Eligible for a credit card

Lizzybop

When looking to apply for a credit card and answering the question about income, what about income earned by means other than a job?

I have income earned through Capital Gain, but I don't have any actual paid employment.

Are credit card providers likely to accept this as income? 

I currently am an additional cardholder on the 2 credit cards held by my Husband and these are both paid off in full every month.

Any thoughts or advice welcome,

[Deleted User]

Income doesn't have to be from employment.  Just answer any subsequent questions honestly (and consistently).

Lizzybop

Deleted_User said:

Income doesn't have to be from employment.  Just answer any subsequent questions honestly (and consistently).

Thank you.

My income was earned in the last tax year.  Currently I don't have any income for this tax year, but I might. and last year's is enough to keep me going for a while.  How do I deal with questions on income when it's not consistent?

[Deleted User]

It's your answers which need to be consistent, not the amounts over time.

lr1277

I am in a similar position to you in that I don’t have an income but rely on capital gains. Having said that I haven’t applied for a credit card since I took on this financial position.
I don’t know if you have chosen a card provider yet, but I note Lloyds and Halifax allow you to enter independently wealthy as a job. I had planned on entering that and then entering a figure I could prove on any card application.

JGB1955

I would start with 'what's on your tax return'?

Nebulous2

I haven't applied for a credit card for some time, but from memory when there is a question like that there will be a text box or link which explains what they mean. All providers will not be the same, some may be more amenable to your situation than others.

Marchitiello

You will also need to answer a common question added post COVID, which is something on the line of “is your income likely to reduce in the near future?” 

lr1277

i am in the unfortunate position in that I have a John Lewis card, which is closing down. I have not yet had the letter or the email about applying for the Newday replacement card.

So I put my details into MSE Credit club. That is unemployed with an income figure, I was happy with.

It said I had a credit rating of 999, which I know is meaningless. It said due to my lack of job, I could only apply for 2 cards, both sub-prime. I was not eligible for all the sub-prime cards, which I found astonishing.

So I don't know if I will be approved the Newday card even with my history with John Lewis.

Fortunately I still have a couple of cards which I applied for when I was working. However they are both Visa and I want a Mastercard in the mix.

The funny thing is that John Lewis doubled my credit limit last year even though they knew I was unemployed and they didn't know about my capital gains.

So my current plan is to apply for the Newday John Lewis card. If that fails, I have already used the eligibility checkers at both Lloyds and Halifax and they both said I could have a card with a 6k limit. So I will try those eligibility checkers again and if agreeable I will apply for the relevant card.

[Deleted User]

lr1277 said:

i am in the unfortunate position in that I have a John Lewis card, which is closing down. I have not yet had the letter or the email about applying for the Newday replacement card.

So I put my details into MSE Credit club. That is unemployed with an income figure, I was happy with.

It said I had a credit rating of 999, which I know is meaningless. It said due to my lack of job, I could only apply for 2 cards, both sub-prime. I was not eligible for all the sub-prime cards, which I found astonishing.

So I don't know if I will be approved the Newday card even with my history with John Lewis.

Fortunately I still have a couple of cards which I applied for when I was working. However they are both Visa and I want a Mastercard in the mix.

The funny thing is that John Lewis doubled my credit limit last year even though they knew I was unemployed and they didn't know about my capital gains.

So my current plan is to apply for the Newday John Lewis card. If that fails, I have already used the eligibility checkers at both Lloyds and Halifax and they both said I could have a card with a 6k limit. So I will try those eligibility checkers again and if agreeable I will apply for the relevant card.

MSE Credit club recommendations are garbage, they constantly say I am ineligible for anything but sub-prime but I have no issue getting prime. Try either a checker on the bank website or via something like Money Supermarket