Eligibility Checker/Card Application with Future (imminent) Income

JackIngleton

Hi,

I'm about to begin my first graduate job, with a good salary, and want to apply for a 0% card to partially pay for a used car. Can I use the salary I will be earning very shortly (July) with the eligibility checker and card applications, or will they base my application on having no real previous income (apart from an allowance from my parents)? Basically I want to check I'm not doing anything wrong/illegal by stating my future salary.

I have other credit cards in my name, but on my parents' account and I think I will have a reasonable credit rating otherwise (no debts other than student loan, some direct debits in my name etc).

bigadaj

If you haven't started the job yet then you don't have that income, without income it's not very likely you will be given a credit card.

You can't hold a credit card on someone else's account, if this was an additional card in their main account then they are responsible for paying it and you won't get any benefit in your credit file.

With no previous income and little credit history it's unlikely you'll get a 0% card, that will only come in time using credit responsibly.

For card payments on cars then a dealer will normally charge you their fees in addition, so it can be an expensive way to pay in any case, assuming they actually accept credit card payment.

SLZ

JackIngleton wrote: »

I have other credit cards in my name, but on my parents' account.

Are any of those cards with AMEX? If you apply as an existing cardholder (even as a supplementary) you should be in with a better shot but call up and do it rather than online.

JackIngleton

bigadaj wrote: »

If you haven't started the job yet then you don't have that income, without income it's not very likely you will be given a credit card.

You can't hold a credit card on someone else's account, if this was an additional card in their main account then they are responsible for paying it and you won't get any benefit in your credit file.

With no previous income and little credit history it's unlikely you'll get a 0% card, that will only come in time using credit responsibly.

For card payments on cars then a dealer will normally charge you their fees in addition, so it can be an expensive way to pay in any case, assuming they actually accept credit card payment.

Thanks for the reply, so when would that income count? Once I've started working, received my first paycheck, worked there for 6 months?

Using my future income, the eligibility checker estimates I would have a 95% chance of acceptance rate for 4 of the top 0% cards. Is this a reasonable estimate if I were to apply when I receive the income, or is probably inaccurate with your opinion that I'd be unlikely to get a 0% card?

As well as a larger budget, I largely considered partially paying for a used car on a 0% card because of the additional protection that comes with it (something recommended in Martin's used car buying guide).

Thanks again for your help.

JackIngleton

SLZ wrote: »

Are any of those cards with AMEX? If you apply as an existing cardholder (even as a supplementary) you should be in with a better shot but call up and do it rather than online.

Yes! I believe I actually have two cards as a supplementary on AMEX accounts.

SLZ

JackIngleton wrote: »

Yes! I believe I actually have two cards as a supplementary on AMEX accounts.

Once you're working and get a salary (3 months minimum), call up and ask to open an account in your own name. While I say 3 months minimum they may ask for 6 months (once you're out of probation) but you should be in with a better shot having been a supplementary holder and you may get lucky with them back dating your credit history with them to when you got the supplementary card.

Remember to call, don't do it online.

bigadaj

JackIngleton wrote: »

Thanks for the reply, so when would that income count? Once I've started working, received my first paycheck, worked there for 6 months?

Using my future income, the eligibility checker estimates I would have a 95% chance of acceptance rate for 4 of the top 0% cards. Is this a reasonable estimate if I were to apply when I receive the income, or is probably inaccurate with your opinion that I'd be unlikely to get a 0% card?

As well as a larger budget, I largely considered partially paying for a used car on a 0% card because of the additional protection that comes with it (something recommended in Martin's used car buying guide).

Thanks again for your help.

As above, 3 months minimum and six months ideally. From what you say it sounds like length of employment isn't considered on the eligibility but it will be a big issue, especially if you are young and new to employment in general.

With no historic credit then I think 0% deals will be difficult to obtain for a year or two, until you build up your credit file.

To get section 75 cover you only need to lay a deposit on a car, so put £100-£500 on the card and the rest in a debit card and you'll maintain you rights.