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    • expl0rer
    • By expl0rer 10th Oct 16, 1:28 AM
    • 92Posts
    • 54Thanks
    CC application while not working
    • #1
    • 10th Oct 16, 1:28 AM
    CC application while not working 10th Oct 16 at 1:28 AM
    I stopped working last year. My main (and only regular) source of income is renting out rooms in my house to lodgers.

    I'd like to apply for a travel money credit card. I'm not planning on using it to borrow money, but to cut down my cost of buying currency for my travels (I travel quite a bit), and for the convenience of using ATMs abroad at no cost. I consider myself well organised and disciplined and I'd always pay off my balance the same day.

    I used a MSE tool to assess my chances of a successful application for that card and got an estimate of 70%.
    Then I signed up for MSE's CreditClub to check my credit score, which gave me an 'Excellent' score (above 960), but also rated my credit card affordability as very weak (the lowest possible). When I clicked through to the CC I'm interested in, it said I stand no chance (0% accepted).

    I think the only difference between the two is in what I put under my "Employment status". In the latter I answered "Unemployed", which must be the deal breaker?

    This has led me to believe if I decide to go ahead with the application, what I put in employment status can make all the difference. And I'm not sure what the best choice is in my case?

    On the application form for the card, there are a few options that I think may fit my status:
    1. Self-employed
    2. Retired
    3. Not working - Independent means
    4. Homemaker

    I don't have a limited company or anything of that sort, but I know I'm self-employed in the HMRC sense.
    I like to think of myself as retired, but I'm way below the pension age.
    Not working - Independent means sounds good too. But I do a bit of work - apart from looking after the house I do matched betting and the like.

    What would you suggest please?

    Edit: This thread should probably have gone in the Credit Cards sub-forum, mods please free to move it.
    Last edited by expl0rer; 10-10-2016 at 1:32 AM.
Page 1
    • DCFC79
    • By DCFC79 10th Oct 16, 7:38 AM
    • 31,432 Posts
    • 19,847 Thanks
    • #2
    • 10th Oct 16, 7:38 AM
    • #2
    • 10th Oct 16, 7:38 AM
    Your credit score means nothing from the lenders view as they dont see it. Whats on your files with the credit agencies, not the score but your history.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
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