I have $ 1.6 million in super but I can’t get a credit card. Am I too old?

Once I had a wonderful credit card, Wizard, excellent for travel abroad. When it changed in latitude, the conditions have constantly deteriorated, with the last blow of a regular monthly charge. So I applied for other cards and with my great surprise it was rejected. Am I too old (75 years old)? I spend too much for the holidays (here’s what my $ 1.6 million super serves)? Are my other credit card limits too high? Why? Credit card companies refuse to tell me and they do not give me any indication of what I should do to be suitable. As you said last week, I shouldn’t continue to request cards or risk my credit rating. What is the way out of this? January

Jan, this is a story that I feel over and over again: the older Australians are rejected for credit. And when I say “older”, I mean only 50.

This is despite the good credit scores, solid reimbursement stories, significant activities or bank money and even despite existing banking relationships.

So what’s the problem? The value of the banks has gained the much stronger income of not being acquired, as they do when it comes to mortgages for the home. This makes it incredibly difficult to be approved for any credit after retirement e stop I earn. Or even when you theoretically approach you on that date.

Here is the experience with the questions of credit cards of many other older readers who contacted me or commented on me On the column of last week on the best credit cards: “I wonder if you could use one of these articles to face the question of retirees who are unable to obtain a credit card,” he asked for one.

Another: “I tried to change the suppliers of cards and despite having significant verifiable activities and cash reserves, I was asked to provide wage slips. Although I retired 14 years ago. (I) remained with my current supplier and a miserable increase of $ 2000 was given … disconcerting logic or lack of.”

And a third reader said: “I therefore retired that the limit of my credit card limit was revoked and it was refused to me because I had no income slips earned weekly (Payg), even if my activities both in cash and in investments were substantial and a question of record with the same bank”.

Readers also told me that they had been refused up to a decade before retirement.

Now, there are two other reasons – apart from the obvious, as a bad credit score or a record with the debt – which will see whoever refused or with a balance that is reduced: