Balance transfer help for contractor

Rstar

Hi,

I am currently looking into getting another 0% balance transfer card after my old deal ran its course. Unfortunately, I'm in a strange situation as I'm a contractor who works under an umbrella company. However, I haven't had a contract for over 6 months due to travelling. Therefore, I am unsure as what to put in terms of both employment status and income when applying for cards.

Having gone through the checks, with a couple of different scenarios, they seem to come back positive but I am not wanting to fabricate anything if it can come back and bite me!! If I am part of an umbrella company, actively seeking a contract and am aware of my rate, can I use this as a basis for salary? My credit score is excellent.

Thanks!

[Deleted User]

Firstly your credit score means nothing to lenders/cc companies, I suppose the question is what is your current income? I assume atm you are technically out of work?

Rstar

Hi, yes, at the moment I am without a contract. So it's difficult to know what to put in the options.

Ben8282

Employment status: Unemployed
Income: Whatever benefits you are living off of.

Rstar

Not sure why you would presume I'm living off benefits??

Currently living off savings from previous contract. Having only worked 3 months in the financial year, it's impossible to state an income..

Admiral.adama

Why not average your income for past few years and use that sum?

Rstar

Well, that was my thought but I wanted to be cautious in case I get asked to prove anything.
I don't want to look like I am making things up!
If I was asked to prove income, do they not ask for things like last 3 months bank statements? This would obviously show nothing coming in.

Ben8282

Rstar wrote: »

Not sure why you would presume I'm living off benefits??

Currently living off savings from previous contract. Having only worked 3 months in the financial year, it's impossible to state an income..

In that case, unfortunately, your income is nil.
I have never had a credit card provider ask for bank statements.

realaledrinker

I am kind of in that position albeit my contracts are via my limited company. I am taking a 3 month sabbatical but recently got accepted by Virgin using my projected (i.e. 9m) total income for the tax year to 5/4/17. HTH

KILL_BILL

its very rare for cc companies to ask for financial income proof ie bank statements - only sometimes if they cant prove your identity they will ask for docs to confirm that

as has been mentioned use the calculations of savings that you will be using

boo_star

KILL_BILL wrote: »

its very rare for cc companies to ask for financial income proof ie bank statements - only sometimes if they cant prove your identity they will ask for docs to confirm that

as has been mentioned use the calculations of savings that you will be using

Which is, for the purposes of the form, fraudulent.

The OP is unemployed with an income of £0. That's the only factual way to represent their current situation.