When applying for credit cards, does your income affect it?

textbook

Keep on being sent Barclay card applications, I never really use them but would be good to have one I guess. They keep asking how much I earn before tax. I really am not sure as am self employed but it isn't much say -£12,000 to £20,000. Can you just put a high figure, do they check? And if you put too low, would you not get card?

kuratowski

It does matter and they are likely to check. Whatever you put you would need to be in a position to prove it, so my suggestion would be to use the profits figure from your last tax return (presumably 2016-17 unless you've already done last year's).

And your income does affect it - if you put it too low you might not get the card. You can use MSE Credit Club to get an estimated acceptance chance, suggest you do that before submitting any application.

But and this is a big BUT do you need it?? You say it would "be good to have one". Honestly if you are managing all right without a credit card, then you might not want to start one. It's easy to use credit cards to spend more than you can afford, which might not be good at all.

18cc

I think the golden rule these days is not to lie on an application for any form of credit or bank account or anything like that

If you get a fraud marker against your name it can affect you for 6 years it's not worth it

These days they are very hot on it

Although your income may decide whether they offer you a credit card or not in general your income is used to determine what credit limit you can have on the card

eskbanker

textbook wrote: »

They keep asking how much I earn before tax. I really am not sure as am self employed but it isn't much say -£12,000 to £20,000.

Is that minus sign just a typo or is your solo business really sometimes losing £12K a year? I think it's fair to say that would concern a credit card company or any other prospective lender....

maxximus75

In your case I would just put an average over say the past three years.

Anthorn

textbook wrote: »

Keep on being sent Barclay card applications, I never really use them but would be good to have one I guess. They keep asking how much I earn before tax. I really am not sure as am self employed but it isn't much say -£12,000 to £20,000. Can you just put a high figure, do they check? And if you put too low, would you not get card?

It's the first base which you pass in order for the application to be considered further. In my own personal experience I have never been asked to verify my income. But I am always honest and I keep it consistent across different applications.