Income on credit applications

Houndog6105

A few things that I'm trying to find out

When applying for credit and you get asked the question about your income
Do I answer with my yearly income from my job or do I also include things like tax credits ect aswell as my income from my job

Second thing is
I recently settled a PCP finance of 24k. It's been updated on my credit report today but my credit score took a sip. Is this common?

[Deleted User]

Unless it says otherwise, use your total income.

Credit scores drop with any change - good or bad. That's why they're meaningless and not used by anyone. Just ignore any changes in it.

Houndog6105

Does annual income mean work income only?

MisterP123

Houndog6105 wrote: »

Does annual income mean work income only?

Can I direct you to the previous reply..... :whistle:

Deleted_User wrote: »

Unless it says otherwise, use your total income.

PRAISETHESUN

As above, annual income will mean the total sum of any and all income that you receive, no matter the source.

Also as above, ignore any reference to your credit "score" or "rating" - what matters most is your credit history. Paying off your debt will be a positive to lenders, particularly over the longer term so don't stress when your scores drop a few points for paying it off.