Can I Apply for credit Card If I'm Unemployed? Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make financial decisions with confidence. Although our website does not contain every financial institution or product available on the market We're pleased that the guidance we offer, the information we provide as well as the tools we design are impartial, independent simple, and completely free. So how do we earn money? Our partners pay us. This can influence the products we write about (and where those products appear on our website) However, it in no way affects our suggestions or recommendations, which are grounded in many hours of research. Our partners do not pay us to guarantee favorable ratings of their goods or services. . Can I apply for a Credit Card If I'm unemployed? Yes, provided that you're still able to earn income , but it does not have to be an annual fixed amount. If you don't have income, you're still in the middle of possibilities. This article was written by Melissa Lambarena Lead Writer | Credit cards and loans Melissa Lambarena is a lead writer on the credit cards team of NerdWallet. She has been a passionate writer covering credit card related topics for more than six years. Her previous experience spans nine years of experience as a content creator for several websites and publications. Through her work, she aims to assist readers in extracting value from credit cards for financial goals like expanding their budgets, building credit, traveling to their dream destinations and paying off debt. She examines these issues and others in and her 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 level degree in sociology at 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 finance, credit cards, investment, travel, banking as well as student loans. She is a fan of numbers and hopes to simplify data sets in order to help people improve their finances. Before she became a Nerd in 2014, she worked as a tax accountant and freelance personal finance writer. Erin's work has been cited by The New York Times, CNBC, on the "Today" program, Forbes and elsewhere. In her spare time, Erin reads voraciously and tries in vain to keep up with her two children. Her home is on the outskirts of Ypsilanti, Michigan. Sep 23, 2021 Edited by Kenley Young Assigning Editor Credit scores, credit cards Kenley Young directs daily coverage of credit cards for NerdWallet. Before that, he was a web editor and digital content producer for Fox Sports, and before being a front-page editor at Yahoo. He has a wealth of experience in both digital and print media, with times as chief of the copy desk, a wire editor and an editor of the metro at McClatchy. McClatchy Newspaper chain. Email:
. A majority or all of the products featured here are from our partners who compensate us. This impacts the types of products we feature as well as the place and way the product is featured on the page. However, this does not affect our assessments. Our opinions are entirely our own. Here's a list and . Being unemployed doesn't automatically disqualify you from applying for credit cards. Credit card companies are more interested in your earnings than your work. They also look at your credit score, as well as current credit. You are able to satisfy the income requirement without a job , by indicating on your application the income you have access to. Even if your income comes to a halt, relax. You still have options to build or maintain credit. More: Discover the most suitable credit card for your needs. You can check your credit score at any time and NerdWallet will tell your which cards make the most sense. In your application, you must list your income. Consider the amount that you depend on to get by while you're unemployed. If you're over 21 it is possible to include any household income for which you have the "reasonable expectation of access." This could include the income of your partner or spouse and also sources of income not earned by a wage, like investments or Social Security payments. When you lose your job, you could include unemployment benefits in your application. More: " The Credit Card Act of 2009 permits you to declare the income of your household to which you have a 'reasonable expectation of having access.' " The approval process for a credit card is contingent the income you earn, your credit score and your credit score, which is the amount of your current debt payments as a percentage of your income. When you've been approved for a credit card, your credit limit will be based on your income and debt-to-income ratio. The Credit Card Act requires lenders to consider your ability to make your payments when you apply for a credit card. That's why they also look into your obligations to pay your mortgage or rent as well as debts, alimony or mortgages. • If your income isn't enough If you don't earn enough to qualify for a credit card by yourself, you're but not completely shut out. Here are three options: 1. You can apply for a secured credit line require a security deposit as collateral in the event you are unable to pay the invoice. The amount you deposit will determine your credit limit. Because of your deposit amount, it's usually easier to qualify for secured cards than a regular, unsecured card, and the income requirements may be less strict. You can get your deposit back when you shut down the account or switch to the regular credit card. >> MORE: 2. Recruit a co-signer with an excellent credit score and regular income. It's not often these days, but some -- someone from your family or a friend who is willing to pay when you can't. It is still your responsibility for the debt; the co-signer is simply an extra option. This is a big favor to ask of someone. It is important to stay on top with your payments so that you don't harm the credit score of the co-signer and yours. 3. You can become an authorized user of someone's credit card A person from your family or friend could make you an on their account. You'll receive a credit card bearing your name and address connected to their account. They'll be accountable to make the payments. You can work out an agreement with them on a spending limit as well as a payment plan. Be sure to stick to the plan to not harm the credit score of the cardholder who is primary. You're now tied to their credit score, which means it could impact you, too. More A Nerdy Tip Over the last few years, several so-called have come to market, advertising nontraditional underwriting policies to evaluate the quality of credit (aside from analyzing FICO scores on their own). Although these cards could 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 a credit card while unemployed however, is this the best option? It's dependent on your individual situation. If you're trying to get access to credit only to cover the essential expenses, exercise caution. Credit card debt is notoriously costly. If you have money in savings that you can draw from or a loved one willing to offer you a loan until you find a new job, those might be better options. If you're looking to apply for credit card to get it, and you have enough money to pay it off every month, it might be a good idea for you to consider getting one. Here are some kinds of cards you may want to look at first : Many cards offer 12 to 18 months of interest-free swiping however you'll likely have to meet the minimum requirements (typically of 690 or higher). Be aware that you'll still have to pay at least the minimum monthly payment. True 0% APR offers however, are different from , in which retroactive interest is assessed if you don't make the payment before your zero-interest rate ends. If you're (FICO scores of at minimum 630) -- or you have good credit, but it takes you longer than the typical 0% APR period to repay your debtsyou should consider a credit card that has low interest rates all the time might be a good option. "Low rates of interest" credit cards are still expensive compared with other forms of credit, however they can help you save cash compared to . Carrying a credit card balance isn't a good idea, particularly when you don't earn a steady income. If you do need a credit card to pay for essentials consider low-interest alternatives and ensure that you're able to make at least the minimum monthly payment until you can find an opportunity to work. The bottom line is that unemployment doesn't need to hinder credit card approval if have good credit and an income source you can utilize to pay for your expenses. If you're not employed, or you have a job, use your credit card prudently. Don't charge more than you're able to pay, and aim to pay the full amount each month to avoid paying the cost of interest. If that's not feasible due to the circumstances of your job, plan to pay your balance immediately after you're back to your feet. Authors' Bios Melissa Lambarena is a credit card writer for 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 the writing process at NerdWallet. Her work has been highlighted by USA Today, U.S. News and MarketWatch. On a similar note... Find the perfect credit card for you. Whether you want to lower your interest rate or earn higher rewards, the right card's out there. Answer a few simple questions and we'll narrow down the selection for the right card for. Explore even more in credit Cards Discover more intelligent money moves delivered directly to your inbox. Sign up and we'll email you Nerdy posts on the topics in finance that are important to you along with other ways to get the most out of your money. Take the proper financial decisions

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