Credit Cards once retired or stopped work

tigerspill

Hi folks,

How easy/difficult is it to get credit cards once "retired"?
Is there any preparation advised for this?

Thanks

badmemory

I haven't had a new credit card since I retired but I have had an increased limit which I requested. Provided you have retirement income then you are actually a safer bet than someone who needs paid employment. After all they can lose their job, pension income is there for life.

Brynsam

The card provider will be interested in two things: your credit history (have you demonstrated that you can manage money, especially credit) and will your income be sufficient to repay them (which will affect your card limit, at least initially).

molerat

Held 4 before retirement.
Opened 6 since retirement.
Closed 4 since retirement.
Currently hold 6, 2 of the opened post retirement ones have increased limits.
Current limits are 2.2 x income, outstanding balances (on 0%) currently 0.9 x income.

So no problem here.

Alexland

How do you declare your income if you are in drawdown as your income can be whatever you choose?

mgdavid

Alexland wrote: »

How do you declare your income if you are in drawdown as your income can be whatever you choose?

you declare what you choose, or plan to choose...

where_are_we

I had 2 or 3 credit cards before retirement and post retirement have 4. Two are for cashback and two for stoozing. No problems in being accepted for new cards post retirement although, having high interest current accounts running alongside the credit cards may have helped. I have an income equal to the personal tax allowance and a good credit history.

le_loup

I have opened and closed several CC accounts since retiring. I cannot ever remember being asked about my income. I do have a good credit score.

tigerspill

Thanks folks.

bowlhead99

Hey Applicant, if you want a credit card with us: how much do you get paid?

Oh, my good man, I don't work! I'm 'independently wealthy'!

Very good sir will £10,000 be sufficient?

AnotherJoe

le_loup wrote: »

I have opened and closed several CC accounts since retiring. I cannot ever remember being asked about my income. I do have a good credit score.

Then your memory is very poor since what your income is, is always a question that is asked.