Credit card without job

Can Students Without A Job Obtain A Credit Card

Credit cards are very important within the financial world today. Some simple transactions are challenging and difficult without a credit card. For example, most hotels require a credit card to book travel. Car rental companies also need a credit card in order to allow a driver to rent a car. While most banks require proof of a stable income or employment before extending a credit card, a student without a job is still able to obtain a credit card. A student without a job simply needs to follow specific steps before applying for a credit card. Basically, he or she needs to follow steps that help establish a responsible credit record.

The following steps will help a student without a job obtain a credit card:

First of all, you can establish credit by setting up and applying for a “secured credit card.” Creating a credit record using this card will help you avoid any disasters financially in the future and obtain a credit card even if you do not have a job. While it is called a credit card, it is a card that actually pulls from an account that the cardholder deposits money into. The cardholder then basically uses the card to withdraw money from their account. This financial tool helps build credit within the banking world. Secured credit cards typically have low limits around $250 to $500.

Take time to apply for a credit card as a student. Many credit card companies will offer students credit cards that allow students to apply will also allow a co-signer to be on the application like a parent or guardian who takes joint responsibility for the card. The acceptance process will take the co-signers credit history and income into account which greatly increase a student’s chance of getting a credit card. Additionally, some student credit cards give incentives. For example, if the entire balance is paid off or the balance remains below the limit, the interest rate may be reduced.

A student without a job can use other sources of income on an application. These sources can include a spouse’s income, a trust fund, interest payments and more.

Take the time to research online for credit cards for students without a job and limited credit history. There are many websites that have been set up to give details about specific needs applicants. This type of research will be very important for a student without a job looking for a credit card.

Additional information may be obtained by reviewing the 2009 credit card reform act.

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Insuring A Credit Card Against Job Loss

Credit card without job

Credit card without job

When you feel like your job is teetering on a cliff due to impending layoffs, thoughts of every bill you have and how you are going to pay them are at the front of your mind. In this tidal wave of numbers, buying involuntary unemployment credit card (IUCC) insurance that offers to make payments on your credit card balances while you are unemployed seems likes a great idea. But does it work out for you in the long run?

This is an insurance policy normally offered by your credit card company to cover payments during a period of unemployment. Loss of self-employed work or quitting your job will not be covered. The amount that this service costs varies from company to company. However, it could be as much as 1% of your balance every month.

For some people the cost of IUCC insurance is worth it, but for others it isn't. You need to figure out how long you are going to be without a job, how close you are to paying off your credit cards, and if you could manage the payment without buying involuntary unemployment credit insurance. (For a related reading, check out Credit Scams To Watch Out For.)

When IUCC Insurance Makes Sense

When IUCC Insurance May Not Make Sense

If the layoff didn't happen for 6 months, you'd pay a total of $300 ($50 x 6), which could have gone into a savings account to cover future payments or paid down your balance by $300. If you didn't lose your job, you'd just be out the money for the length of time you kept the insurance.

How Does it Affect Your Credit?

You need to ask questions about how far in advance the payment is made so you don't have late pays on your credit report. If payments aren't reported on time, you will have a late pay and a huge drop in your credit score.

Involuntary unemployment credit insurance can get pricey. Make sure you can cancel your policy quickly once you get another job. You want to ask questions such as:

  • When is the insurance billing date?
  • How far in advance of the billing date do you need to be notified in order for me not to get billed for the following month?

When you get this information, put it in a computer file or add it to your datebook. If you put it in your datebook, add both the billing date and the cancellation date to your monthly calendar for the next six months. (For more, read Five Keys To Unlocking A Better Credit Score.)

  • Instead of buying IUCC insurance, try to pay down or pay off your credit cards, and/or reduce expenses so you have a manageable budget before you're layoff.
  • Before you buy IUCC insurance, look at other bills that can be put on hold for free. Call your student loan lender to find out your options for postponing payments before you get your layoff notice.
  • Activate budget emergency mode. Cut back on all unnecessary expenses down to specialty food items and stash the money in a savings account in case you lose your job.
  • Apply for a new job as soon as you get your layoff notice. Beforehand, revamp your resume and browse internet job sites for potential places to work next.

5 Ways to Get a Credit Card Without a Job

Seems like a lot, right? Well, it is - but, it's necessary to keep in mind that this percentage lumps together both people who are actively looking for or have a job, and those who aren't. The people who could fall into the latter category could be your grandma, your kid brother, a spouse who chooses not to work, you cousin who continues to be an "aspiring actor," and so on.

So it's probably not difficult to see that depending on their own unique situations, people who don't have jobs could still want to have a credit card issued in their name. Luckily, it's completely possible.

Here are 5 ways to get a credit card without having a job -

When you apply for a credit card, you are allowed to count all sorts of income, not just money from having a traditional job.

So if you get money from investments, Social Security, child support, freelance projects, or even from winning the lottery, you should include it on your next credit card application for consideration.

If you don't have a job, but someone who will vouch for you, you can have that someone be a co-signer. That's how traditional loans without income work and it's a great way to get a credit card when you don't have a steady source of income.

Some card issuers allow this and some don't, so it's definitely worth calling your bank to ask before finding a potential co-signer. Just remember that both of you are each individually responsible for payments, so if you fail to make your payments, the co-signer will be on the hook for paying your balance.

A few years back, the government made a rule as part of the CARD Act of 2009 that companies couldn't issue a credit card account if you had no income to pay them back. It seemed great at first, but then people realized this rule screwed over non-working spouses who wanted their own account. That's rough.

To fix it, the Consumer Financial Protection Bureau amended the rule to say that when you apply for a credit card but have no income, you can include any income that your spouse has access to. So essentially, if one of you works, and the other doesn't, both of you can still use that household income to apply for a card.

4. Piggyback on Your Parents (a.k.a. Become An Authorized User)

I got my first credit card when I was 13 by becoming an authorized user on one of my parent's accounts. They wanted me to have it in case of emergencies, but I mostly just used it to buy pizza. #priorities

Most credit cards don't charge any extra fees for adding authorized user's to their account, so if your parents (or another primary cardholder) are okay with adding you to their account, it will be pretty easy for you to get a credit card - just remember to stay responsible with it since the primary cardholder is always responsible for the charges if you don't pay.

5. Get a Prepaid Card or Gift Card

This last idea isn't really a credit card, but for many people, it's close enough.

Anyone can buy a generic Visa, MasterCard or American Express gift card, or sign-up for a reloadable prepaid debit card. Once activated, you can use it anywhere credit cards are accepted, and you don't have to carry cash or deal with checks.

Two of the prepaid gift cards I like to recommend are the basic MasterCard and Visa card that you can get from pretty much any grocery store and load up to $500. As for standard prepaid cards, I like Walmart's Bluebird card from American Express.

Do you use credit cards? Share your thoughts with us in the comments.