Applying - what income can I include?

Floxxie

I am going to apply for another credit card. Previously I was employed but now I have a small amount of self-employment income, rental income,child maintenance, child benefit and tax credits.

Can any of these be included in the application as income?

HappyMJ

Floxxie wrote: »

I am going to apply for another credit card. Previously I was employed but now I have a small amount of self-employment income, rental income,child maintenance, child benefit and tax credits.

Can any of these be included in the application as income?

Anything and everything.

You should allow for business expenses and only include the taxable profit from your self employment income and rental business.

Personally I include the lot without allowing for expenses.

Mortgage applications are much more strict and you can only include provable income but a credit card you can include everything that comes in to your bank account from an external source.

YorkshireBoy

Providers will have 'rules' on what can and can't be included. For example, Halifax say on their online application page...

Check what to include
Here are some examples of what you can and can't include in your answer for this question.
Include

• Your take home pay, including salary and any company dividends
• Child or spousal maintenance payments
• Rental income from any properties you own
• Regular pensions, savings and investment income
• Benefits for carers and working people. For example, Child Benefit, Carer's Allowance, Working Tax Credit
• Any other regular income you get

Do not include

• Unemployment and social benefits. For example, Housing Benefit, Jobseeker's Allowance, Cold Weather Payments
• Work bonuses and net profits from your business
• Student loans, grants and bursaries

So the best advice would be to start a dummy application at your chosen provider(s) website and see what they say.

Floxxie

Thank you both! So I just need to check out individual card providers.

Where does the provider check for self-employment and rental income? I was thinking that if they can 'see' the amounts I submitted for last year, I won't be offered anything

HappyMJ

Floxxie wrote: »

Thank you both! So I just need to check out individual card providers.

Where does the provider check for self-employment and rental income? I was thinking that if they can 'see' the amounts I submitted for last year, I won't be offered anything

They never do and they can not.

Floxxie

Ok that is sounding good.

Thank you.

WineDarkSea

I counted child benefit (which my husband pays back in tax) and interest on bank accounts, although there's no where to specify the nature of the income on the applications I did recently. I've just received my Amex and the limit is much higher than the annual income I included. Your credit rating/history will be more important than your income.