Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 06-20-2016, 10:17 PM   #21
Recycles dryer sheets
SteveNU's Avatar
 
Join Date: Feb 2010
Posts: 313
Quote:
Originally Posted by REWahoo View Post
I've been approved for several new CCs after retiring. No problem.
As have I. Just don't get the high credit limits like I used to.

Sent from my XT1049 using Early Retirement Forum mobile app
__________________

__________________
SteveNU is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-21-2016, 12:24 AM   #22
Recycles dryer sheets
YVRRocketSurgery's Avatar
 
Join Date: Dec 2015
Location: Vancouver
Posts: 338
Quote:
Originally Posted by SteveNU View Post
As have I. Just don't get the high credit limits like I used to.

Sent from my XT1049 using Early Retirement Forum mobile app
Good to see the responses that getting a CC approved in retirement is not an issue.
Very good point to note on the credit limits though.
__________________

__________________
Target April 2022
"Life moves pretty fast. If you don't stop and look around for a while, you could miss it."
YVRRocketSurgery is offline   Reply With Quote
Old 06-21-2016, 01:10 AM   #23
Thinks s/he gets paid by the post
 
Join Date: Jul 2003
Location: Pasadena CA
Posts: 2,695
Two CCs since retiring, a Capital One for foreign travel and a Southwest Air Visa with crazy high ($32k) limit. Many more offers in the mail. fICO down from 840 to 810 recently, don't really care much.


Sent from my iPhone using Early Retirement Forum
__________________
T.S. Eliot:
Old men ought to be explorers
yakers is offline   Reply With Quote
Any reason to keep different "types" of credit cards?
Old 06-21-2016, 06:37 AM   #24
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 2,975
Any reason to keep different "types" of credit cards?

Quote:
Originally Posted by Dog View Post
Costco and USAA both changed to VISA, so will now have 3 VISA cards.

I've had several MasterCards morph into Visa cards over the year. Never the opposite. Any idea why? I'd be SOL at a Costco in Canada unless I paid cash.

DH and I have also never had a problem getting credit cards in retirement; we got both Fidelity cards and later a credit line increase on one, plus a Home Depot card we cancelled before we ever used it after a bad experience there.
__________________
athena53 is online now   Reply With Quote
Old 06-21-2016, 06:54 AM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,457
Quote:
Originally Posted by YVRRocketSurgery View Post
Hoping I can tag this topic onto this thread as it got me thinking about how difficult it might be to get approved for a new credit card in retirement when you have no job.

Has anyone encountered difficulty getting approved for a credit card in retirement? I'm wondering if it's a challenge if you have no employment income but may have a good credit score and have investment income.

I'm generally not a card swapper and have had most of my cards for years but we've encountered a few situations that have kind of forced us to get new cards over the years such as:
- Changing primary banks
- Favourite merchant doesn't accept a type of card
- Primary card changes terms
- Upgrading to a "status" or travel card
Of the 10 credit cards I mentioned, 8 were opened after I retired.

What's the challenge? I still have income and pay taxes. I report my 1040 declared income, and if asked for the source I select investment income. I always choose retired if asked for employment status.

No problem. I already had an established credit history before retiring.

My credit limits have been more than generous, and I've had no difficulty raising it on a given card if needed.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is online now   Reply With Quote
Old 06-21-2016, 07:08 AM   #26
Thinks s/he gets paid by the post
 
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,127
Quote:
Originally Posted by nwsteve View Post
Generally I would be in 100% agreement--however, when I was at a Canadian Costco, several weeks ago, I learned they ONLY take a Mastercard. They do not care whose MC it is but no VISA/AMEX
Nwsteve
Yes, only reason we have a MC. They used to only take AMEX. If these stores keep jumping between cards like this we will have to have one of each card.
__________________
Danmar is offline   Reply With Quote
Old 06-21-2016, 08:20 AM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,457
If I ever have to use Costco in Canada I guess I can use a debit card, or cash.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is online now   Reply With Quote
Old 06-21-2016, 08:32 AM   #28
Recycles dryer sheets
 
Join Date: Dec 2015
Posts: 220
I have a PenFed one that pays 5% on groceries and I think 3% on gas. That's all I use it for. I got it at least 5 years ago. Not sure if that offer still holds. Statements make it very easy to record purchases for budgeting. Then I have another one for everything else. Have had breaches a few times so I think it makes sense to have 2 in case one is unuseable b/c of a breach.
__________________
misshathaway is offline   Reply With Quote
Old 06-21-2016, 08:50 AM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 5,875
It is actually 5% on gas and 3% at grocery stores. Penfed devalued the points a few years ago, so it now takes almost 6,000 points to get $50; but we still use it for gas.

