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Do I have the ability to 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 with confidence. And while our site doesn’t feature every company or financial product that is available, we’re proud that the advice we provide and the information we offer as well as the tools we design are objective, independent, straightforward — and completely free. So how do we make money? Our partners compensate us. This can influence the products we write about (and the places they are featured on our website) however it in no way affects our suggestions or recommendations, which are grounded in hundreds of hours of study. Our partners do not promise us favorable reviews of their products or services. . Can I Apply for a Credit Card If I’m unemployed? Yes, as long as you still have access to income , but it doesn’t have to be a fixed annual salary. Even if you don’t have income, you’re not out of alternatives. By Melissa Lambarena Lead Writer | Credit cards and credit cards, Melissa Lambarena is a lead writer on the credit card team at NerdWallet. She has been enthusiastically covering the subject of credit cards for more than six years. Her previous experiences include nine years as a content creator for several websites and publications. With her efforts, she aims to help users extract value from credit cards to help them achieve financial goals such as expanding their budgets, building credit, exploring dream destinations and repaying debt. She explores these topics as well as 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 has a bachelor’s degree in sociology at the University of California, Los Angeles. And Erin El Issa Senior Writer Data analysis, personal finance credit card Erin El Issa writes data-driven studies about personal finance, credit cards, travel, investing, banking and student loans. She is fascinated by numbers and strives to simplify data sets in order to assist consumers in improving their finances. Prior to becoming the Nerd at the beginning of 2014, Erin worked as an accountant for tax purposes and freelance personal finance writer. Erin’s work has been mentioned by The New York Times, CNBC and the «Today» programme, Forbes and elsewhere. In her spare time, Erin reads voraciously and is unable to keep on top of her two children. Erin is located within Ypsilanti, Michigan. 23rd Sep, 2021 edited By Kenley Young The editor who is assigned Credit score, credit cards Kenley Young directs daily coverage of credit cards for NerdWallet. Prior to that, he worked as a web editor and digital content producer at Fox Sports, and before that a front page editor for Yahoo. He has decades of experience in both digital and print media, including periods as an editor at the copy desk, a wire editor and a metro editor of the McClatchy Newspaper chain. Email:

. A majority or all of the items featured here come from our partners, who pay us. This impacts the types of products we feature as well as the place and way the product is featured on the page. But, it doesn’t influence our evaluations. Our opinions are our own. Here is a list of and . Being unemployed doesn’t automatically disqualify you from getting a credit card. Credit card issuers are more interested in your earnings than your work. They also consider your credit score, as well as existing debt. You can meet the income requirements even without having a job by putting in your application all income that you are able to access. Even if your income comes to a halt, relax. You have the option to build or maintain credit. >> MORE: Find the best card for you. Check your credit score at any time and NerdWallet will inform the credit card that have the highest value. Listing income on your application Think about the income you’re relying on to get 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 a «reasonable expectation of access.» This includes income from your spouse or partner as well as other sources of nonwage income such as investment returns and Social Security payments. In the event that you’ve been laid off from your position, you could include unemployment benefits in your application. >> MORE: » The Credit Card Act of 2009 permits you to include any household income to which you have a ‘reasonable expectation of access.’ » Being approved for a credit line is contingent on your income, your credit score and your , which is your current payment of debt as a percentage of your earnings. Once you’ve received approval, the credit limit will be based on your income and debt-to-income ratio. In the United States, the Credit Card Act requires lenders to look at your capacity to pay your bills in the event you are applying for a credit card. That’s why some of them are also looking into your obligations to pay mortgage or rent as well as debts, alimony or mortgages. >> MORE: When your income isn’t enough If you’re not earning enough to be eligible for a credit card by yourself, you’re still not shut out completely. Three options are available one of which is. Make an application for a secured credit line require a security deposit as collateral in case you are unable to pay the invoice. The amount you deposit will determine your credit limit. Due to your deposit amount, it’s usually simpler to get secured cards than a standard, unsecure card, and the income requirements may be less stringent. You can get your deposit back when you close the account or transfer to a regular credit card. >> MORE: 2. Find a co-signer who has good credit and a regular income. It’s not often nowadays, but there are some — a friend or family member who will make the payments in the event that you aren’t able to. The co-signer will be accountable for the debt but the co-signer acts as a fallback. This is a big gesture to request from someone. It is important to stay on top with your payments so that you don’t harm the credit score of your co-signer as well as yours. 3. You can become an authorized user of your credit card. A person from your family or friend could make you an on their account. You’ll receive a credit card with your name and address linked to their account. They’ll be accountable for making the payments. You can work out an agreement with them to decide on a limit for spending and payment plan. Be sure to stick to the plan to protect the credit score of the cardholder who is primary. You’re now bound to their credit score, and it can affect you too. >> MORE: Nerdy Tip In recent years, several so-called are on the market, advertising nontraditional underwriting policies to evaluate the creditworthiness of a person (aside from looking at FICO scores on their own). While these cards may be an option for people who have no or limited credit, you’ll need to meet income requirements as you would with conventional credit card companies. You may be able to apply for credit while you are unemployed however is it an ideal choice? It’s dependent on your individual situation. If you’re seeking access to credit only to cover essential expenses, proceed with caution. Credit card debt is notoriously expensive. If you have money in savings you can tap or a loved one willing to provide you with a loan until you land a new job, those may be better options. However, if you’re considering applying for credit card to pay to get it, and you have the funds to repay it every month, it might be a good idea for you to consider getting one. There are a few types of cards to look at first There are many cards that offer 12-to-18 months of interest-free swipes however you’ll likely need at least to qualify (typically at least 690 or more). Keep in mind that you’ll still have to make at least the minimum monthly payment. The 0% APR deals that are genuine are, in fact, are different from , which have retroactive interest charged if you don’t pay off the balance before the 0% rate expires. : If you have (FICO scores at minimum 630) — or you have good credit, but it will take you longer than the standard 0% APR period to pay off your debts -then a credit card that offers low interest rates every day could be an ideal choice. «Low rates of interest» credit cards can be expensive when compared to other kinds of credit, but they could save you money when compared to . Carrying a credit card balance isn’t ideal, especially when you don’t have steady income. If you do need a credit card to pay for essentials consider low-interest alternatives and ensure you are able to make at least the minimum amount per month until you find a new job. Bottom line Unemployment doesn’t have to stand in the way of credit card acceptance if you have good credit and a source of income you can utilize to pay your expenses. If you’re not employed, or have a job make sure you use your credit card prudently. Do not charge more than you’re willing to pay and make sure you pay the full amount every month to avoid interest. If this isn’t feasible given the circumstances of your job, plan to pay your balance when you are back on your feet. The authors’ bios: Melissa Lambarena is a credit card writer at NerdWallet. She has had her work 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 highlighted by USA Today, U.S. News and MarketWatch. Similar to… Find the right credit card that is suitable for you. If you’re looking to lower your interest rate or earn rewards, the right card’s available. Just answer a few concerns and we’ll refine down the search for the right card for. Dive even deeper in Credit Cards Get more smart money moves delivered straight to your inbox. Sign up and we’ll email you Nerdy articles about the money topics that matter most to you as well as other methods to help you get more from your money. Take the proper financial decisions

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