Can The Unemployed Get A Credit Card ?
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
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
Once you receive your credit card, it is your opportunity to build credit and improve your credit score. It is imperative you make payments on time. Not only does this save you from paying late fees, it shows the credit card companies you are a good risk and will open the door to other credit opportunities.
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.