Have I made a terrible mistake?

NervousRat

I recently applied for my first-ever credit card with the intention of improving my credit score. I'm a student and I've lived at multiple addresses over the past few years, but I consider my parents' home my 'permanent' address. When I filled out the credit card application, I entered 'living with parents' as my residential status and put my parents' address as my address. However, without giving it much thought, I (foolishly) filled out the rest of the application in the context of my student residence, such as annual household income (which I entered as £0.00 given that my housemates are other students I barely know - should I have entered their student loan income given that I included my student loan in my income?) and rent payment amounts. Now I'm really worried I've entered inaccurate information and that it'll come back to bite me. I was approved for the card, but had I entered all the information in the context of my parents' address or in the context of my student address, I wouldn't have been eligible for it (I checked afterwards when I realised my mistake). This was totally accidental and I really was trying to be as honest as possible. All the information was true of me in various ways (e.g. I do live with my parents for 6 months of the year and I do pay £300 in rent each month - just not at the same residence). Where do I go from here? Should I contact the card company and explain the situation?

Declan1992

There’s no point contacting them now. They will just count your application as fraudulent.

Use it wisely like I’m sure every student does

Ben8282

You should do absolutely nothing.

With regards to the 'other household income' part it could be argued that even in the context of your parents address entering this as 0 was correct because you are now an adult, are not financially dependent on your parents, one or the other one of them is not your 'partner' etc. Anyway, I don't think anybody will say anything about understating household income; the problem is where people grossly overstate their income.

I was approved for the card, but had I entered all the information in the context of my parents' address or in the context of my student address, I wouldn't have been eligible for it (I checked afterwards when I realised my mistake).
Not sure how you established this but sounds a bit odd to me.

boo_star

I'm not sure that you've really lied here, certainly not in a way that would aid your application.

If you live with your parents for half of the year then it's a toss up between "Living with parents" and "Rented accommodation." If the rent you do pay is £300 then that's a truthful answer. And as far as household income goes I'm not sure why that's relevant to someone living with their parents anyway but you didn't inflate the figure, arguably saying £0 makes you less likely to be accepted, not more.

Don't worry about it and don't bother contacting the card company. You might end up with a (unwarranted IMO) CIFAS marker.

cymruchris

You wouldn't include other students income in your own 'household income' box - only income that directly relates to you. So interest from large deposits of cash, dividends from shares, a monthly payment of £300 from your great Aunty Hilda that she's made since you were 12 - that kind of thing.

Terry_Towelling

As stated by @Cymruchris, you wouldn't enter the other students loans as household income because that line of questioning from the card provider is designed to identify how much you can afford to borrow and repay yourself - I doubt you'd be able to get your student housemates to agree that their incomes should be called upon to service your CC debts!

dresdendave

As stated in the previous replies do not contact the card company.

Far more important to focus on using the card correctly to build a credit history. Make a nominal purchase each month and always pay off in full by the statement due date, no cash withdrawals and don't go over your limit.