Job title/salary etc on credit applications

Madasa85

Read recently that using a different job title or slight variations in salary (i.e 40k instead of 44k) can cause a rejection. I just wondered if this information is available anywhere. For example I move jobs in April - how long before it can be considered "safe" to use a new salary and job title?

Or does this become an issue only if CIFAS open a record on your credit file?

[Deleted User]

You use whatever information is currently accurate.

Don't deliberately create inconsistencies.

System

Lying on an application can result in being convicted of fraud and the loan company putting a CIFAS marker on your file which will make even changing energy supplier a royal pain in the backside.

The salary and job you put down on the form is what your salary and job title is on the date you put next to the signature on the form you sign.

tenchy

It's an interesting question. Scenario: you earn £20k and apply for credit. This is logged on a database, CIFAS I think. Two months later you get a job on £40k (an entirely plausible possibility). Four months later you apply for some more credit. The apparent inconsistency is registered and, unbeknown to you, a fraud marker is placed against you. You don't follow up on the rejection. Six months later you apply for a mortgage and are rejected. You lose a potential property purchase and are severely financially disavantaged as a result. Does anyone know if this has happened, and if so, has the victim taken legal action agasint the perpretrators?

Nebulous2

Not many people will double their salary. A single inconsistency wont get a fraud marker, it's more likely to have them asking for payslips.

Arleen

tenchy wrote: »

It's an interesting question. Scenario: you earn £20k and apply for credit. This is logged on a database, CIFAS I think. Two months later you get a job on £40k (an entirely plausible possibility). Four months later you apply for some more credit. The apparent inconsistency is registered and, unbeknown to you, a fraud marker is placed against you. You don't follow up on the rejection. Six months later you apply for a mortgage and are rejected. You lose a potential property purchase and are severely financially disavantaged as a result. Does anyone know if this has happened, and if so, has the victim taken legal action agasint the perpretrators?

Except this is not how any of this works.

Madasa85

Well I’m asking the question because I’d like to know and I have doubled my salary since my (successful) application for a credit card. And would like to purchase a property later this year.

[Deleted User]

Then just put down your new doubled salary.

tenchy

Arleen wrote: »

Except this is not how any of this works.

Would you mind explaining how it does work?

tenchy

Nebulous2 wrote: »

Not many people will double their salary. A single inconsistency wont get a fraud marker, it's more likely to have them asking for payslips.

I did consider that the sensible thing to do would be for the lender to ask for proof of income, but from what we hear, not all lenders are sensible.

Arleen

Just put in the truth and don't worry about it. If they doubt the pay raise they will ask for proof - pay slips. If they don't ask for it, they don't suspect your income to be false; or your income didn't matter in making a decision for some other doomed reasons.