New Income / Applications

tomxlisa

Going forward if your income has changed do you just start putting the new income details on credit applications, I mean I’ve been putting the same figure for a good while now and that figure has changed so I guess I just start using that new figure, I didn’t want to scare the fraud systems or anything and it flag out and give me a marker or anything so just asking if this is what I do, I’m guessing it is just wanted to clarify, may sound silly to some but best to be safe than sorry as they say.

Mark_d

Always enter the details that are correct at the time of your application.  Anything else would be potentially fraudulent.

tomxlisa

Absolutely just wanted to check that was the correct thing to do. 

DullGreyGuy

tomxlisa said:

Absolutely just wanted to check that was the correct thing to do. 

Unsurprisingly the correct thing to do is answer questions honestly. Banks are aware that people get pay rises, promotions, new jobs or lose their job, reduce their hours have to take a lower job. Having an income that hasn't changed for 6 years is more likely to raise questions than one that does change. 

Sure if 2 months ago you applied and said you were on £20,000 then you apply today and say you are earning £100,000 may raise questions so you dont get an immediate acceptance but you've answered honestly so you can provide them your new contract or your latest payslip to show the new salary is correct.

CliveOfIndia

Yes, you just enter your current income - doesn't matter if it's changed since last year, as long as you're honest then there's no issue.

tomxlisa said:

 I didn’t want to scare the fraud systems or anything and it flag out and give me a marker or anything

People's incomes change all the time.  What would be a problem is if you make an application saying you earn £30K, get rejected, so immediately try somewhere else saying you earn £50K.  That's the sort of thing that would start to raise red flags - making multiple applications very close together, but putting in different information for each one.

MEM62

tomxlisa said:

I mean I’ve been putting the same figure for a good while now and that figure has changed so I guess I just start using that new figure, I didn’t want to scare the fraud systems or anything 

What makes you think that you are less likely to trigger that by entering false information about your income.?  Seems counterintuitive to me.   

tomxlisa

Thanks for the replies just as I thought I just go ahead and enter the new details, just wanted to check that’s the way forward I guess the question didn’t need asking it’s just the way my mind works unfortunately and I’m always overthinking things but some very good advice with the replies.