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Can I Apply for a Credit Card If I’m unemployed? Advertiser disclosure You’re our first priority. Each time. We believe everyone should be able to make financial decisions without hesitation. Although our website does not feature every company or financial product on the market, we’re proud that the guidance we offer, the information we provide as well as the tools we design are independent, objective easy to use and completely free. How do we earn money? Our partners pay us. This could influence the types of products we write about (and the way they appear on the website) However, it doesn’t affect our advice or suggestions that are based on hundreds of hours of research. Our partners do not be paid to ensure positive ratings of their goods or services. . Can I apply for a credit Card If I’m unemployed? Yes, provided that you still have access to income , but it doesn’t have to be an annual fixed amount. Even if you don’t have an income, you’re not completely out of possibilities. By Melissa Lambarena Lead Writer | Credit cards and debt Melissa Lambarena is a lead writer for the credit card team at NerdWallet. She has been a passionate writer covering credit card-related topics for over six years. Her previous experience spans nine years of experience as an editor for various publications and websites. In her writing, she strives to help users extract benefits from credit cards in order for financial goals like increasing their budget, establishing credit, exploring dream destinations and repaying debt. She examines these issues and others in and her Millennial Money column featured in The Associated Press. Her work has also appeared 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, from The University of California, Los Angeles. and Erin El Issa Senior Writer Data analysis, personal finance credit cards Erin El Issa writes data-driven research on personal finances, credit cards travel, investing, banking as well as student loans. She is fascinated by numbers and strives to make data sets understandable to assist consumers in improving their finances. Before becoming an Nerd during 2014, she worked as an accountant for tax and freelance personal financial writer. Erin’s work has been mentioned in The New York Times, CNBC as well as the “Today” show, Forbes and elsewhere. In her free time, Erin reads voraciously and struggles to keep up with her two kids. Her home is within Ypsilanti, Michigan. Sep 23, 2021 Edited By Kenley Young The editor who is assigned Credit score, credit cards Kenley Young is the director of daily credit cards coverage for NerdWallet. Previously, he was a homepage editor and digital content producer for Fox Sports, and before that a front page editor for Yahoo. He has years of experience in digital and print media, including periods as an editor at the copy desk as well as a wire editor, and a metro editor of the McClatchy Newspaper chain. Email:

. The majority of products we feature are made by our partners, who pay us. This affects the products we write about and the location and manner in which the product is featured on the page. However, this does not affect our assessments. Our opinions are our own. Here’s a list and . Being unemployed doesn’t automatically disqualify you from getting credit cards. Credit card issuers are more concerned with the amount of money you earn than your employment. They also look at your credit score and current credit. You can meet the income requirement without a job by including on your application any income you can access. If your earnings come in a deficit, you can rest. There are still options to build or maintain credit. More: Discover the right card for your credit Check your score anytime and NerdWallet will tell you which credit cards make the most sense. Include income on your application Consider the amount you’re relying on to survive when you’re not working. If you’re over 21 You can declare any income from your household to which you have the “reasonable expectation of having access.” This includes income from your spouse or partner as well as other sources of nonwage income such as investments or Social Security payments. When you lose your job you can include unemployment benefits in your application. >> MORE: ” The Credit Card Act of 2009 allows you to declare any household income to which you have a reasonable expectation of access.’ ” Getting approved for a credit card is contingent on your income, credit history , and also your credit score debt-to-income ratio, which is your present payment of debt in percentage of your earnings. If you’re approved, the credit limit will be determined by your income and debt-to-income ratio. In the United States, the Credit Card Act requires lenders to assess your ability to pay when you apply for credit cards. This is why they are also looking into your obligations to pay your mortgage or rent and alimony, or even debts. More: If your income isn’t enough you don’t have enough income to be eligible for credit by yourself, you’re still not shut out completely. There are three options available 1. Make an application for a secured credit card. needing a security deposit to serve as collateral in the event you don’t pay your bill. The amount you deposit determines your credit limit. Due to your deposit amount, it’s typically simpler to get secured cards as opposed to a normal, unsecure card, and requirements for income may be less stringent. You get your deposit back when you shut down the account or switch to a regular credit card. >> MORE: 2. Get a cosigner with a good credit score and regular income. It’s not often nowadays, but there are some such as an acquaintance or family member who agrees to make payments even if you’re not able to. It is still your responsibility for the payments but the co-signer acts as an alternative. This is a big gesture to request from someone. You’ll need to be on time with payments to avoid jeopardizing your co-signer’s credit score and your own. 3. Be an authorized user on the credit card of a person from your family or friend could make you an on their account. You’ll receive a credit card with your name on it , connected to the account. They’ll be the ones responsible to make the payments. You can work out the terms with them on a limit for spending and payment plan. Stick to the plan to avoid hurting the primary cardholder’s credit score. You’re currently tied by their score so it could affect you, too. >> MORE Information from Nerdy Tips In recent years, several so-called new cards have been introduced with nontraditional underwriting practices to determine the quality of credit (aside from looking at FICO scores on their own). While these cards may be a good option for people with limited or no credit, you’ll need to meet income requirements like the traditional issuers of credit cards. It is possible to get a credit card while unemployed, but is it the best option? It’s dependent on your individual situation. If you’re looking to access credit to pay for your important expenses, take be cautious. Credit card debt is notoriously costly. If you have savings that you could tap, or a loved one willing to provide you with an loan until you land a new job, those could be the better alternatives. However, if you’re considering seeking a credit card in order to get it, and you have the funds to pay it back every month, it could be the right choice for you to consider getting one. Here are some kinds of cards to think about first : Many cards offer 12-to-18 months of interest-free credit, though you’ll probably need at least to qualify (typically at least 690 or more). Remember that you’ll still have to make a minimum monthly payment. The genuine 0% APR offers however, are different from , which have retroactive interest charged if you don’t make the payment prior to the time your rates are capped at 0. If you’re eligible (FICO scores that are at least 630) — or you have good credit, but it takes you longer than the standard APR of 0% to repay your debtsyou should consider a credit card that has a low interest rate always could be an ideal choice. “Low rates of interest” credit cards can be expensive compared with other forms of credit, but they can help you save money when compared to . A credit card balance isn’t the best option, especially if you don’t have steady income. If you do need a credit card to cover your basic needs consider low-interest alternatives and make sure you can pay the minimum amount per month until you find an employment opportunity. Bottom line Unemployment doesn’t have to stand in the way of credit card acceptance if you have a great credit score and a source of income you can use to pay for your charges. However, whether you’re employed or have a job make sure you use your credit card wisely. Do not charge more than you can afford and make sure you pay off your balance in full every month in order to avoid the cost of interest. If that’s not realistic given your employment situation, resolve to pay off the balance as soon as you get back to your feet. Authors’ Bios Melissa Lambarena is a credit card writer for NerdWallet. Her work has been highlighted in The Associated Press, New York Times, Washington Post and USA Today. Erin El Issa is a credit card expert as well as a the writing process at NerdWallet. She has had her work featured in USA Today, U.S. News and MarketWatch. On a similar note… Choose the perfect credit card for you. If you’re looking to lower your interest rate or earn reward points, the right card is available. Just answer a few questions and we’ll narrow your results for you. Explore even more in credit Cards Discover more intelligent money moves delivered straight to your inbox Sign up and we’ll email you Nerdy content on the money topics that are important to you along with other ways to help you make the most out of your money. Make all the right financial decisions

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