I've opened so many cards to get incentives, I had to create a spreadsheet to keep track of them. I refuse to pay an annual fee, so have had to cancel some cards after a year, which does impact the credit score a little bit.

Quote:
Originally Posted by misshathaway View Post
I have a PenFed one that pays 5% on groceries and I think 3% on gas. That's all I use it for. I got it at least 5 years ago. Not sure if that offer still holds. Statements make it very easy to record purchases for budgeting. Then I have another one for everything else. Have had breaches a few times so I think it makes sense to have 2 in case one is unuseable b/c of a breach.
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success to be able to spend your life in your own way. Christopher Morley.
Amethyst is offline   Reply With Quote
Old 06-21-2016, 09:48 AM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RonBoyd's Avatar
 
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 5,280
Quote:
Originally Posted by Katsmeow View Post
... or there can be a problem that can cause the card not to be able to be used (you lose the card, for example). So, it makes sense to have a back up.
Excellent point. Twice, I have had to report an unauthorized charge on a card when we were "on the road." Yes, the card was replaced quite quickly (overnight) but both times we were nowhere close to being able to receive it.

I shudder to think of being far from home and only having a single "dead" credit card.
__________________
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
RonBoyd is offline   Reply With Quote
Old 06-21-2016, 10:07 AM   #31
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 2,975
Quote:
Originally Posted by RonBoyd View Post

I shudder to think of being far from home and only having a single "dead" credit card.

It's not just data breaches/fraud that can cause that. We had one card cut off as soon as we got to Russia years ago; a couple of years ago my card was rejected in London. We just pulled out another card. I know you can contact the bank and tell them yes, you ARE in London, but this was easier.
__________________
athena53 is online now   Reply With Quote
Old 06-21-2016, 10:26 AM   #32
Thinks s/he gets paid by the post
mpeirce's Avatar
 
Join Date: Feb 2012
Location: Columbus area
Posts: 1,590
Lots of good discussion, thanks.

Confirmed my new opinion that having just Visa cards is adequate these days.
__________________
mpeirce is online now   Reply With Quote
Old 06-21-2016, 10:48 AM   #33
Thinks s/he gets paid by the post
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 3,240
Yup. Always need at least one back-up card in case real (or Credit-Card-Company imagined) fraud freezes one of your cards.

Just got our replacement for the Costco Card and have not yet found out what the limit is (huge on the old Amex). Also, just got a Visa at Sams (don't ask why both Sams and Costco - long story). It has been a PAIN. They got the wrong address on the application and tried to charge us because of a late payment we could not make. Spent two hours on phone AND at Sams trying to get it straightened out. Still not sure we are "square" with them. They are difficult (although pleasant) to deal with. Very low (less than $2k) on this card which is probably okay.

As our credit score bounces between 815 and 825, not too worried about affecting our score with loss of Amex or picking up low-max additional Visa. Still, I wonder how we will deal with the "complexities" of extra cards, extra hassles, etc. as we slip into senility or worse. Recent hassles of changing health insurance strained my remaining brain cells. I wonder if we reach 80 if we would be able to handle such a (in this case) forced change.

I would like to simplify my life, not complicate it further at this point. Still, one needs access to credit in this age and one must adapt to the situation. Just wondering how much longer I will remain "adaptable." YMMV
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 06-21-2016, 11:00 AM   #34
Thinks s/he gets paid by the post
RockyMtn's Avatar
 
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,229
Quote:
Originally Posted by REWahoo View Post
I've been approved for several new CCs after retiring. No problem.
Signed up on Costco.com for the new Visa yesterday. Been retired since 2009. Was approved in 11 seconds!
__________________
FIRE'D in July 2009 at 51...Never look back!
RockyMtn is offline   Reply With Quote
Old 06-21-2016, 11:16 AM   #35
Thinks s/he gets paid by the post
euro's Avatar
 
Join Date: Oct 2015
Posts: 1,099
Quote:
Originally Posted by nwsteve View Post
Generally I would be in 100% agreement--however, when I was at a Canadian Costco, several weeks ago, I learned they ONLY take a Mastercard. They do not care whose MC it is but no VISA/AMEX
Nwsteve
I ran into that at a grocery store in Vancouver last year too. Took only MC, not Visa. So I keep one Visa and one MC active. The least useful in the regard is Amex - I know plenty of places (even some in the US, but many, many overseas) that won't accept Amex, but I have yet to come across a place that only takes Amex and not Visa or MC. The one exception being Costco in the US, but that's now gone too.
__________________
euro is offline   Reply With Quote
Old 06-21-2016, 04:34 PM   #36
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 5,676
Here is a use for that old AMEX card:

