Credit Club Affordability Score

IAmRobbo

Hello,

I have a query re the Credit Club - apologies if this has been answered elsewhere.

I retired relatively early so live off a small pension and a mixture of different savings.  The Credit Club insisted that I do not include any savings in my income (unless I misunderstood it) so I now look like a pauper and have been "awarded" a very low affordability score.  As I live off savings, zero percent spending credit cards are quite an important part of my financial plan, so the Credit Club is a waste of space to me as it states that I'm only eligible for a couple of credit cards.  Note that I never pay a penny on credit cards, I use them to postpone access to savings.

Any suggestions other than just bin the Credit Club?!

born_again

Savings are not counted towards any lending. That is the same across all lending. It is income only.

Savings can disappear in a flash. 🤷‍♀️

IAmRobbo

This is obviously true.  My issue is that when I apply for a credit card I am asked for my income.  I am allowed to include income from savings, so I do - honestly, I might add.  The Credit Club does not reflect this by not allowing me to include savings in my income.  Retiring early and living off savings until pensions kick in is not exactly unusual.

Nasqueron

As above, you could get a hot tip from Honest John down the pub that Dobbin the Donkey in the 3:30 at Chepstow was a sure fire thing and stick all your money on him and lose it, so giving you a credit card based on that income would be a huge risk, hence they won't do it.

Note that it doesn't matter which credit checker you use, it'll be the same as no responsible lender will use savings as an income.