Disability and Credit Access The importance of scores in a Time of Crisis Advertiser disclosure You’re our first priority. Every time. We believe that every person should be able to make financial decisions with confidence. Although our site does not include every company or financial product available on the market however, we’re confident that the advice we provide as well as the advice we provide as well as the tools we design are independent, objective, straightforward — and completely free. How do we earn money? Our partners pay us. This may influence which products we write about (and where those products appear on the site) however it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot promise us favorable reviews of their products or services. . Disability and Credit Access The importance of scores in a Crisis Having credit score that is good can help you get affordable interest loans as well as credit card to help you pay your bills during an emergency. Here’s how to get started. Written by Caitlin Mims Content Management Specialist Credit cards, credit score Caitlin Mims works as a content management specialist for the credit cards team at NerdWallet. Before joining NerdWallet she worked as the editor of CreditCards.com and Bankrate. Caitlin wrote about personal finances for seven years. She has written about credit cards, retirement planning, credit scores and the financial challenges women face. She is located at Denver, Colorado. Aug 16, 2022 Written 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 at Yahoo. He has decades of experience in digital and print media, including periods as an editor at the copy desk, a wire editor and a metro editor at The McClatchy Newspaper chain. Email:

. The majority of products featured here are from our partners who compensate us. This impacts the types of products we review as well as the place and way the product is featured on a page. However, this doesn’t affect our assessments. Our opinions are our own. Here’s a list of and . From the time Erin Noon Kay was little her mother taught her how to handle money. This is an important practice for any parent to do but for Noon Kay it was necessary. Her birthmark was cerebral palsy. Along with general budgeting, she also needed to know how to navigate the confusing benefits system of the government. Noon Kay was the person who started Claiming Disability, a company that advocates for people who have disabilities by coordinating outreach and media representation explained that many disabled people don’t manage their finances on their own. Instead their finances will be controlled by a nonprofit or their parents, meaning they don’t learn the skills themselves. “I do not think we’re providing disabled people with a benefit by trying to protect them from the realities of their own life,” says Noon Kay, 33. “Like if my mom could have protected me from all of these realities, it would’ve been a massive shock.” An often-overlooked area for financial planning is credit. Having good credit ( minimum 690) is being able to access options in an emergency — for instance, if you are fired or unable to work. People who are disabled are less likely to be employed full-time and are less likely to earn per hour than those with disabilities, according to Tom Foley, executive director of the National Disability Institute, or NDI. He also believes that the disability community is among the biggest groups, which makes emergencies harder to manage. For some, debt is the only way to go. In the end, the solution is not always as simple as paying less money. If you’re suffering from a disability, some expenses which are usually viewed as luxury items are actually essentials. Foley provided an example of someone’s air conditioning going out during the summer heat. If you have a disability and live in Georgia, getting that fixed is not a luxury; it’s probably essential to survive. If you have poor credit (FICO scores of 629 or lower) then your options for covering such are very limited. “It’s all of these things kind of conspiring to place someone in a very vulnerable economic situation that makes it much more difficult to manage any debt,” says Foley. A 2017 NDI analysis of survey data from the Financial Industry Regulatory Authority, or FINRA, found that people with disabilities are significantly less likely to utilize credit cards than rest of the population, and are more likely to face financial burdens and also to utilize “alternative credit services” like pawnshops or payday loans. Payday loans have APRs that can be higher than 300%. If you have bad credit or zero credit There are loans that can be easier to pay off. But those with good credit have even better options, such as low-interest loans and 0% intro APR credit cards. >> MORE: How to start building your credit building your credit can be difficult in the event that you’re having financial difficulties. However, it’s not difficult. Mostly, it comes down to knowing how to handle any debt you accumulate. In fact, Noon Kay credits her mother’s financial education for the good credit she has today. Here’s how you can start: Create an account that will be reported to the credit bureaus Most credit scoring models don’t keep track of rent or utility payment, but credit card and loans are typically reported to the . Credit cards are one of the most effective ways you can be sure that your credit card will help your credit There are other options for those with weak or weak credit. (More on that below.) >> MORE: Make on-time payments when you have a credit card account reported to the credit bureaus, you must make each payments on time as it’s among the most important elements in your credit score. If you’re using credit card and you’re not required to pay off the total balance. So long as you make your minimum monthly payment and you’ll be able to safeguard your credit. Remember: Paying the minimum amount . The interest on credit cards is more likely to be lower than an payday loan, but the APR will still typically sit in the double digits. If you’re having trouble making your minimum monthly payment take the initiative to get in touch with your credit card company first. They may be able solution to lower your monthly bills and maintain the account on good standing. >> MORE credit cards that can aid if your credit score isn’t as great You may have trouble getting approved for many credit cards, including most reward cards. However, you have certain options secured credit cards, unlike other credit cards, they require a cash deposit upfront. When you have closed the account in satisfactory standing, and you are eligible to upgrade it to a conventional unsecured card through responsible use in the future — you’ll get the money back. Major issuers such as 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 bad or no credit to be approved. It’s actually possible to get secured credit cards , or even a bank account — although such products may come with other disadvantages, such as annual charges or the inability to upgrade 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 criteria to make decisions. These cards might take a take a look at your credit score, but they’ll also consider other factors like earnings, employment, and banking information. It’s not the most suitable option for every person. If you’re on a , you might face some difficulties getting approved. But it’s an option to think about in the event that your credit rating isn’t as strong as the rest of your financial history. Be an authorized user can also build credit by becoming an on the credit card of someone else. It is recommended to inquire with someone who has an excellent track record of financial management and who makes each payment on time, because you’re building credit by piggybacking on theirs. As an authorized user, you’ll be able to get an actual card to make purchases with it, though it’s not required. Your credit could see a benefit without you ever needing to use the card. However, authorized users do not have the capacity to make changes to the account and are not responsible for the payment made on it. The responsibility falls on the account’s owner so it’s a good idea for the two of you to set rules and expectations prior to the time of your meeting. If you accrue costs that your primary account owner isn’t able to repay, each of you may have negative consequences to your credit score. Author bio Caitlin Mims, a Content Management Specialist at NerdWallet that covers credit cards. Previously, she was an editor at CreditCards.com. Similar to… find the right credit card for you. Whether you want to lower your interest rate or earn more reward points, the right card is out there. Answer a few simple inquiries and we’ll be able to narrow down the search for you. Dive even deeper in Credit Cards Get more smart money moves delivered straight to your inbox Sign up and we’ll email you Nerdy posts on the topics in finance which matter to you the most along with other ways to help you make the most out of your money. Take all the appropriate money moves

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