What to Fill Out "Personal Income" As?

gh148

I want to apply for my first credit card soon, however I'm not quite sure what I should fill out as my annual income. I'm self-employed, running my own company. Most of the money the company makes, I keep in the company account for reinvestment, but I can technically take out as much as I like if there any additional expenses I need to cover personally.

Right now, I only take out £100 a month as my salary, as I don't really need much else as I have no expenses. However, I may increase that in the future, and I could certainly increase that further for this month's payroll if it will increase my chances of getting a credit card. Beyond that, I also get £3300 a year in student maintenance loans, and from time to time I do transfer over to my personal account some trading money I've earned from my Trading 212 account. With all these variables, I have no idea what I can even put my personal income as, both to give me as high of a chance as being accepted, well still giving them an estimate that is somewhat truthful/can be proved. Keep in mind that I also don't pay anything in rent or mortgage, so I hope me putting a nice 0 in that section, alongside having pretty much no other personal expenses, may increase my chances even if my core income is relatively low.

km1500

ignore any money in the company that belongs to the company and not you

your income is your salary or whatever you pay yourself from the company plus your other income eg student loan money

as far as the trading money is concerned if it is unpredictable then you need to make an estimate of what it is likely to be in the next year say and probably use last year's actual figures as a basis for this estimate

paul_c123

Well, technically £100/month!!

But it will probably result in a decline. 

What do you mean "no expenses"? What about living expenses, like rent/mortgage, food/drink, energy bills, etc

MDMD

gh148 said:

 I'm self-employed, running my own company. 

Are you self employed or running a company? You can’t be both.  If you are self employed then you are the business and all the money belongs to you. If you are running a limited company then the company money belongs to the company until it is withdrawn via salary, dividends etc

th081

Why do you want to apply for a credit card. If you are living on £100/month it does not sound like you need a card. 

gh148

paul_c123 said:

Well, technically £100/month!!

But it will probably result in a decline. 

What do you mean "no expenses"? What about living expenses, like rent/mortgage, food/drink, energy bills, etc

I have no real expenses. Don't pay for any of the things you mentioned.

gh148

th081 said:

Why do you want to apply for a credit card. If you are living on £100/month it does not sound like you need a card. 

Mainly for cashback and as a "just in case".