Can't get any offers with soft checks

hassn48

I used several eligibility checkers but they all came up with no offers not even for credit builder cards. Depending on what website I use, my credit score is in the 700s or 800s although some of them failed to verify identity. My salary is zero because I'm unemployed and living off substantial savings, is this likely to be the main issue and what can I do about it? (Working isn't currently an option)

Isthisforreal99

Zero income = no credit card. They won't take savings into account.

Do you receive any benefits?

And ignore your credit score.

enthusiasticsaver

I would imagine that zero income is the issue. Since retiring I found it difficult to get credit cards with decent limits even though I have substantial savings and investments. I can at least put my pension income in now and I include regular monthly withdrawals from an investment portfolio. Can you do that?

MEM62

Absolutely as above, zero income means no credit card.

CliveOfIndia

Your credit score is totally irrelevant, but lack of income is very relevant. Savings are never taken into account when assessing credit applications, for the simple fact that there's nothing to stop you going out tomorrow and blowing the lot on a world cruise or a Ferrari.

Is there a reason you need a credit card?

hassn48

I have too many savings and investments to be eligible for any benefits, and not old enough to draw a pension. I have income from investments, but I'm not withdrawing it according to a fixed schedule. I just sell some shares as and when needed. But in the questionnaires they've asked for salary and ive had to enter zero, in some cases i had to enter a minimum amount although this isnt true. You have to enter other income like savings in a different box. If I enter a normal salary like £30k it comes up with a list of pre-approved cards, but if I enter (for ex) £5k salary and £25k savings income I dont get any.

hassn48

https://forums.moneysavingexpert.com/discussion/comment/82152693#Comment_82152693

I need one for hotel bookings and car hire. In some countries when you rely on a debit card it can be extremely limiting and in some cases impossible to hire a car. I also need one occasionally for S75 protection. Apart fron these specific purposes I dont intend to use it much.

hassn48

https://forums.moneysavingexpert.com/discussion/comment/82152653#Comment_82152653

īIs this an absolute rule? If so I havnt seen it mentioned anywhere before. I thought that you could get cards for bad credit, unemployed or anything except the terms wouldn't be as good but you could use them to improve your eligibility for better cards.

Sherlock33

If you can't work due to illness or disability then you could be eligible for new style ESA or PIP, both are not means tested. I know it wasn't your question but thought it was worth making you aware.

Isthisforreal99

https://forums.moneysavingexpert.com/discussion/comment/82152738#Comment_82152738

Some may get a card on benefits as that is a regular source of income, which you don't have.

hassn48

This article for example says that being unemployed shouldn't be a barrier: https://www.moneysupermarket.com/credit-cards/credit-cards-for-unemployed/
Although it doesnt strictly apply to me, what would someone who is FIRE do?
Would it make sensd to quickly get a salaried job stacking shelves, apply and get the credit card then immediately quit?