Credit Cards for the elderly

Rizzie

Hi,

I have a very poor credit history/score but have over the last couple of years tried to improve things slightly by using a credit card and paying of in full each month.


Unfortunately for my old mum (she's 83 you know) I understand that she is financially linked to me, as we appear together on a mortgage and therefore I understand her credit history/score will also be poor.


In a couple of years time it is likely she will need to rent accommodation and I have recently heard that these days a credit check would need to be completed prior to renting.


If this is the case would it be advisable for her to get a credit card and pay off in the same way I have?


Any thoughts, ideas or advice would be gratefully received as I don't want her to apply for cards and have unnecessary credit checks if she is too old (she's 83 you know) to get one.


Thanks in advance for any help,


Kind regards,
Rizzie

Anthorn

At the age of 83 she will probably qualify for local authority sheltered housing so credit checks and a credit score will be irrelevant.

Age is not taken into consideration when applying for a credit card. What matters is income related to ability to pay and past credit history. Pensioners are in fact a good risk because they have a guaranteed income.

Rizzie

Anthorn wrote: »

At the age of 83 she will probably qualify for local authority sheltered housing so credit checks and a credit score will be irrelevant.

Age is not taken into consideration when applying for a credit card. What matters is income related to ability to pay and past credit history. Pensioners are in fact a good risk because they have a guaranteed income.

Thank you for your help Anthorn, it is much appreciated.
Rizzie

chanz4

Doesn't she partly own the property with you? If so she will have to sell her half, to get any help

Rizzie

Hi chanz4 and thanks for your comment.

The situation is that yes she does part "own" with me but we are so far behind with the repayments, that we would need to hopefully sell the property to be able to pay the mortgage off on time. It is due for full repayment in about 4 years and we currently can only pay the monthly interest charge to the Bank.


That will of course mean that she will then require somewhere to live and therefore my original question.


Kind regards,
Rizzie