can't get credit card

sapphichick

I have had a credit card with HSBC for over 25 years, I always pay full amount off each month, never been problem. I am moving to Co op bank now which will not give me a credit card because "I do not earn enough." I am retired, have money in assorted savings I live on plus a mortgage free house, why can't I get one, especially with my long good credit record?

bengalknights

There tends to be a age restriction and also would depend on if your employed.

Tixy

Quite a few credit card companies have a minimum income requirement. And they've told you that this is at least part of the reason they won't accept your application.

Savings are not taken into account by lenders when assessing affordability - they are looking at what you can afford to repay based on your income and assessing that risk.

Any reason you cannot just keep your HSBC credit card? or you could possibly try applying elsewhere for a credit card.

chanz4

Is your credit card reporting on your credit file,if 25 years it may not be

Simon7685

Can you not just stick to the HSBC credit card? If it serves your needs then just keep it after you move your current account.

sapphichick

Thanks for responses. I was an idiot and closed all my HSBC accounts should have kept my credit card one.

Tixy

What is the main purpose of you wanting the card? for the added protection? to spread the cost of things? use abroad? or what?

You might want to consider looking at the saga credit card - I'm guessing they will take into account your retirement income/pension etc as well as earned income.

Ben8282

sapphichick wrote: »

Thanks for responses. I was an idiot and closed all my HSBC accounts should have kept my credit card one.

Yes, you should have kept the original credit card, especially if it was your one and only, until you had actually obtained a new one.

What you will need to do now though is try for a new card from somebody else. Tixy's suggestion of a Saga credit card is a good one. Check minimum required income before applying though.

tomsco

How long ago did you close it? They may have a grace period where they will reopen it for you.