Does being retired affect your chances of getting a new credit card?

enthusiasticsaver

I have not faced an issue with getting cards but usually low limits as the way my pension income is structured means on paper I am on low income but have a portfolio I draw on with six figures. All of them have upped the limit as I have used the cards though and pay them off in full monthly. 

friolento

If your credit record is in good shape, and I suppose if you are still younger than the average life expectancy somewhere in our eighties, you should be able to get credit cards as a pensioner. I already have several cards with quite a large total credit limit but am shortly going to make major payments and so fancied an AMEX for good cashback, and the Natwest 23 month 0% on purchases. I got accepted for both, with over £4k limit on either.

I first used the eligibility checkers on the Natwest and on the AMEX websites. Natwest said I would be eligible. AMEX gave me a 4/10 chance. Neither gave an indication of the limit - they only tell you after they have run a hard credit check. I picked up all my courage and applied for both cards one morning between 9 and 9:30. I was fully prepared to get turned down by AMEX but much to my surprise I was accepted. Natwest application also sailed through. Both cards arrived within days.

bobstheboy

I have had no problems. Barclaycard with  £13000 limit and well past retirement age with a flawless credit record and above average pensions income.

HillStreetBlues

bobstheboy said:

I have had no problems. Barclaycard with  £13000 limit and well past retirement age with a flawless credit record and above average pensions income.

Are you a homeowner?

wiseonesomeofthetime

bobstheboy said:

I have had no problems. Barclaycard with  £13000 limit and well past retirement age with a flawless credit record and above average pensions income.

Blimey, that's twice what they gave me, and they're still my highest credit card limit across the range I possess!

blue.peter

wiseonesomeofthetime said:

Blimey, that's twice what they gave me, and they're still my highest credit card limit across the range I possess!

But does that matter? As long as your limit is sufficient for your needs, anything over and above that is superfluous. Different people have different needs. £13,000 might not be enough for one person, whilst £6,500 could be plenty for another.

wiseonesomeofthetime

blue.peter said:

wiseonesomeofthetime said:

Blimey, that's twice what they gave me, and they're still my highest credit card limit across the range I possess!

But does that matter? ....

To be fair, no.

Gerry1

Pat38493 said:

I would think that it must be more complicated than just whether you are retired or not - I suspect that having an explicit rule of excluding retired people from getting one of your credit cards (publicly stated or not) would put you in hot water regarding age discrimination laws, as this would potentially constitute indirect age discrimination.

@Pat38493 They are shamelessly ageist.

"To apply for a credit card in the UK with 118 118 Money, you'll need to:

• Be between 18 and 70 years old
• Earn at least £8,400 a year
• Live in the UK permanently
• Not currently be in arrears with another lender
• Have had no default payments in the last six months"

Source: https://www.118118money.com/credit-cards/apply-for-a-credit-card/

Murphybear

I haven’t applied for a CC since retiring but I have applied for a new bank account that gave new customers £150 to switch.  I have a good credit record and have had no debts for at least 25 years.  They rejected me for the following reason “you do not fit our customer profile”.   

WillPS

Murphybear said:

I haven’t applied for a CC since retiring but I have applied for a new bank account that gave new customers £150 to switch.  I have a good credit record and have had no debts for at least 25 years.  They rejected me for the following reason “you do not fit our customer profile”.   

"No debts for at least 25 years" is perhaps not the strength you believe it to be. Many lenders want to see history of credit usage; you might effectively be in the same category as the occasional 'young person trying to get first credit card' category issues we see on here frequently.

EDIT - sorry I see this is a current account now. Doubt this is credit usage related then - did you apply for an overdraft facility? Was it a 'premier' (or 'advance' if HSBC) type account?