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  • FIRST POST
    • trickydicky14
    • By trickydicky14 5th Sep 17, 10:03 AM
    • 138Posts
    • 17Thanks
    trickydicky14
    retired and would like a new credit card
    • #1
    • 5th Sep 17, 10:03 AM
    retired and would like a new credit card 5th Sep 17 at 10:03 AM
    I would like to get a new 0% on purchases credit card as my current one ‘Halifax’ has just run out and now payed off.
    My major problem is I am now retired and on paper my income is very small, £500 a month pension but I do have regular savings interest and investments, this will improve greatly in two years when new pension money becomes available but does not help me now.
    A few months back I did apply to Sainsbury but despite a 95% chance of acceptance via MSE’s eligibility checker I was blown out of the water ‘that’s life’.
    I have now used the eligibility checker for a second time and was given 100% acceptance with Virgin which I thought was not possible. Well I gave my email address to send me the results and strangely it now says 95% what’s going on?
    Working on the principle of not wanting to get repeatedly rejected would I improve my chances if I applied to Santander my main bank account which I have a good relationship with and previously had a credit card with them when I was working.
    Would my history count for anything?
    Thanks for any advice.
Page 1
    • zx81
    • By zx81 5th Sep 17, 10:07 AM
    • 14,046 Posts
    • 14,738 Thanks
    zx81
    • #2
    • 5th Sep 17, 10:07 AM
    • #2
    • 5th Sep 17, 10:07 AM
    Your history may count for something. I would try Santander if they have a suitable card.

    A search or two every few months is nothing to be concerned about, so equally, you could try Virgin.
    • trickydicky14
    • By trickydicky14 5th Sep 17, 1:50 PM
    • 138 Posts
    • 17 Thanks
    trickydicky14
    • #3
    • 5th Sep 17, 1:50 PM
    • #3
    • 5th Sep 17, 1:50 PM
    zx81 Thanks for that,
    I think I will try Santander.
    I still don't understand how my chances dropped from 100% to 95% with Virgin just by sending an email?
    • zx81
    • By zx81 5th Sep 17, 2:13 PM
    • 14,046 Posts
    • 14,738 Thanks
    zx81
    • #4
    • 5th Sep 17, 2:13 PM
    • #4
    • 5th Sep 17, 2:13 PM
    The eligibility checkers are a little less than perfect.

    Treat them as an approximate guide.
    • Ficofuture
    • By Ficofuture 7th Sep 17, 2:31 PM
    • 28 Posts
    • 4 Thanks
    Ficofuture
    • #5
    • 7th Sep 17, 2:31 PM
    • #5
    • 7th Sep 17, 2:31 PM
    Your history may count for something. I would try Santander if they have a suitable card.

    A search or two every few months is nothing to be concerned about, so equally, you could try Virgin.
    Originally posted by zx81
    i thought history was everything ?

    Perhaps, just maybe, his eligibility dropped DUE to "a search or two every few months " ?

    Nah, cant be that, too obvious, too helpful, lets just all stick to saying scores are made up
    • Ficofuture
    • By Ficofuture 7th Sep 17, 2:32 PM
    • 28 Posts
    • 4 Thanks
    Ficofuture
    • #6
    • 7th Sep 17, 2:32 PM
    • #6
    • 7th Sep 17, 2:32 PM
    The eligibility checkers are a little less than perfect.

    Treat them as an approximate guide.
    Originally posted by zx81
    The exact same can be said of your credit score
    • Anthorn
    • By Anthorn 7th Sep 17, 3:06 PM
    • 3,173 Posts
    • 817 Thanks
    Anthorn
    • #7
    • 7th Sep 17, 3:06 PM
    • #7
    • 7th Sep 17, 3:06 PM
    I would like to get a new 0% on purchases credit card as my current one ‘Halifax’ has just run out and now payed off.
    My major problem is I am now retired and on paper my income is very small, £500 a month pension but I do have regular savings interest and investments, this will improve greatly in two years when new pension money becomes available but does not help me now.
    A few months back I did apply to Sainsbury but despite a 95% chance of acceptance via MSE’s eligibility checker I was blown out of the water ‘that’s life’.
    I have now used the eligibility checker for a second time and was given 100% acceptance with Virgin which I thought was not possible. Well I gave my email address to send me the results and strangely it now says 95% what’s going on?
    Working on the principle of not wanting to get repeatedly rejected would I improve my chances if I applied to Santander my main bank account which I have a good relationship with and previously had a credit card with them when I was working.
    Would my history count for anything?
    Thanks for any advice.
    Originally posted by trickydicky14
    Being retired hasn't hindered me so you should probably place that aspect on the back burner. Just like everyone else applying for credit, your credit history matters. If you haven't had much credit and therefore you lack much of a credit history any credit which is reported to one or more CRAs will help. But it is quite a long process of building or re-building a credit history.

