Proof of income - advice

juan_andres

Hello everybody,

I've applied for a Tesco credit card to build my credit score. I came to the UK last year, so I don't have practically credit history.

They ask me to send them additional information so they can decide whether to give me the card or not. Tesco request one of the following: Bank statements covering the last three months, p60, Payslips (previous three months) or Employment contract.
Currently, I'm working part-time on a zero-hours contract, and for the last three months, my monthly income was bad and below my average per year.
My questions are: what would you recommend I send to prove income? Would they take into consideration that I've got plenty of savings in my account? Should I send them more information, or would they only consider what they've asked? What do they look at in my bank statements, only the income from employers? 

Thank you all for the help.

Juan

[Deleted User]

Your savings aren't a factor in lending, as you could spend them all tomorrow.  

Send them whatever best shows the income you declared. 

eskbanker

juan_andres said:

Tesco request one of the following: Bank statements covering the last three months, p60, Payslips (previous three months) or Employment contract.

Currently, I'm working part-time on a zero-hours contract, and for the last three months, my monthly income was bad and below my average per year.

If your most recent three months were below your average, send them the P60 that'll have the annual total....

Jami74

Just send them your last 3 months of payslips. If you've got savings and don't need a credit card then it doesn't matter if they give you a small limit. Or if you said you earned lots more than your payslips show, then wait a few months and apply again. Or send your P60 as that will show how many months you worked and how much you earned.

I know everyone talks about having a credit card as the best way to build a credit history but having a phone contract (sim only is fine, doesn't have to be expensive) counts and so do things like broadband. 

Sandtree

Send a P60 then if you have one.

If you don't then send a longer set of payslips with a covering note that says why the last 3 were lower and why it'll change again. They could be seen by a robot who just inputs the last 3 and declines but occasionally you get a more empowered person who can consider the whole instead

[Deleted User]

Jami74 said:

Just send them your last 3 months of payslips. If you've got savings and don't need a credit card then it doesn't matter if they give you a small limit. Or if you said you earned lots more than your payslips show, then wait a few months and apply again. Or send your P60 as that will show how many months you worked and how much you earned.

I know everyone talks about having a credit card as the best way to build a credit history but having a phone contract (sim only is fine, doesn't have to be expensive) counts and so do things like broadband. 

Mobile phone and broadband contracts certainly aren't bad, but they don't establish you are someone who can be a reliable borrower i.e. paying card debt off in full every month - a mobile or broadband service can be cut off if you don't pay unlike debt from a card, hence a card is a bigger weighting

sleepyjones

Did you fib about your salary/wages in the application?
If the amount you put on the application form is vastly different from evidence you can provide then you should maybe walk away to avoid getting any potential fraud markers.

sparklep0ny

sleepyjones said:

Did you fib about your salary/wages in the application?
If the amount you put on the application form is vastly different from evidence you can provide then you should maybe walk away to avoid getting any potential fraud markers.

I was going to say this.

If the OP has put their "usual" annual salary down then it might be advisable to walk away.  Even using their P60 might not save them if the 3-month salary reduction was significant enough.

Thrugelmir

If you cannot prove the income that you've declared on the application form. Walk away and let the application lapse. Committing fraud is a sure way of causing your limited credit history real damage. 

HeatherTaylor

Your P60 will give the best view of your income, you could possibly make a note saying that you have done reduced hours, but in reality if the figures do not match you will probably be declined, or offered a lower amount of credit. Ig you are just using it for credit builder, you could try a more specialised credit card provider, who are not so tight on criteria, but beware these will be more expense if used and you need discipline to stop yourself getting into debt.

juan_andres

Thank you all for the answers! 

I think the p60 is my best option. I'll wait for it and then compare the figures with the information I've put on the form to make sure everything is consistent. Otherwise, I'll probably drop the application.