Student Loan as income

lgfbrown

Hi,

I received many letters from Barclays (as my current account is with them) about applying for an Initial Card. Being wary, I also spoke to them in branch who advised me to apply to build credit, as this is something I want to do. I'm currently working a summer internship for 3 months, getting in £1200/month, so figured now would be a good time to apply.

I used the eligibility pre-checker and it said 8/10 chance you'd be successful. I put in my annual income (but really 3 months) but it asked "do you expect your income to decrease in the next 12 months?", obviously this is only summer work so I clicked yes and put in a lower amount (as I have an ad-hoc job in term time). I was then declined.

I figure it is this question which has made me unsuccessful. From looking online, it appears there is no one answer on whether student loan counts as income, as with this I am comfortable but wish to build credit for the future. Is it worth reapplying listing student loan and grants as income, as if so it would be just shy of £8,000 (excl. the tuition fee).

Thanks

bengalknights

Unfortunately you will probably have to wait six months now as it would already have searched your credit file and left marker

bigadaj

lgfbrown wrote: »

Hi,

I received many letters from Barclays (as my current account is with them) about applying for an Initial Card. Being wary, I also spoke to them in branch who advised me to apply to build credit, as this is something I want to do. I'm currently working a summer internship for 3 months, getting in £1200/month, so figured now would be a good time to apply.

I used the eligibility pre-checker and it said 8/10 chance you'd be successful. I put in my annual income (but really 3 months) but it asked "do you expect your income to decrease in the next 12 months?", obviously this is only summer work so I clicked yes and put in a lower amount (as I have an ad-hoc job in term time). I was then declined.

I figure it is this question which has made me unsuccessful. From looking online, it appears there is no one answer on whether student loan counts as income, as with this I am comfortable but wish to build credit for the future. Is it worth reapplying listing student loan and grants as income, as if so it would be just shy of £8,000 (excl. the tuition fee).

Thanks

Loans normally would not count as income, grants might but again no certainty, I'd leave it if I were you.

System

Of course a grant is income as it doesn't require repayment.
A student loan is more of a grey area.

OP - Might be worth checking your internet banking, does it give you any offers?

bigadaj wrote: »

Loans normally would not count as income, grants might but again no certainty, I'd leave it if I were you.

Masomnia

This has come up before, and from what I remember some companies will allow you to consider student loans as income and some won't; so check with them.