How much do I say I earn?

exiled_2

I currently have a credit card with about 4.5K on it with the bank my current account is with.
The limit on card is about 6.5K which was recently increased so I assume they think I am credit worthy as well as profitable( I pay more that the minimum but not an awful lot more, I don't actually use the card that much, its historic debt).
I want to apply for a new card with a good bt rate to pay 50% of the debt off this year.
When looking at the application forms, I don't know how much to put down as yearly income from my job.
At the start of the last finanical year my base salary was £ A. At the end of the finanical year my base salary was £ A +5K. However due to overtime I actually earned £ A +10K.
This finanical year I know that at year end my base salary will be £ A + 9K and with overtime I will earn approx £A + 20K.

I am almost 100% sure of how much I will earn this finanical year but what figure do I put on the form. I want to let them know I am weel paid but I don't want to put down a figure that is a lot higher than what I earned last year incase they think I am being dishonest.
any advice appreciated.

Hemel_2

you ought to put your actual contracted salary. (not including OT)

nimbo

they'll ask to see payslips to prove the £amount...

exiled_2

Hemel wrote: »

you ought to put your actual contracted salary. (not including OT)

why that figure?
will another credit card provider be able to get information on my historical income.
I am not going to be dishonest about what I earn and I can truthfully say that I will earn at least 10K in overtime this year as I am lucky enough to work in a secure job where this year the overtime is essential.

As an aside, If I were to use my contracted salary doesn't that mean that people who work mainly on commission should only use their contracted salary for the same purpose. I suspect that does not happen?

exiled_2

nimbo wrote: »

they'll ask to see payslips to prove the £amount...

Thanks for that.
My payslips on a flat month are above average salary and I have very few flat months.
I am in a career position where I have only in the past 18 months started to earn good money. As a result I do end up in my authorised overdraft every month. I know that by august I will be well out of my overdraft
Am I better to wait until I have cleared my OD before I apply for a new credit card or should my salary be enough to secure me a new card.
I have never been a tart before so don't know the best approach

PROLIANT

nimbo wrote: »

they'll ask to see payslips to prove the £amount...

Never had to provide them, back in the old day's maybe.

drink-stella

I would definatley include overtime and bonuses etc. as its all wage you've earned

Scousebird_2

Go off guaranteed income-eg what you are paid as per your mandatory hours on your contract-this is known as your salary-so when they ask what your salary is...give them that figure as that is what the minimum is you will get each month-overtime is never certain and you can never say your employer is going against their contractual obligations if you don't get offerred any-so use your basic salary without the overtime to be safe.

YorkshireBoy

exiled wrote: »

...I am lucky enough to work in a secure job

I was too, for 26 years until I was made redundant!

...people who work mainly on commission should only use their contracted salary for the same purpose. I suspect that does not happen?

I would imagine they would be allowed to use past bonuses/commission in the 'additional income' section of the application form, but would have to state their basic salary in the 'salary' section. Be very careful about claiming more than you have earned, or are currently earning, since they may ask for proof (as NatWest did with me last year). If they suspect you're trying to pull a flanker they could mark your credit file with a CIFAS 'material falsehood: application fraud' marker.

noh

Yes Mint have just asked me for proof of income.
On the application they asked for income (not salary) so i stated an amount that was the total of my salary, pension and investment incomes.

Nigel

CannyJock

noh wrote: »

Yes Mint have just asked me for proof of income.
On the application they asked for income (not salary) so i stated an amount that was the total of my salary, pension and investment incomes.

Nigel

At least you've got the paperwork to back it up.

Personally, I'd put in everything that you can substantiate from P60's (or P45's ), Self-Assessment returns (if it's good enough for the Revenue it's good enough for the banks), bank interest statements, dividend vouchers or even good old bank statements.

I've heard of other self-employed people putting in "forecasts" that are sky high to try and get a crazy high rate for stoozing, but not sure if I'd recommend that one.

What seems to be important from reading other posts is to be consistent as there's anti-fraud/money-laundering databases that keep the details from other applications and they can compare applications - forget the name of it, but Yorkshire Boy'll remind me