No one can retire without income unless they'll be living under a bridge. Even begging is income.

If someone is retiring, they often own their own home, or at least a large portion of it. Credit card companies LOVE people who own their own homes.

Loved. Past tense. Loved.

http://money.cnn.com/2009/02/25/real_estate/boomer_wealth_evaporating/

"So much home equity has been lost that 30% of boomers, aged 45 to 54, are underwater in their homes, according to "The Wealth of the Baby Boom Cohorts After the Collapse of the Housing Bubble. " The report, released by D.C.-based think tank the Center for Economic and Policy Research, also found that 18% of boomers aged 55 to 64 would owe money at close if they sold their homes."

If you owe X on a Y mortgage and X>Y, and your savings are less than your mortgage - guess what? You're worthless to the credit card companies.

Look, I see the application data in real time, I see the approval rates too. I know what I'm talking about. You need income and assets to get credit now. Just like 1985 all over again.