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Residential status

When applying for a credit card, one of the questions is " what is your Residential Status?"
In my case, I am retired and living in a " granny flat" of relatives but I own 3 houses and a property abroad. The U.K. Houses are tenanted and form part of my income.
Am I a " home owner" or " living with relatives" for the purpose of the application?

Replies

  • CandyappleCandyapple Forumite
    3.4K Posts
    Eighth Anniversary Combo Breaker Intrepid Forum Explorer
    You would be 'living with relatives' because the "granny flat" is the address you will be applying with.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • stevemulstevemul Forumite
    19 Posts
    Sixth Anniversary Combo Breaker
    Forumite
    Thank you and I see your point.
    However, in that case, why has the question been composed in that way rather than " do you own this house?" after asking my address?
    Also, how does the answer you suggest differentiate me from someone with no assets who is ( for example) just dossing on a relative's sofa?
  • JimmyTheWigJimmyTheWig Forumite
    12.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    stevemul wrote: »
    how does the answer you suggest differentiate me from someone with no assets who is ( for example) just dossing on a relative's sofa?
    It doesn't.
    No more so than if rather than investing in property you had a suitcase full of gold bars, or a whacking great stocks and shares portfolio.
  • CandyappleCandyapple Forumite
    3.4K Posts
    Eighth Anniversary Combo Breaker Intrepid Forum Explorer
    stevemul wrote: »
    Thank you and I see your point.
    However, in that case, why has the question been composed in that way rather than "do you own this house?" after asking my address?

    Probably because some people may live in a house-share. Also, depending on what answer you give, it may affect your "score" with the lender when they calculate whether to give you credit or not. E.g. putting down 'living with relatives/parents' usually indicates a secure tenancy because your family aren't likely to kick you out, whereas if you put down furnished tenant or words to that effect, your address/tenancy isn't as secure.

    stevemul wrote: »
    Also, how does the answer you suggest differentiate me from someone with no assets who is (for example) just dossing on a relative's sofa?


    For starter's, a friend or someone who is sleeping on a relative's sofa wouldn't be applying for credit products using their relative's address.

    Even if they did, they would likely be declined because;
    a) not registered on the electoral roll at that address
    b) haven't lived at the address for long enough

    Also, in your instance where you own several properties, any lender would look at your credit history and be able to see your mortgages (assuming you aren't mortgage free) and/or your other credit commitments.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
This discussion has been closed.
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