Can You Get a Credit Card When You Don’t Have a Job? (2024)

FAQs

Can You Get a Credit Card When You Don’t Have a Job? ›

Yes, as long as you still have access to income — but that doesn't have to be a fixed annual salary. Even if you don't have income, you're not out of options.

If you're not currently working, you might be wondering whether you can get a credit card. The short answer is, while you may not have to be employed, you do need to show you can cover your bills. So you may want to be cautious if you currently have limited income.

It's not likely that the card issuer will ask for you to provide proof of income, such as tax forms, unless you are a young borrower. But the best practice is to be honest so that your credit limit is appropriate. You'll want to make sure you can afford the minimum payments and stay out of debt.

While there isn't a specific income requirement for a card, evaluating your access to income allows a bank to determine your credit health and whether or not they want to lend you money based on their confidence in your ability to make your payments.

Income is only one aspect of the qualification process, so if you don't have any yet, you typically won't be immediately rejected from getting a credit card. The credit card issuer will also check your credit history to see how you've handled any past and current credit products.

If your income is lower because you're unemployed, not every credit card issuer will approve your credit card application. However, some may. If you have enough income from other sources, unemployment won't limit the cards you can apply for.

Your employment history may be listed on your credit report if you provided information about where you work to a creditor. Lenders typically ask for employer information on credit applications to help verify your identity but they're not obligated to report your job history to the credit bureaus.

Yes, you could get a credit card without a traditional job

Situations that may be applicable include, but are not limited to: If you are already retired and have income from retirement accounts or rental properties including apartments or vacation rentals.

Issuer-specific policies

The CARD Act doesn't set income requirements, which means these requirements are up to the discretion of card issuers. Some issuers have concrete income minimums, debt-to-income ratio limits and minimum credit limits, all of which would affect your ability to get a credit card.

If you don't have a substantial source of income — or none at all — you may struggle to be approved for a credit card. Having poor payment history is an indicator that you may not be able to repay the credit lenders extend. Lenders may not look favorably upon applicants who are carrying debt.

Do credit card companies actually check your income? ›

Will a credit card company verify your income? Although a credit card company could ask you to provide income verification, this doesn't happen often. In most cases, the credit card company will take your word for it and use your reported income.

Being denied for a credit card doesn't hurt your credit score. But the hard inquiry from submitting an application can cause your score to decrease.

Credit card issuers will generally ask for your income when you apply for a new credit card, and occasionally ask you to update your income. They use this information to help determine your card's credit limit, decide whether to change your limit and to comply with federal regulations.

It could be the annual salary you agreed to when you accepted your job. If you are paid an hourly wage, on the other hand, you may need to figure out your gross income using last year's tax return or by multiplying your gross weekly income by the number of weeks you work within a year.

You may want to reconsider the number of credit cards you have if you're falling behind on regular payments or if annual fees are eating up too much of your budget. It's also a good idea to wait at least 90 days between new credit card applications —and it's even better if you can wait a full six months.

California, Connecticut, Hawaii, Illinois, Maryland, Oregon, Vermont, Delaware, Nevada, Colorado and Washington ban employers from discriminating based on credit in most cases. All 11 states with bans have exceptions. A common one is for jobs at financial institutions or that require handling money.

Applicants must provide their previous two years' W-2's, and their most recent pay stub. The pay stub must be computer-generated, include year-to-date earnings and taxes withheld, contain no alterations, and must have been issued within 40 days of the faxed date.

If you are applying for a credit card, here are a few things you might need for your application: Proof of income (pay stubs) Social security number. Valid ID or Passport.

Credit card approval depends on your income, but it also hinges on your credit history and your debt-to-income ratio, which is your current debt payments as a percentage of your income.