Some apps require a credit card to be on file. We recently used Uber for the first time and I put our AMEX card down for that account. I did not want our primary Visa cards to be on file with them.
__________________
Lsbcal is offline   Reply With Quote
Old 06-22-2016, 07:32 AM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RonBoyd's Avatar
 
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 5,280
Quote:
Originally Posted by mpeirce View Post
Confirmed my new opinion that having just Visa cards is adequate these days.
??

Here is another example: We were in a Safeway store in Pacifica (California) a couple months ago. When we checked out, our Capital One Visa card was declined. What a surprise! This card has a fairly high 5 figure limit and has always been paid in full each month. No problem, I simply pulled out a Citi MasterCard... it too was declined. Panic was starting to set in as many scenarios rumbled around in my mind -- visions of drained accounts and such. Okay, lets try American Express. That was accepted. (The total was around $80, BTW)

A couple hours later, I received a phone call from Capital One asking to confirm my last three charges. (This is a common occurrence since we travel quite a bit and my purchases have no logical explanation -- in their opinion.) Anyway, this Safeway charge was among the questionable transactions. I told the operator that one was not authorized. She said there was no problem since it had been declined by the bank. When I asked why, she explained that particular Safeway store was one of those in which (alleged) employees had attached a device that captures CC data. Apparently, AMEX was just not up to speed.

Anyway, having multiple cards would not have changed things but it did give piece of mind that at least we still had access to funds... at least, for that moment.
__________________
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
RonBoyd is offline   Reply With Quote
Old 06-22-2016, 08:08 AM   #38
Thinks s/he gets paid by the post
mpeirce's Avatar
 
Join Date: Feb 2012
Location: Columbus area
Posts: 1,590
>> Confirmed my new opinion that having just Visa cards is adequate these days.

Quote:
Originally Posted by RonBoyd View Post
??

Here is another example: We were in a Safeway store in Pacifica (California) a couple months ago. When we checked out, our Capital One Visa card was declined. What a surprise! This card has a fairly high 5 figure limit and has always been paid in full each month. No problem, I simply pulled out a Citi MasterCard... it too was declined. Panic was starting to set in as many scenarios rumbled around in my mind -- visions of drained accounts and such. Okay, lets try American Express. That was accepted. (The total was around $80, BTW)

...

Anyway, having multiple cards would not have changed things but it did give piece of mind that at least we still had access to funds... at least, for that moment.
I'm not sure I follow you. It's an example of what exactly?

All I can figure is that having a "large" number of cards with you provides "piece of mind" that when your cards are declined you can keep handing over another one to see if it works.

I've never carried more than 2 credit cards with me ever - I like to keep a slim wallet. Switching to having 2 visa cards rather than a Visa and a AmEx isn't going to prevent the situation you mention.

My comment above ("having just Visa cards is adequate these days") simply refers to relying on Visa cards rather than a mix of AmEx, MC, and Visa. I see no real reason to worry about it.
__________________
mpeirce is online now   Reply With Quote
Old 06-22-2016, 08:15 AM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 7,885
I mostly use my Discover card. Reasons are that I find their website and statements easy to read and am happy with their cashback bonus for everything except Amazon. But I don't use Discover exclusively because some places don't take Discover. Also, the Visa card I used when Amazon shopping pays better Amazon cash back rewards. Gotta follow them rewards .
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is offline   Reply With Quote
Old 06-22-2016, 08:43 AM   #40
Thinks s/he gets paid by the post
Big_Hitter's Avatar
 
Join Date: May 2013
Location: In the fairway
Posts: 4,094
I'm down to just amex and visa - been with amex since 82
__________________

__________________
Swing hard, look up
Big_Hitter is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Any issues getting credit cards post retirement? FireFool FIRE and Money 72 12-02-2015 07:06 PM
Do credit unions cancel credit cards because of inactivity? rec7 FIRE and Money 11 12-22-2008 05:21 PM
Keep your house or the credit cards? saluki9 FIRE and Money 20 12-09-2007 07:59 PM
close unused credit cards or keep open? bright eyed FIRE and Money 13 03-06-2007 09:40 PM
Credit Cards and Credit Matuski Other topics 21 08-14-2006 01:40 PM

 

 
All times are GMT -6. The time now is 04:10 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.