.

Could anyone tell me how I'm likely to stand with regards to successfully applying for one of the higher interest paying current accounts such as TSB Classic Plus?

I don't want to further damage my credit rating (which is not that good presumably due to my lack of credit history), but am doubting I will be accepted for a new current account if I can't give them an accurate figure for my monthly income.

Is there a way around this? Or are there any other options I'm missing to be able to get a decent interest rate from some of my savings?

Any input appreciated.

xylophone

TSB is likely to have many a customer who is a stay at home parent with no employment income....

Why not just apply for the account and see what happens? You could apply in branch if you would find this easier.

Sope

I'm happy enough to apply online, but I'm not really sure what to put down for my monthly income as it varies widely from one month to the next. I wonder if I could put down an estimated potential earnings figure? It's really only going to be used as a savings account, and I won't be applying for an overdraft in any case.

castle96

Put down whatever you like/think. There is hardly any way they can check, is there ?

Sope

castle96 wrote: »

Put down whatever you like/think. There is hardly any way they can check, is there ?

This did cross my mind. However, I'm sure I read somewhere that when routine credit record checks are made, they take into account data input to other agencies. As far as I'm aware though, only my current bank and employer would have a record of exactly how much income I've received in any given month.

I suppose the worst that can happen is that I get declined and a negative mark is added to my credit record. It's frustrating as I can only be considered a bad risk on paper due to the lack of any credit history, rather than any unpaid bills. I'm a bad customer in as much as they'll struggle to make any money out of me!

LuSiVe

Only the search is recorded on your credit record. Not the outcome. The only negative *may be* too many searches.

HappyMJ

Sope wrote: »

Hi,

I'm currently employed on a zero hours contract with very irregular income due to work availability and personal circumstances requiring intermittent periods of time off.

Thankfully I have a healthy amount of savings, no mortgage (not a home owner either though), no loans or debts, and can live reasonably easily within my means.

Could anyone tell me how I'm likely to stand with regards to successfully applying for one of the higher interest paying current accounts such as TSB Classic Plus?

I don't want to further damage my credit rating (which is not that good presumably due to my lack of credit history), but am doubting I will be accepted for a new current account if I can't give them an accurate figure for my monthly income.

Is there a way around this? Or are there any other options I'm missing to be able to get a decent interest rate from some of my savings?

Any input appreciated.

If you don't want it to affect your credit then make sure you don't apply for an overdraft. You'll just get a soft search (basically to check your identity and make sure nothing too serious on your credit file) which other creditors cannot see.

Sope

LuSiVe wrote: »

Only the search is recorded on your credit record. Not the outcome. The only negative *may be* too many searches.

HappyMJ wrote: »

If you don't want it to affect your credit then make sure you don't apply for an overdraft. You'll just get a soft search (basically to check your identity and make sure nothing too serious on your credit file) which other creditors cannot see.

Thanks, that helps clarify things a bit more. I guess I may be being overly paranoid about my credit rating and what information about me is actually being recorded.

I may as well just give it a go and not overthink it too much.
Cheers.

Archi_Bald

castle96 wrote: »

Put down whatever you like/think. There is hardly any way they can check, is there ?

There is actually a check, and some of the details you give will be recorded on the National Hunter DB. When there are too many inconsistencies, it could in extreme cases lead to a first party fraud CIFAS marker.

Nobody should give false details when applying for a bank account.

xylophone

Nobody should give false details when applying for a bank account.

In this case the OP can only give an estimate as the amount is unknown.

System

This is total rubbish.

They will do the same credit check even if you don't apply for an overdraft and this wont be 'soft'. It can be seen for 12 months on credit reports.

HappyMJ wrote:

If you don't want it to affect your credit then make sure you don't apply for an overdraft. You'll just get a soft search (basically to check your identity and make sure nothing too serious on your credit file) which other creditors cannot see.