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Can I Apply for a credit Card If I'm unemployed?
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Can I Apply for a Credit Card If I'm not employed?
Yes, provided that you still have access to income, but it does not have to be an annual fixed salary. Even when you don't have a source of income, you're not out of possibilities.
Written by Melissa Lambarena Lead Writer | Credit cards credit cards, debt Melissa Lambarena is a lead writer on the credit cards team at NerdWallet. She has been enthusiastically covering credit card related topics for more than six years. Her previous experience includes nine years as a content creator for several publications and websites. In her writing, she aims to assist readers in extracting the value of credit cards to meet financial goals like expanding their budgets, building credit, traveling to their dream destinations, and repaying debt. She explores these issues along with others in The Millennial Money column featured in The Associated Press. Her work has also been published on The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa holds a bachelor's degree of sociology, earned from the University of California, Los Angeles.
as well as Erin El Issa Senior Writer Personal finance, data analysis credit card Erin El Issa writes data-driven studies about personal finances, credit cards travel, investing, banking and student loans. She is a fan of numbers and hopes to simplify data sets in order to help people improve the quality of their lives financially. Prior to becoming the Nerd during 2014, Erin worked as an accountant for tax purposes and freelance personal financial writer. Erin's writing has been featured as a result by The New York Times, CNBC, The "Today" show, Forbes and elsewhere. In her free moments, Erin reads voraciously and tries in vain to keep on top of her two kids. Erin is from Ypsilanti, Michigan.
Updated Sep 23, 2021 8:29AM PDT
Edited by Kenley Young, the Assigning Editor Credit scores, credit cards Kenley Young oversees the daily coverage of credit cards on NerdWallet. Before that, he was a homepage editor and digital content producer for Fox Sports, and before being a front-page editor at Yahoo. He has decades of experience in both digital and print media, with stints as the chief of the copy desk as well as a wire editor as well as a metro editor for the McClatchy newspaper chain.
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In the event of unemployment, it doesn't automatically exclude you from applying for credit cards. Credit card companies are more interested in the amount of money you earn than your employment. They also take a look at your credit score, as well as existing debt.
You may be able to satisfy the income requirement without having a job by putting on your application any income you can access. If your earnings come to a halt, relax. You still have options to improve or maintain your credit.
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Find the most suitable card for your credit
You can check your score at any time, and NerdWallet will tell you which credit cards make the most sense.
In your application, you can list income from the applicant.
Think about the income you depend on to make it by while you're unemployed. If you're older than 21 it is possible to declare any income from your household to which you have the "reasonable expectation of having access." This can include income from your spouse or partner as well as other sources of nonwage income such as investment returns and Social Security payments. If you've lost your job, you may include unemployment benefits on your application.
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" It is the Credit Card Act of 2009 allows you to list any household income to which you have a reasonable expectation of access.' "
Getting approved for credit card approval is contingent upon your income, credit score and your , which is your current debt payment in percentage of your income. If you're approved, the credit limit will depend on your income and the debt-to-income ratio.
The Credit Card Act requires lenders to consider your ability to make your payments before you can apply for credit cards. That's why some also look into your obligations to pay like rent, mortgage, alimony or other debts.
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When your income isn't enough
If you're not earning enough money to be eligible for credit on your own but you're not shut out completely. Three options are available:
1. Request a secured credit card
A security deposit is required as collateral in case you fail to pay your bill. The amount you deposit will determine the credit limit. Due to the deposit, it's typically simpler to qualify for secured cards as opposed to a normal, unsecure card, and the income requirements may be less strict. You get your deposit back when you shut down the account or switch to a regular credit card.
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2. Recruit a co-signer with a excellent credit and a steady income
It's not common these days, but some -- a friend or family member who is willing to pay even if you aren't able to. It's still your responsibility for the payment The co-signer acts as a fallback. It's a huge gesture to request from someone. You'll want to keep up with your payments so that you don't harm the credit score of your co-signer as well as yours.
3. Become an authorized user on the credit card of someone else
A friend or family member is able to make you an account on their account. You'll get a card bearing your name on it that's linked to the account. They'll be the ones responsible for the payment. It is possible to negotiate the terms with them to decide on a spending limit and payment plan. Stick to the plan to not harm the credit score of the cardholder who is primary. You're now tied to the credit rating of their card, so it could impact you, too.
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Nerdy Tip
In recent times, a variety of"so-called" cards have been introduced to the market, promoting nontraditional underwriting policies to assess creditworthiness (aside from evaluating FICO scores on their own). While these cards may be good options for those who have a limited or no credit, you'll still have to meet income requirements, like traditional credit card issuers.
You may be able to apply for credit cards while you are employed, but is it a good idea?
It all depends on your personal situation.
If you're seeking access to credit merely in order to pay for your important expenses, exercise be cautious. Credit card debt is notoriously expensive. If you have savings that you can access or a friend who is willing to give you a loan until you get a new job, these could be more viable options.
If you're attempting to apply for a credit card in order to purchase a product, and you have the funds to cover the cost each month, it could make sense for you. Here are some types of cards to consider first:
Some cards provide 12 to 18 months of interest-free credit card swiping however you'll likely require at minimum to be eligible (typically at least 690 or more). Keep in mind that you still need to pay at least the minimum monthly payment. True 0% APR offers, by the way differ from those where retroactive interest will be assessed if you don't pay the balance in full prior to the time the time that your 0% rate ends.
If you are (FICO scores of at minimum 630) or have good credit, but it will take you longer than the typical APR of 0% to repay your debtyou should consider a credit card that has an interest rate that is low every day could be a viable option. "Low rate" credit cards are still expensive when compared to other kinds of credit, but they can save you cash when compared to .
A credit card balance isn't the best option, especially if you don't earn a steady income. But if you need one to pay for essentials consider low-interest alternatives and ensure you are able to make at least the minimum monthly payment until you find an opportunity to work.
Bottom line
The fact that you're unemployed doesn't need to be a barrier to credit card approval if you have a good credit score and an income source that you can use to pay the bills. But whether you're unemployed or you have a job and a credit card, make sure to use it prudently. Don't spend more than you're willing to pay, and aim to pay off your balance in full each month to avoid paying interest. If this isn't feasible given your current employment status, make a plan to pay off the balance as soon as possible after you return to work.
Authors' Bio: Melissa Lambarena is a credit cards writer at NerdWallet. The work she writes for has been featured by The Associated Press, New York Times, Washington Post and USA Today.
Erin El Issa is a credit cards expert and studies writer at NerdWallet. Erin's work was featured in USA Today, U.S. News and MarketWatch.
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