1.4k purchase -utilisation calculation please.

paul_c123

Please make yourself aware of "National Hunter" - it is a system which pretty much all credit providers use to share application data with, eg employment status, income, changes to income. If you have recently applied for credit the bank/whatever will have asked for income and they may have also asked the question "do you foresee your income changing in the near future?" So, if you had applied in the past at (say) £20k/year, then do an application at 10k/year soon, then say another in a year's time at 20k/year, it will be detected and further questions asked (or simply declined due to the 10k income anyway).

Of course, credit reference agencies don't know or store income information so banks are sure to ask (or determine) for themselves what this is during the application process. And, debt-to-income ratio is a key metric in assessing risk.

Dandytf

sparklep0ny said:

Dandytf said:

northwalesd said:

Dandytf said:

any ideas on front door financing.

Yes, don't do it.

home improvement.

thanks anyway.

Your income has halved. And you already have stupidity overpriced windows on the way and the other debt.

You can't afford it.

Wake up.

it's my secret technique.

Dandytf

@paul_c123

thanks my credit facilities questionnaires, could never predict 1 million jobs becoming available, from which I found one successful application.

thanks

[Deleted User]

Should also point out that most, if not all, credit providers will required you to tell them about change in circumstances like your income halving as they will need to reassess credit limits etc. Holding 22k of credit when your income is 17-18k vs 9k is a lot different, having a fraud marker will be a rum do for 6 years 

paul_c123

Deleted_User said:

Should also point out that most, if not all, credit providers will required you to tell them about change in circumstances like your income halving as they will need to reassess credit limits etc. 

I'm not so sure of that. They'll all ask income at application; and review credit limits regularly based on their own data and regular credit file stuff. But I don't think they obligate you to tell them of a loss of job. Only recently I've seen the question "are you expecting your circumstances to change in the future?" as an application question.

Of course, all it means is they'll be more conservative with risk, if they know less info. This might take the form of also considering factors like job title, industry sector and length of time in a particular job more than previously - so the scenario of £20k job, £10k job, £20k job will be clouded by the most recent job being only a few months in. Its a sad fact that below 2 years in a job, there's not much job security realistically.

sparklep0ny

paul_c123 said:

Deleted_User said:

Should also point out that most, if not all, credit providers will required you to tell them about change in circumstances like your income halving as they will need to reassess credit limits etc. 

I'm not so sure of that. They'll all ask income at application; and review credit limits regularly based on their own data and regular credit file stuff. But I don't think they obligate you to tell them of a loss of job. Only recently I've seen the question "are you expecting your circumstances to change in the future?" as an application question.

Of course, all it means is they'll be more conservative with risk, if they know less info. This might take the form of also considering factors like job title, industry sector and length of time in a particular job more than previously - so the scenario of £20k job, £10k job, £20k job will be clouded by the most recent job being only a few months in. Its a sad fact that below 2 years in a job, there's not much job security realistically.

Some do require you to keep them updated on your personal circumstances.  Whether that applies to Dandytf's cards, who knows?  But given the seem to hold virtually every card on the market it's likely at least one does.

[Deleted User]

paul_c123 said:

Deleted_User said:

Should also point out that most, if not all, credit providers will required you to tell them about change in circumstances like your income halving as they will need to reassess credit limits etc. 

I'm not so sure of that. They'll all ask income at application; and review credit limits regularly based on their own data and regular credit file stuff. But I don't think they obligate you to tell them of a loss of job. Only recently I've seen the question "are you expecting your circumstances to change in the future?" as an application question.

Of course, all it means is they'll be more conservative with risk, if they know less info. This might take the form of also considering factors like job title, industry sector and length of time in a particular job more than previously - so the scenario of £20k job, £10k job, £20k job will be clouded by the most recent job being only a few months in. Its a sad fact that below 2 years in a job, there's not much job security realistically.

Picked Lloyds as it's the main card I have

Terms are explicitly clear:

B10.5 What if your circumstances change? You must let us know as soon as possible if your circumstances change in a way that we may not otherwise know about and that may change our assessment of your financial standing. Examples include losing your job or your income significantly reducing; say because you are off work with long-term sickness.  

Also NatWest as it's another I have

8 Ending or restricting use of a card or account and ending the Agreement
(a) If we have a good reason, including if:
there is a change in how you operate your account or your financial circumstances giving us reasonable grounds to believe you may have difficulty meeting your commitments; 
we may suspend, restrict or withdraw the use of any card or the account and/or reduce the Credit Limit and Advance Limit at any time. Any merchant or machine may then retain any card. You will be told before this action is taken, or as soon as possible afterwards. You may request restoration of a card and/or the account by calling the number at the end of these General Conditions.

I highly doubt many firms don't include some variation where if you applied for a card with a 18k salary and now you have a 9k salary you need to tell them

Dandytf

i'm  tempted to put this to the test, rbs allow upto 3 cards per cardholder.
Though from recent 3k loan searches , t.b.h. 9.9apr wasn't any more or less with 18k Rather than 9k + benefits
From various providers such as Natwide,Natwest, Lendable, Rate Setter.

Thesaltmustflow

Dandytf said:

i'm  tempted to put this to the test, rbs allow upto 3 cards per cardholder.
Though from recent 3k loan searches , t.b.h. 9.9apr wasn't any more or less with 18k Rather than 9k + benefits
From various providers such as Natwide,Natwest, Lendable, Rate Setter.

An absolutely fantastic idea, definitely let us know how you get on.

Dandytf

Thesaltmustflow said:

Dandytf said:

i'm  tempted to put this to the test, rbs allow upto 3 cards per cardholder.
Though from recent 3k loan searches , t.b.h. 9.9apr wasn't any more or less with 18k Rather than 9k + benefits
From various providers such as Natwide,Natwest, Lendable, Rate Setter.

An absolutely fantastic idea, definitely let us know how you get on.

could go for loan option 1st, to fund 2022 front door.
with some headwinds expected during period of adjustment, now could make sense