Barclaycard Income Request

cujimmy1

I have had a Barclaycard Rewards card for a few years now. They're now asking me to update my income information.

The problem is I have literally zero income and am living off savings only and a small amount of interest on the savings. Obviously I did have income when I took out the card. 

Although I can easily afford my card expenditure and clear the balance every month from the savings for quite some time to come (years)  I presume that if I tell them this my card will be withdrawn. If I don't tell them by the deadline next month of my income (and I don't want to lie as no doubt that would be fraud) will they take it from me anyway?

Thoughts?

MorningcoffeeIV

Probably.

If you tell them your current situation, they may let you keep it but with a more appropriate limit.

DullGreyGuy

Not necessarily that they'll take it away but as you say you are spending your capital and so its going to last for a finite period (even if years) and so they may reassess your limit etc. 

Double check what they allow you to count as income, benefits, pensions, regular interest etc can be included with some lenders. 

Ebe_Scrooge

All you can do is tell the truth.  If you lie and get found out, you could end up with a CIFAS marker against you, which can cause a whole heap of problems.

How are you managing with day-to-day living expenses?  Do you receive any benefits, or a pension?  These can legitimately be cited as "income".  Or are you literally just using your savings and the "small amount" of interest?

Unfortunately savings are not usually factored into affordability calculations by lenders, since there's nothing to stop you going out tomorrow and blowing the lot on a world cruise or a Ferrari.

Alex9384

Ebe_Scrooge said:

How are you managing with day-to-day living expenses?  Do you receive any benefits, or a pension?  These can legitimately be cited as "income".  Or are you literally just using your savings and the "small amount" of interest?

I'm wondering if you can rent out a room in your house to a lodger and use that as a 'rental income'.