#credit cards for unemployed
Can The Unemployed Get A Credit Card ?
Here from the Wall Street Journal? Check out my story on why I don’t buy Christmas gifts.
Anything is possible in this day and age, and if you are unemployed there are certainly options for you as far as getting a credit card. The real question is, if you are unemployed, should you be getting a credit card? It might not be the opportune time, but in all actuality for some vital functions you really do need one. The trick is to find the right kind of card and to manage its use responsibly.
How To Get Started
In order to begin, you re going to have to do a little research starting with a credit card comparison for the best credit card offers. What you re looking for is a low interest rate, which can be a bit of a challenge if you aren t currently working. Another option is to choose a secured credit card, in which you deposit a certain amount of money on which you can draw through the card. This might be a great choice if you have been unemployed for a long period of time, rebuilding credit or just starting out on your credit journey.
What The Credit Card Companies Look For
The credit card companies do consider your job status, but it is not the only factor. They also look at your credit report and your ability to repay the loan. If you are able to show you can make regular payments, you have a much better chance of getting a credit card. If not, it is likely your application for credit will be declined.
You ve Done The Homework
So, you ve completed your credit card comparison and have a few choices. Keep in mind every time you fill out a credit card application, it pings your credit report and too many of them could negatively affect your credit score – so choose carefully. Be totally honest in the information you provide to the lender. If they discover inaccurate information, it is grounds to cancel the account. If you are not employed, don t represent you are.
Manage Your Credit Card Responsibly
Being unemployed doesn t mean you can t get a credit card, but it does mean you may have more obstacles to overcome. However, if you re unemployed you need to seriously consider not whether or not you can get a credit card, but whether or not you should get one.
This post was brought to you by MBNA UK. I got my first credit card with MBNA 15 years ago and I still carry it in my purse! I m currently paying 0% interest on my card.