Can I Apply for credit Card When I’m not employed? Advertiser disclosure You’re our first priority. Each time. We believe that every person should be able to make sound financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market however, we’re confident of the advice we offer, the information we provide as well as the tools we design are impartial, independent easy to use and completely free. So how do we make money? Our partners compensate us. This may influence which products we review and write about (and the places they are featured on our website), but it in no way affects our suggestions or recommendations that are based on thousands of hours of research. Our partners are not able to pay us to guarantee favorable review of their services or products. . Can I Apply for a Credit Card When I’m not employed? Yes, as long as you still have access to income , but it does not have to be a fixed annual salary. Even if you don’t have income, you’re still in the middle of alternatives. By Melissa Lambarena Lead Writer | Credit cards and debt Melissa Lambarena is a lead writer for the credit card team of NerdWallet. She has been a passionate writer covering the subject of credit cards for more than six years. Her prior experience includes nine years as an editor for various publications and websites. With her efforts, she hopes to help readers extract value from credit cards to meet financial goals like stretching their budget, building credit, traveling to dream destinations, and repaying debt. She explores these topics along with others in The Millennial Money column featured in The Associated Press. Her work has also been published in 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 University of California, Los Angeles. University of California, Los Angeles. as well as Erin El Issa Senior Writer Personal finance, data analysis credit cards Erin El Issa writes data-driven research on personal finances, credit cards investment, travel, banking as well as student loans. She is fascinated by numbers and strives to make data sets understandable to help people improve the quality of their lives financially. Prior to becoming the Nerd in 2014, she worked as an accountant for tax purposes and freelance personal finance writer. Erin’s work has been mentioned as a result by The New York Times, CNBC, The “Today” show, Forbes and elsewhere. In her free time, Erin reads voraciously and tries in vain to keep on top of her two children. Her home is within Ypsilanti, Michigan. Sep 23, 2021 Edited by Kenley Young The editor who is assigned Credit scores, credit cards Kenley Young is the director of daily credit cards coverage for NerdWallet. Prior to that, he worked as a homepage editor and digital content producer at Fox Sports, and before that a front page editor for Yahoo. He has a wealth of experience in both digital and print media, with periods as an editor at the copy desk as well as a wire editor, and a metro editor at McClatchy. McClatchy Newspaper chain. Email:

. A majority or all of the items featured here come from our partners, who pay us. This affects the products we review as well as the place and way the product is featured on a page. But, it doesn’t affect our opinions. Our views are our own. Here’s a list and . The fact that you are unemployed doesn’t mean it will automatically exclude you from applying for credit card. Credit card companies are more interested in your income than your job. They also take a look at your credit score and your current debt. You can meet the income requirement without a job , by indicating on your application the income you can access. If your earnings come in a deficit, you can rest. You still have options to build credit or keep it. >> MORE: Find the most suitable credit card for you. Check your score anytime and NerdWallet will tell the credit card that have the highest value. In your application, you must list your income. Think about the income you’re relying on to survive when you’re not working. If you’re older than 21, the allows you to list any household income to which you have the “reasonable expectation of access.” This includes income from your spouse or partner and also sources of income not earned by a wage, like investment returns as well as Social Security payments. In the event that you’ve been laid off from your position you could include unemployment benefits on your application. >> MORE: ” The Credit Card Act of 2009 allows you to list any income from your household that you have a ‘reasonable expectation of having access.’ ” The approval process for a credit line is contingent upon your earnings, credit history , and also your credit score , which is your current debt payments in percentage of your income. When you’ve been approved for a credit card, your credit limit will be determined by your income and 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. This is why they will also examine your obligations to pay your rent or mortgage, alimony or debts. • If your income isn’t enough If you don’t earn enough to qualify for credit on your own, you’re yet to be completely excluded. Three options are available one of which is. Apply for a secured credit card. that requires a security deposit to secure the account in the event that you are unable to pay the bill. The amount you put down determines your credit limit. Because of your deposit amount, it’s usually more straightforward to get a secured card than a standard, unsecure card, and the income requirements might be less strict. The deposit is returned when you close your account or switch to the regular credit card. >> MORE: 2. Find a co-signer who has a good credit score and an income that is steady. It’s not common these days, but some — someone from your family or a friend who will make the payments when you can’t. It is still your responsibility for the payment and the co-signer will be a fallback. It’s a huge gesture to request from someone. You’ll need to be on time with payments to avoid jeopardizing your co-signer’s credit score and yours. 3. Be an authorized user on your credit card. A relative or friend can create you as an authorized user on their account. You’ll be issued a card with your name on it , tied to their account. They will be responsible for the payment. You can work out an arrangement with them to decide on a spending limit as well as a payment plan. Be sure to stick to the plan to protect the credit score of the cardholder who is primary. You’re now bound with their credit scores, and it could affect you, as well. More A Nerdy Tip Over the last few years, several so-called have come to market and advertise nontraditional underwriting guidelines to determine the creditworthiness of a person (aside from analyzing FICO scores by itself). Although these cards could be good options for those with limited or no credit, you’ll still have to meet income requirements, similar to conventional credit card companies. You may be able to apply for a credit card while unemployed however, is this a good idea? It’s dependent on your individual situation. If you’re looking to access credit merely in order to pay for your important expenses, take be cautious. Credit card debt is notoriously expensive. If you have money in savings you can tap or a friend who is willing to provide you with a loan until you find a new job, those could be the better alternatives. If you’re applying for credit card to pay to , and you have the funds to pay it off each month, it may be the right choice for you to consider getting one. There are a few types of cards to look at first : Many cards offer 12 to 18 months of interest-free credit, though you’ll probably require at minimum to be able to qualify (typically of 690 or higher). Be aware that you must make a minimum monthly payment. The genuine 0% APR offers, by the way differ from those which have retroactive interest due if you fail to pay off the balance before your rates are capped at 0. : If you have (FICO scores at least 630) or have good credit but it may take longer than the standard APR 0% period to repay your debts- a card with an interest rate that is low always could be an ideal choice. “Low rates of interest” credit cards are still costly when compared to other types of credit, but they can help you save cash compared to . A credit card balance isn’t ideal, especially when you don’t earn a steady income. If you do need a credit card to cover the necessities consider low-interest alternatives and make sure you can pay the minimum monthly amount until you get a new job. The bottom line is that unemployment doesn’t need to stand in the way of credit card approval if you have a great credit score and an income source that you can use to pay for your bills. But whether you’re unemployed or have a job, use your credit card carefully. Do not charge more than you’re willing to pay and make sure you pay your bill in full every month to avoid charges of. If that’s not realistic given the circumstances of your job, plan to pay your balance when you are back on your feet. Authors’ Bios Melissa Lambarena is a credit card writer at NerdWallet. Her work has been highlighted by The Associated Press, New York Times, Washington Post and USA Today. Erin El Issa is a credit card expert as well as a writing at NerdWallet. Her work has been featured in USA Today, U.S. News and MarketWatch. In a similar vein… Find the right credit card for you. Whether you want to lower your interest rate or earn higher rewards, the perfect card is out there. Just answer a few questions and we’ll narrow the results for you. Explore even more in credit Cards Discover more intelligent money moves delivered straight to your inbox Sign up and we’ll send you Nerdy posts on the money topics which matter to you the most as well as other methods to help you get more from your money. Take the proper money-making decisions

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