Credit Cards Help and Advice

Can You Apply For A Credit Card Without A Job?

Can You Apply For A Credit Card Without A Job?

Credit Cards Without Steady Income Can Be Tricky

You do not always require a job for qualifying for a new credit card. However, you must be generally capable of showing that you hold income. Your capability to make the payments is directly tied to your proceeds. So the revenue is a prime aspect of whether you’ll get approval for a credit card and what your credit limit ought to be.

 Student Credit card

Students in colleges be qualified for applying for a new credit card. Nonetheless, they are required to have an investment, trust fund, or a few financial assets for qualifying. There are a few banks that would be prepared to provide you with a credit card when you already have an account with the said bank amid adequate funds.

Several banks offer credit cards through online applications. Yet, you may still have to go to the bank once at least for authenticating your identity. It is prudent to review your available offers on the student credit card with diverse banks and then select the one, which you feel is the most suitable for you.

By presenting income proof

Income generation is more significant than the held job. When one does not hold a job, yet has a substantial cash inflow in the account, he or she is as much qualified for applying for a credit card. The applier will have to submit their income proof to the given bank, along with the credit card appeal. The income can be from child support, royalty, alimony, or the business profits. A few banks can inquire about your income tax returns documentation for the eligibility of a credit card.

Utilizing the community property

Community property indicates all your fiscal liabilities and assets, which married partners own jointly. It can be the total monthly income, additional debts, or the owned properties. In case, any one of the partners is holding a job and the other one is not the second partner can still apply for the card owing to the community property.

Nevertheless, not all states deem community property in credit card requests. It is prudent to verify before applying. If your residential region or state allows it, it can be fairly easy to apply for the credit card.

Taking help of the co-signer

The co-signer can definitely be a guarantor who has an excellent credit. When your co-signer grants you the card, they become responsible for the payments equally as you. In case of payment defaults, the credit score of your co-signer gets affected also.

For this reason, a co-signer is generally the one who completely trusts you and is set to take full liability for these payments. Typically, only parents or guardians are deemed as the co-signers by banks. Conversely, there are a few banks, which may allow a non-related co-signer too.

Applying for secured cards

When you are self-employed or do not hold a job, you can avail fora secured credit card. In this, you’ll require available funds. The fund facilitates as collateral alongside the credit line. You’ll have to pre-forfeit the sum that equals your credit line, which sum would act as the security deposit for the credit card.

If there is any inability to make the payment for the given balance, the sum will be subtracted from this security deposit. It is a superb option for the applicants who have spent all additional avenues for getting a credit card.

On the whole, applying for a credit card is easy, provided you have the right knowledge and insight into the process. Using these simple steps given above, you can avail a credit card even without a substantial proof of your job.

Jay Kaul

About Jay Kaul

Jay is a financial and credit expert and freelance contributor to CreditSmart. He's always keeping his eyes open for the latest credit card trends in India and provides a sharp insight on new entries into the market.

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