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  • FIRST POST
    • tigerspill
    • By tigerspill 4th Mar 18, 5:34 PM
    • 299Posts
    • 108Thanks
    tigerspill
    Credit Cards once retired or stopped work
    • #1
    • 4th Mar 18, 5:34 PM
    Credit Cards once retired or stopped work 4th Mar 18 at 5:34 PM
    Hi folks,

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

    Thanks
Page 1
    • badmemory
    • By badmemory 4th Mar 18, 6:22 PM
    • 1,706 Posts
    • 2,302 Thanks
    badmemory
    • #2
    • 4th Mar 18, 6:22 PM
    • #2
    • 4th Mar 18, 6:22 PM
    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
    • By Brynsam 4th Mar 18, 6:28 PM
    • 1,134 Posts
    • 768 Thanks
    Brynsam
    • #3
    • 4th Mar 18, 6:28 PM
    • #3
    • 4th Mar 18, 6:28 PM
    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
    • By molerat 4th Mar 18, 7:37 PM
    • 18,780 Posts
    • 12,922 Thanks
    molerat
    • #4
    • 4th Mar 18, 7:37 PM
    • #4
    • 4th Mar 18, 7:37 PM
    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.
    www.helpforheroes.org.uk/donations.html
    • Alexland
    • By Alexland 4th Mar 18, 8:10 PM
    • 2,553 Posts
    • 1,933 Thanks
    Alexland
    • #5
    • 4th Mar 18, 8:10 PM
    • #5
    • 4th Mar 18, 8:10 PM
    How do you declare your income if you are in drawdown as your income can be whatever you choose?
    • mgdavid
    • By mgdavid 5th Mar 18, 1:18 AM
    • 5,609 Posts
    • 4,941 Thanks
    mgdavid
    • #6
    • 5th Mar 18, 1:18 AM
    • #6
    • 5th Mar 18, 1:18 AM
    How do you declare your income if you are in drawdown as your income can be whatever you choose?
    Originally posted by Alexland
    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
    • By where are we 5th Mar 18, 10:39 AM
    • 223 Posts
    • 65 Thanks
    where are we
    • #7
    • 5th Mar 18, 10:39 AM
    • #7
    • 5th Mar 18, 10:39 AM
    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
    • By le loup 5th Mar 18, 12:44 PM
    • 3,820 Posts
    • 3,784 Thanks
    le loup
    • #8
    • 5th Mar 18, 12:44 PM
    • #8
    • 5th Mar 18, 12:44 PM
    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
    • By tigerspill 5th Mar 18, 8:44 PM
    • 299 Posts
    • 108 Thanks
    tigerspill
    • #9
    • 5th Mar 18, 8:44 PM
    • #9
    • 5th Mar 18, 8:44 PM
    Thanks folks.
    • bowlhead99
    • By bowlhead99 6th Mar 18, 7:00 AM
    • 7,974 Posts
    • 14,510 Thanks
    bowlhead99
    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
    • By AnotherJoe 6th Mar 18, 7:27 AM
    • 9,599 Posts
    • 10,669 Thanks
    AnotherJoe
    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.
    Originally posted by le loup
    Then your memory is very poor since what your income is, is always a question that is asked.
    • le loup
    • By le loup 6th Mar 18, 8:53 AM
    • 3,820 Posts
    • 3,784 Thanks
    le loup
    Then your memory is very poor since what your income is, is always a question that is asked.
    Originally posted by AnotherJoe
    Perhaps then, my memory is so bad that I have not taken out any CC since retiring. I'll have to ask nurse.
    • AnotherJoe
    • By AnotherJoe 6th Mar 18, 9:41 AM
    • 9,599 Posts
    • 10,669 Thanks
    AnotherJoe
    The question of income can be quite tricky.

    I pay myself from my broker every month a regular sum even though i dont actually need to some months, for two reasons;
    (1) if i need to prove income i have a record of regular inputs into my bank account *
    (2) my bank account features rely on a regular income as well.

    * I've needed this twice since retiring, once for a car lease, once for a credit card limit increase.
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