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Go Curry Cracker => General Discussion => Topic started by: FL$More on March 17, 2021, 11:16:17 AM

Title: Managing credit cards after retiring
Post by: FL$More on March 17, 2021, 11:16:17 AM
I recently got approved for a credit card but with a low $ limit.  I hadn't applied for a new credit card in some time and I was working full time when I was last approved for a new card with a good credit limit.  I still have a high credit score.  This time, after quitting work, I realized that the card company will always ask what your income is and I told them what my last year fed tax form said it was.  Now I can't seem to get the card limit raised and I think it is because my income is lower than in previous years, and it makes sense to me that the card company would be hesitant to grant me more credit.  How do retirees manage getting approved for a card, or limits raised, if they have a good net worth but they're income is lower than a card requires- perhaps they are living off of cash reserves and are not showing a lot of income that many other retirees would show because they are doing Roth conversions or have pensions?
Is this where debit cards come in??  I hope not, but I don't hear much about how retirees are getting approved for credit cards.  Any thoughts are appreciated.
Title: Re: Managing credit cards after retiring
Post by: gocurrycracker on March 17, 2021, 09:40:06 PM
Pensions and Roth conversions are income, as are dividends and capital gains

For several years (before blog income) I applied for cards as retired with only investment income and was regularly approved for cards.

If the income on any one card is "low" then you can go for breadth (have several cards) or pay the cards off early (every week instead of every month.) Then ask for a limit increase after showing that pattern for awhile.

Title: Re: Managing credit cards after retiring
Post by: FL$More on March 18, 2021, 05:47:22 PM
Thanks for the tips, I hadn't thought of paying off cards weekly, it's certainly easy enough for me to organize and do that.  Worth a try!