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Credit Cards once retired or stopped work

tigerspill
tigerspill Posts: 963 Forumite
Part of the Furniture 500 Posts Name Dropper
in Pensions, annuities & retirement planning
Hi folks,

How easy/difficult is it to get credit cards once "retired"?
Is there any preparation advised for this?

Thanks
«1

Comments

  • badmemory
    badmemory Posts: 10,347 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    I haven't had a new credit card since I retired but I have had an increased limit which I requested. Provided you have retirement income then you are actually a safer bet than someone who needs paid employment. After all they can lose their job, pension income is there for life.
  • Brynsam
    Brynsam Posts: 3,643 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Combo Breaker
    The card provider will be interested in two things: your credit history (have you demonstrated that you can manage money, especially credit) and will your income be sufficient to repay them (which will affect your card limit, at least initially).
  • molerat
    molerat Posts: 35,689 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Held 4 before retirement.
    Opened 6 since retirement.
    Closed 4 since retirement.
    Currently hold 6, 2 of the opened post retirement ones have increased limits.
    Current limits are 2.2 x income, outstanding balances (on 0%) currently 0.9 x income.

    So no problem here.
  • Alexland
    Alexland Posts: 10,561 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    How do you declare your income if you are in drawdown as your income can be whatever you choose?
  • mgdavid
    mgdavid Posts: 6,711 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Alexland wrote: »
    How do you declare your income if you are in drawdown as your income can be whatever you choose?

    you declare what you choose, or plan to choose...
    The questions that get the best answers are the questions that give most detail....
  • where_are_we
    where_are_we Posts: 1,318 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I had 2 or 3 credit cards before retirement and post retirement have 4. Two are for cashback and two for stoozing. No problems in being accepted for new cards post retirement although, having high interest current accounts running alongside the credit cards may have helped. I have an income equal to the personal tax allowance and a good credit history.
  • le_loup
    le_loup Posts: 4,047 Forumite
    I have opened and closed several CC accounts since retiring. I cannot ever remember being asked about my income. I do have a good credit score.
  • tigerspill
    tigerspill Posts: 963 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Thanks folks.
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Post of the Month
    Hey Applicant, if you want a credit card with us: how much do you get paid?

    Oh, my good man, I don't work! I'm 'independently wealthy'!

    Very good sir will £10,000 be sufficient?
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    le_loup wrote: »
    I have opened and closed several CC accounts since retiring. I cannot ever remember being asked about my income. I do have a good credit score.

    Then your memory is very poor since what your income is, is always a question that is asked.
This discussion has been closed.
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