CC income

TBC15

When applying for a credit card and you are retired. When it comes to income should you quote your investment returns, or what you choose to draw from them for the year?

BoGoF

What does the application form ask?

Are these 'investment returns' in a pension scheme/S & S ISA?

If so they are not income until you take them as such......therefore if the form asks for income......

TBC15

If you have churned your portfolio to make use of CGT allowance and chose to reinvest most of it as it exceeds your requirements, how is this different from someone taking a salary? (Apart from the obvious a salary is a little more guaranteed)

Malkytheheed

Income is always a weird one with credit cards. None of the multi-millionaires I know have any real "income" per say. they have assest. assests that generate capital that then gets invested back into getting more assests. If they want a new car then they just take from the capital generated by the assest instead of feeding that amount back into the machine. As for "income" many of them are probably on around £20k in terms of what they spend on trivialities. But they have a huge net worth and are incredibly wealthy. Credit cards don't seem to account for this. "income" just isn't a thing for the very wealthy.

Do you have rental income? You could put that down I guess.

phillw

TBC15 wrote: »

When applying for a credit card and you are retired. When it comes to income should you quote your investment returns, or what you choose to draw from them for the year?

What income would you declare to the inland revenue?

If you have been drawing £10k a year and now you want a credit card, you're saying that you might want to spend £50k this year then that would be a red flag really.

eskbanker

phillw wrote: »

What income would you declare to the inland revenue?

Since the Inland Revenue ceased to exist fifteen years ago, any such historical income declarations should have been submitted long ago, and it's contemporary submissions to HMRC that'll be more relevant

phillw

eskbanker wrote: »

since the inland revenue ceased to exist fifteen years ago, any such historical income declarations should have been submitted long ago, and it's contemporary submissions to hmrc that'll be more relevant

:xmastree: