Possible to get a credit card if no income?

GreatBigBookcase

Hello All,

Now sure if anyone can help with this, but thought I'd ask...

I'm currently living abroad, have done since 1997 with just two one-year periods back in the UK (around 2000 and 2006) in that time. I'm moving back to the UK next month, coming back with enough money to buy a small house in cash and enough savings to be a stay-at-home mum to my baby for up to two years.

Anyway, I was wondering how easy it would be for me to get a credit card in this situation? i.e. with no income.

I'm thinking it would be good to have one, to use and pay off immediately, just to give myself a bit of credit history in the UK, am I right in thinking this? My UK credit checks all come back as excellent, but if there's no recent history of loans, mortgages, etc. on my credit file, might that make me less credit-worthy in the future if I apply for a mortgage or loan, for example?

I've had a bank account with the Co-op all the time I've been away and have sent bits of money back to that account, but nothing regular.

Would appreciate your thoughts.

HappyMJ

None...when you declare your income as zero they will...or at least they should...decline the application. If you want to get a credit card you will need to get a job first earning enough to cover your day-to-day living expenses of yourself, your baby and any childcare expenses and then any excess income you have can support payments on a credit card.

GreatBigBookcase

Hmm...even if I keep, say, 20k in the bank and the credit card has a tiny credit limit?

samtoby

You could probably get some kind of credit card if you have an income. It doesn't matter how much money is in the bank.

p00hsticks

It's not just the lack of income though, it's the fact that you haven't a history of living in the country - from previous posts, I get the impression that that in itself would make it difficult to get one.

GreatBigBookcase

Thanks everyone for responding, but I think I might be able to get one after all. Came across a couple of articles whilst researching it that state that there are an increasing number of CC companies that issue cards to unemployed people (think one article said 23!!). No info in the articles about which companies did, but some more searching threw up the following companies: Aquis, SAV (Aqua card) and Capital One, as companies that give CCs to people with bad credit and no income. So there's some hope at least.

So, maybe just the hurdle p00hsticks mentions to get around now. I've had UK loans before including a student loan which I only recently finished paying off, so if that's all on my credit file, I might be ok.

Thanks!

Tixy

You are right there are a few lenders who will consider people on unemployment benefits for very low limit high APR cards.

However that is not the same as no income at all. It sounds like you are going to be living on your savings - which is no income - and so you may still struggle.

On top of that you won't be able to provide 3 years residential addresses in the UK - which is an issue for many lenders.

Curr946

ha ha ha ha ha ha best laugh of the year so far

GreatBigBookcase

Glad I gave you a chuckle Curr, and I'm so sorry to ruin your fun, but I spoke to someone at Aqua earlier and according to them I'll be able to get a card even in my situation.

Tixy, thanks for your comment, but my UK bank statement and student loan statement has been sent to my parents' address for the last six years at least, and that's where I'll be living when I first move back to the UK.

If anyone else happens to read in the same situation as me, ignore people like Curr I've now managed to find a number of companies that will give cards to stay-at-home mums, other people with no income, people who are new to the UK, people who aren't on the electoral roll, people with new addresses...

BASFORDLAD

Well i will eat my hat if you get approved.

Go ahead and try and see the rejections come in...

BugsyBrowne

RayKay wrote: »

Glad I gave you a chuckle Curr, and I'm so sorry to ruin your fun, but I spoke to someone at Aqua earlier and according to them I'll be able to get a card even in my situation.

Tixy, thanks for your comment, but my UK bank statement and student loan statement has been sent to my parents' address for the last six years at least, and that's where I'll be living when I first move back to the UK.

If anyone else happens to read in the same situation as me, ignore people like Curr I've now managed to find a number of companies that will give cards to stay-at-home mums, other people with no income, people who are new to the UK, people who aren't on the electoral roll, people with new addresses...

If you mean housewife's then yes they can get credit cards I know loads of birds who are housewife's who don't have no trouble getting credit cards.

But we are talking housewife's with a few years of excellent credit history and paying back what they borrowed.

I think you'll find there's a big different between a stay at home mum with no credit history then a housewife with a big household income.