Credit Card - No Salary but Interest + Stock Dividends

SnowTiger

Fed said:

Just tried with Home Maker and their soft check says it would be declined 

I guess your credit files are quite sparse.  That may be the reason for a likely decline.

A sub-prime card provider may take a punt on you.

Malkytheheed

Then put retired? I mean it's ridiculous. Most VHNWI's don't have a "job" or "salary" but they have several different income streams (dividends, rental income, investment returns etc). There must be a way of selecting this on the application. 

Fed

I just tried Halifax and Natwest soft search, also a rejection.  My mortgage is with Natwest although we had to go through a broker.  Hard to build up a good credit record when I can't get a credit card.  Back in 2008 Nationwide were happy to give me a 5k card with no earnings, unfortunately I rarely used it once I returned from travelling so it expired.  

Grumpy_chap

OP.  Who do you bank with?  Do they offer a credit card?

Fed

Grumpy_chap said:

OP.  Who do you bank with?  Do they offer a credit card?

Nationwide.  Even have large savings with them but that doesn't seem to make a difference when assessing the application.  Might have more luck speaking to someone in a branch

Grumpy_chap

Normally, where you bank assesses your loan / credit card eligibility based on how you manage your current account.  They are probably not that fussed about savings accounts.  As I understand it, the banks like to see the current account managed / mimicking a regular salary in and managed bills out through the course of the month.  It is possible your current account does not meet this profile.

funkycredit

You might be better looking to start with a NewDay card - like the Amazon one / Fluid / Marbles as they're more lenient. 

Once you've held it a few months you'll likely notice mainstream lenders will show better offers as they'll see your past history. 

I was in a similar position in that I never used credit because my wage was fine to live on. But then when I wanted a good card / credit to buy something big (0% and didn't want to lose £25k of savings (was a new car)) I wasn't accepted. So I opened a fluid card and after 6 months Debenhams credit card (both NewDay) but Debenhams is mainstream and limit was 5 times the fluid card. A year later, I pretty much get approved whatever I apply for. So even though I don't need credit, I currently have over £75k available - but utilisation is 0%. So seems high limits don't affect your results if you don't max them out. 

Good luck.