{"id":327,"date":"2019-09-10T07:57:01","date_gmt":"2019-09-09T21:57:01","guid":{"rendered":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/?p=327"},"modified":"2019-09-10T07:57:02","modified_gmt":"2019-09-09T21:57:02","slug":"keeping-your-credit-card","status":"publish","type":"post","link":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/keeping-your-credit-card\/","title":{"rendered":"Keeping Your Credit Card"},"content":{"rendered":"<div class=\"entry\">\n\n\n<p>I have written before about the problems faced by retirees, who don\u2019t have a credit card, and who are trying to get one. Often it may be a widow who is declined, because the family credit card was held in the name of the husband, often the breadwinner, with the wife having a supplementary card linked to the main card. Of course, upon death of the primary cardholder, the card owned by the supplementary hold is cancelled.<\/p>\n\n\n\n<p>Over the last two months I\u2019ve been communicating with a woman who has been trying to get a credit card from the Commonwealth Bank, and thanks to my urging, kept persevering. This week she wrote to me as follows.<\/p>\n\n\n\n<p>\u201cI am pleased to let you know that I have&nbsp;finally received a credit card with a $5000 limit from Commbank! The online sales team were of no help. They claim the only measure of my ability to pay was my income, even though I do have a large sum in superannuation. The response was \u201chow do we know you &nbsp;won\u2019t withdraw all your superannuation tomorrow and spend it!\u201d It never occurred to them that a person with an income now, could resign from their job or be sacked.<\/p>\n\n\n\n<p>Fortunately I have a small income from a consultancy. The bank initially rejected my sole trader tax dept documents until I stumbled over the Individual Income summary on the tax dept site! Then they wanted a three year history of my income.<\/p>\n\n\n\n<p>I decided to go back to my original branch to recruit some face to face contact &#8211; hopefully bypassing the \u2018sales\u2019 team. I spoke to the female manager about the situation for mature women and she was very familiar with it. I also put to her that if I happened to be in a domestic violence situation without a credit rating, I would have difficulty renting property.&nbsp;<\/p>\n\n\n\n<p>This branch manager rang the credit department weekly to check on the progress and I feel her intervention helped.\u201d<\/p>\n\n\n\n<p>You can see what a process it was, and it would appear that only her small income as a contractor saved the day. But the lesson is clear \u2013 anybody approaching retirement, should make sure they have a credit card in their own name while family income is still there to back up the approval process. Once retirement happens, it may be too late.<\/p>\n\n\n<\/div>","protected":false},"excerpt":{"rendered":"<p>I have written before about the problems faced by retirees, who don\u2019t have a credit card, and who are trying to get one. Often it may be a widow who is declined, because the family credit card was held in the name of the husband, often the breadwinner, with the wife having a supplementary card &#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,18,22],"tags":[],"class_list":{"0":"post-327","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-borrowing","7":"category-retirement","8":"category-estate-planning","9":"anons"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Keeping Your Credit Card - Noel Whittaker&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/keeping-your-credit-card\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Keeping Your Credit Card - Noel Whittaker&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"I have written before about the problems faced by retirees, who don\u2019t have a credit card, and who are trying to get one. 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