Credit Access and Disability: Why Scores Are Key in a Crisis Advertiser disclosure We make you our top priority. Each time. We believe that every person should be able to make financial decisions with confidence. And while our site does not include every company or financial product available 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, straightforward — and completely free. So how do we make money? Our partners pay us. This can influence the products we write about (and the way they appear on the website) However, it doesn’t affect our recommendations or advice, which are grounded in thousands of hours of research. Our partners are not able to pay us to guarantee favorable review of their services or products. . Credit Access and Disability The importance of scores In a Time of Crisis. Having a good credit can help you access low-interest loans and credit cards that can help you pay your bills during an emergency. Here’s how you can get started. Written by Caitlin Mims, Content Management Specialist Credit scores, credit cards Caitlin Mims is a Content management specialist on the credit cards team of NerdWallet. Before joining NerdWallet she was the editor of CreditCards.com as well as Bankrate. Caitlin is a writer on personal financial matters for the past seven years. She has covered credit cards, credit scores, retirement planning as well as the financial struggles women confront. She lives at Denver, Colorado. Aug 16, 2022 Edited By Kenley Young Assigning Editor | Credit cards, credit scores Kenley Young directs daily credit cards coverage for NerdWallet. Previously, he was an editor on the homepage as well as a digital content producer for Fox Sports, and before that a front page editor for Yahoo. He has decades of experience in digital and print media, including times as an editor at the copy desk as well as a wire editor, and an editor in the metro area at The McClatchy Newspaper chain. Email:

. Many or all of the products featured here are from our partners, who pay us. This influences which products we review and the location and manner in which the product is featured on a page. But, it doesn’t influence our opinions. Our views are our own. Here is a list of and . Since Erin Noon Kay was little her mother taught her how to handle money. It’s a great idea for parents everywhere to learn, but for Noon Kay, it was essential. Her birthmark was cerebral palsy. Along with the general aspect of budgeting, she had to be able to navigate the confusing government benefits system. Noon Kay — who founded Claiming Disability, a company that advocates for people who have disabilities by coordinating outreach and media representation — explained that many people who are disabled don’t manage their finances on their own. Instead, their finances will be managed by a nonprofit or their parents, which means they don’t learn the skills for managing their own finances. “I don’t think we’re giving disabled people a favor when we try to shelter them from the realities of their own life,” says Noon Kay, 33. “Like if my mom would have sheltered me from these reality, it would have been a major shock.” One of the most neglected aspects for financial planning is the credit. Being able to score a credit score ( minimum 690) means having options available in an emergency in the event that you lose your job or become incapable of working. However, people who are disabled are less likely to work full time and tend to earn less in the average than people without disabilities, says Tom Foley, executive director of the National Disability Institute, or NDI. And he speculates that the disability community is among the biggest groups, which makes emergency situations more difficult to manage. For some, debt is the only option. In the end, the option isn’t always as simple as paying less funds: If you suffer from disabilities, there are some costs which are usually viewed as luxury items are actually necessity. Foley gave the example of an air conditioner that goes out in the middle of summer. If you’re disabled and live in Georgia and need to fix it, this isn’t an option; it’s likely to be essential for your survival. However, if you have low credit (FICO scores of 629 or lower), your options for covering such are limited. “It’s all of these elements kind of conspiring to make someone in a fragile economic position and makes it a lot harder to pay off any debt,” says Foley. A 2017 NDI study of survey data from the Financial Industry Regulatory Authority, also known as FINRA discovered that those with disabilities are much less likely to utilize credit cards than the general population and are far more likely to struggle with debt and use “alternative credit services” such as pawnshops and payday loans. Payday loans have APRs that can be up to 300%. If you have bad credit or no credit at all There are loans that can be more affordable to repay. But those with good credit have even better options, such as low-interest loans and zero-introductory APR credit cards. More How to begin building your credit building your credit isn’t easy when you’re having financial difficulties. But it’s not difficult. Mostly, it comes down to learning how to handle any debt you accumulate. In actual fact, Noon Kay credits her mom’s financial lessons with her credit score today. Here’s how you can get started: Open an account that is reported to the credit bureaus. Most credit scoring models don’t keep the track of utility or rent payments, but credit cards as well as loans are typically disclosed to . Credit cards are one of the most effective ways to be certain that your account will actually aid your credit score and there are alternatives for people with low or thin credit. (More about that later.) >More: Make timely payments Once you have an account that’s disclosed to the credit bureaus, be sure to make every payment on time because that’s one of the main aspects of your credit score. If you have a credit card and you’re not required to pay your entire balance. As long as you pay your minimum monthly payment and you’ll be able to protect your credit. But remember: Merely paying your minimum balance . Credit card interest is likely to be much lower than a payday loan, but the APR is likely to remain at or above the double-digits. If you’re having trouble making your minimum monthly payment take the initiative to call your credit card provider first. The issuer might have a offer to reduce the amount of your monthly payment and keep your credit card in great condition. More Credit cards that could aid if your credit score is less than ideal, you might have some trouble getting approved for many credit cards, including most reward cards. But you do still have several options: Secured credit cards Unlike others, they require a cash deposit upfront. After you’ve closed the account in good standing — or you are able to upgrade it to a conventional unsecure card with responsible usage over time — you’ll be able to get the cash back. Major issuers like Capital One and Discover offer secured credit cards. Because the deposit lowers the risk for card issuers this makes it much easier for those with poor or zero credit scores to get approved. It’s actually possible to get secured credit cards , or even bank accounts -but these cards may have other drawbacks, like annual fees or no upgrade options to higher-end cards. Alternative credit cards based on your credit score you might be able to qualify for an unsecured credit card that uses nontraditional underwriting guidelines to make decisions. The cards will take a look at your credit history, but they’ll also consider other factors like earnings, employment, and banking information. This isn’t going to be the best option for everyone. If you’re on a you might face some difficulties getting approval. It’s a possibility to think about when your credit score isn’t as strong as your other financial history. Make yourself an authorized user may also increase your credit score through being a part of someone else’s credit card account. It is recommended to inquire with someone who has excellent financial practices and pays each payment on time, because you’re building credit by piggybacking off of theirs. As an authorized user you can get an actual card to purchase using it, but that’s not required. Your credit may benefit without you ever needing to use the card. However, authorized users do not have the ability to alter the account, nor are they responsible for making payments on it. The responsibility falls on the account’s owner so it’s a good idea for you two to establish rules and expectations prior to the time of your meeting. If you rack up fees that you isn’t able to pay back, both of you could have negative consequences to your credit score. The author’s bio: Caitlin Mims is a content management specialist at NerdWallet that covers credit cards. Prior to that, she was an editor at CreditCards.com. Similar to… Find the right credit card that is suitable for you. If you’re looking to lower your interest rate or earn more rewards, the right card’s available. Answer a few simple inquiries and we’ll be able to narrow your selection for the right card for. Get even deeper into credit Cards Discover more intelligent money moves delivered straight to your inbox Sign up and we’ll send you Nerdy articles about the money topics that matter most to you as well as other methods to help you make the most from your money. Take all the appropriate financial moves

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