Credit cards for the unemployed
Being unemployed means having no regular income to pay back money you borrow. This is why it’s more difficult to get credit cards if you're unemployed – lenders see you as a higher risk and maybe more reluctant to lend to you.
Can I get a credit card if I'm unemployed?
Although there’s no such thing as credit cards for the unemployed, you might find a credit card for bad credit offers a chance for you to get a credit card if you’re out of work. Acceptance for this type of card isn’t guaranteed, and your lender will assess your current circumstances before making a decision.
Things to consider if you're unemployed and need a credit card
Being out of work and having no steady income can have a negative impact on your credit score, which is why credit builders are often the most suitable credit cards for unemployed people.
If you are accepted for a bad credit credit card, bear in mind that the interest rate on borrowing may be high and the credit limit low.
Credit cards for the self employed
If you’re self-employed, lenders may see you as a higher risk as your income depends upon how well your business is doing - a downturn in trade could mean you’re no longer able to keep up with repayments on your borrowing.
Can I get a credit card if I'm self-employed and have bad credit?
Having bad credit can limit your credit card options. If you’re also self-employed, you could see your options limited even further. In this instance, a credit card for bad credit could be an option as the lending criteria isn’t as strict as on some other cards. This is because these cards are designed to help people build their credit score.
Things to consider if you're self-employed and need a credit card
When you’re self-employed it is likely that your income can sometimes fluctuate. For this reason, it's important to make sure that you are able to make your credit card payments each month. By meeting each payment on time and staying within your credit limit, you may be able to improve your credit score.
Credit cards if you’re on benefits
Being on benefits can make getting credit more difficult. Even if your benefits provide a regular income, lenders may still see you as a higher risk if you aren’t in regular employment. This means you need to carefully consider applications for credit cards when on benefits.
Can I get a credit card if I'm on benefits?
Being on benefits can significantly affect your ability to get credit, but that doesn’t necessarily mean you can’t get a credit card.
With Vanquis you can apply for a credit card even if you are on benefits. Simply use our credit card eligibility checker – you’ll get an instant decision on your eligibility, with no trace of a search left on your credit file.
Things to consider if you're on benefits and need a credit card
If you’re looking for a credit card while on benefits, remember that many lenders will consider affordability alongside the information held on your credit file. This means your application may be accepted if you can show that you can afford the repayments on your credit card, even if you’re on benefits.