    My experience of a Santander current account which I acquired due to my account with Alliance and Leicester is that they love to hand out credit cards but overdrafts are not so easy to get. So you might be in with a chance applying to Santander for a credit card particularly since you bank with them.
    • Weybridge78
    • By Weybridge78 7th Sep 17, 6:01 PM
    • 89 Posts
    • 29 Thanks
    Weybridge78
    • #8
    • 7th Sep 17, 6:01 PM
    • #8
    • 7th Sep 17, 6:01 PM
    Please check Virgin's own eligibility checker on their website.
    • jh1407
    • By jh1407 7th Sep 17, 7:19 PM
    • 16 Posts
    • 11 Thanks
    jh1407
    • #9
    • 7th Sep 17, 7:19 PM
    • #9
    • 7th Sep 17, 7:19 PM
    I am in a similar financial situation to yourself, good credit history, no large debt and albeit with a slightly better pension, and am 9 years away from the state pension kicking in.

    I have very recently applied for multiple credit cards to meet a specific purpose, and was successful in gaining all applied for.

    This included Virgin C/L 5500, Bank of Scotland C/L 4200, Tesco C/L 3800, Sainsbury's 1800. I didn't apply for more after Sainsbury's as I had more than enough for what I wanted to do.

    Every person is and will be seen differently by the card providers, and I am not suggesting that you would be as successful or need as many options, but I am trying say that you shouldn't completely rule yourself out of obtaining a card just on the one hiccup.

    I agree with Zx81 that your own bank would be a good starting point and one or 2 applications done and then if needed, others if you leave a few months between will not trash your history.
    • trickydicky14
    • By trickydicky14 8th Sep 17, 9:47 AM
    • 138 Posts
    • 17 Thanks
    trickydicky14
    T&C for credit card
    When applying for a credit card and the conditions state, ‘a minimum income of say £8,000 per year gross’ can you include interest on savings when submitting this figure?
    It just states ‘have a gross annual income of £x’ it does not say earned or unearned income.
    Would I be breaching the rules if I did this? Or would savings interest be viewed as just ‘unstable’ income and not help my application.
    Thanks.
    • Fireflyaway
    • By Fireflyaway 9th Sep 17, 5:22 PM
    • 1,296 Posts
    • 1,320 Thanks
    Fireflyaway
    How about not getting a card altogether? Put a bit of money aside for emergencies and I'm guessing you have a debit card which will allow online purchases etc. Why get in debt in retirement?
    • jonesMUFCforever
    • By jonesMUFCforever 9th Sep 17, 6:56 PM
    • 24,171 Posts
    • 11,444 Thanks
    jonesMUFCforever
    How about not getting a card altogether? Put a bit of money aside for emergencies and I'm guessing you have a debit card which will allow online purchases etc. Why get in debt in retirement?
    Originally posted by Fireflyaway
    You don't have to be in debt because you hold a credit card or cards.
    You can get cards for cashback, avios points towards flights etc etc.
    Not to mention S75 cover for when things go wrong.
    What goes around - comes around
    give lots and you will always receive lots
    • eskbanker
    • By eskbanker 9th Sep 17, 7:28 PM
    • 5,786 Posts
    • 5,670 Thanks
    eskbanker
    How about not getting a card altogether? Put a bit of money aside for emergencies and I'm guessing you have a debit card which will allow online purchases etc. Why get in debt in retirement?
    Originally posted by Fireflyaway
    I asked a similar question last time OP had a thread going about this - unless things have changed they have savings and investments and want to use one or more 0% cards for stoozing....

    http://forums.moneysavingexpert.com/showthread.php?t=5648686
    • trickydicky14
    • By trickydicky14 9th Sep 17, 8:11 PM
    • 138 Posts
    • 17 Thanks
    trickydicky14
    Eskbanker
    Yes, you are spot on regarding the reason I would like a new credit card but I was just hoping someone could advise me on my question in post number 10. I did get turned down a few months ago with Sainsbury for a credit card and want to avoid any more refusals so that is why I am asking if I can include the interest I get on my savings as well as my small pension on my application when it asks for income.
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