Retired and can't get credit score

Eadiedog

I'm a bit shocked: I did the soft credit check through the MSE website. It has come back that I am only eligible for card for low credit rating people.

I know my credit score is better than that. We have had a mortgage and credit card for many years and have never defaulted. The only thing I can think of is that now I'm retired my income before tax looks low because we pay very little tax and NI and therefore our net income is very similar.

Does anyone know of any 0% transfer cards that accept retired people?
thanks

tempus_fugit

This is something that worries me, as I am planning to retire early and live off savings and drawdwn on a pension until other pensions kick in later. What are the chances of getting any kind of credit during this period as I can see that it might be difficult, even though we could easily afford it.

Pixie5740

The MSE eligibility checker is more an indication than a definitive list.

Lenders do not use the credit scores generated by the credit reference agencies, lenders use your credit history to profile you as a borrower along with other factors such as income, affordability, employment status, etc. It could be your low income that is the issue rather than your credit history as many lenders stipulate a minimum income level.

Saga specialise in financial products for the over 50s and are offering 9 months 0% on balance transfers so they might be worth a look.

Ben8282

Eadiedog wrote: »

now I'm retired my income before tax looks low because we pay very little tax

Being retired should not affect the amount of tax you pay on your income. If you pay very little tax it is not because your income 'looks' low but because it is low. A low income will obviously affect your ability to get credit.

patanne

Have you checked what is on your credit reports (not the score, the actual data)? I've retired, don't pay much tax at all and have just borrowed £20k at 0%. Also my credit card limit has just been put up again. So it could be something one of the CRAs have about you.

Anthorn

Eadiedog wrote: »

I'm a bit shocked: I did the soft credit check through the MSE website. It has come back that I am only eligible for card for low credit rating people.

I know my credit score is better than that. We have had a mortgage and credit card for many years and have never defaulted. The only thing I can think of is that now I'm retired my income before tax looks low because we pay very little tax and NI and therefore our net income is very similar.

Does anyone know of any 0% transfer cards that accept retired people?
thanks

I'm retired and a pensioner 65 years old in December last year and I don't have any difficulty with finance whatsoever. In fact this month I was approved for a Lloyds Bank credit card and the only income I quoted was my state pension. In my own personal experience there is nothing different in the way pensioners are treated and the way others are treated. If you are having problems I'd say it's a result of your credit history and you can't blame it on being retired.

The one and only thing that concerns me is that I get a slightly higher APR and a slightly lower credit limit. But that's not a biggie. It could be that advertised rate is just that, advertising.

Get your credit reports for £2 each from Experian and Equifax and sign up for free at Noddle. Without credit reports you are very much in the dark and will then have to grasp at straws to explain problems with your credit history.

DCFC79

The title of the thread is wrong as you do have a credit score.

Playing_with_Fire_2

The credit agencies don't see your income, tax or savings. If you are looking for a credit card or loan you can try your bank(s), as they will be able to see your savings and how you are managing the account. If you apply via a person rather than online you can explain your financial circumstances and they can flag it straight to an underwriter if the computer says no.

keiran

I've indicated "independent means" on any credit applications (where there is the facility) or otherwise "retired" (as no other choice, despite not being of retirement age and not drawing a pension).

It's never caused a problem

andyfromotley

I doubt that it is being retired that is causing you problems, i retired a 2 years ago aged 47 and have had no prob;em obtaining credit whatsoever. (the exact opposite in fact)