No hope for credit card?

cadenza82

I went into the bank last week and was thoroughly fed up by what I was told. I'd gone in for one of their 'reviews' (which was a waste of time in itself), and to enquire about the possibility of a second credit card. As I am self-employed, I was interested in having one which was purely dedicated to business in the same way I have a separate current account (not a business account) just to keep the money separate for easy accounting.

I already have a personal credit card, and have had for about three years. I don't use it very much at all. Whenever I do, it's usually for big purchases (usually between £50 and £100) where I'd rather the money stayed in the savings account until the end of the month. I always pay it off in full at the end of each month it's been used, and have never missed a payment.

I was told that new rules meant that I had to be earning £10,000 a year to get a credit card now (not necessarily a second one, just any one). As I am self-employed, I don't always make £10,000 in a year. I certainly didn’t earn £10,000 a year when I applied for the original one!

I feel that I am being penalised here - I'm very careful with money, have plenty saved, no debts, and always pay the credit card off in full. Surely it's up to me to decide whether or not I can manage the card, rather than the bank/government saying I can't have one because of my income (what’s income got to do with it anyway?!). Talk about taking the responsibility away from the individual!

Grrrr!

PNPSUKNET

It because of the economy, a self employed person is a higher risk as no reliable income. Been honest if earning less than 10k, need to be thinking about its future

cadenza82

PNPSUKNET wrote: »

It because of the economy, a self employed person is a higher risk as no reliable income. Been honest if earning less than 10k, need to be thinking about its future

The reason it's under £10,000 is that I've just moved house to a new area, and am having to build up the business from scratch again. With all due respect, you don't know anything about my circumstances, so whilst 10K might not seem much to you...etc.

What annoys me is that my own judgement about whether or not I can manage a credit card is being taken away from me.

I message I got was that this new 10K income applies to everyone. Is this the case?

stephane_2

Each lender will have their own criteria, some will require an income of at least 10k and others 20k, but broadly speaking, an income of 10k or lower will be considered as very low for most lenders, but that does not mean that you won't be able to get a credit card with a different provider. Have a look at Martin's guide on credit card....

danothy

According to http://www.postoffice.co.uk/portal/po/content1?catId=34100665&mediaId=34300674#19700216 you can get a card if you earn £8,000 (amongst their other criteria), but I would subscribe to the common sense view that self employment is considered (rightly or wrongly) less desirable than permanent employment by a creditor, and savings (as far as I can tell from reading eligibility criteria) are simply not a factor ...