You can get a credit card without having income proof. In the United States, banks will issue you a secured credit card if you do not have an income proof. However, since the UK has more relaxed lending criteria, you may have a variety of options. Fortunately, most of the banks can now issue credit cards without income proof. Due to the high demand, you need to be aware of the requirements for a better deal. For prepaid cards, Chase Liquid is a better option, while for secured cards or student credit cards, Discover it is a better option for those without income proof.
How to Get a Credit Card without an Income Proof
There are two ways you can use to get a credit card or a debit card without having a proof of income. A secured credit card helps you to grow your credit while a prepaid debit card offers payday loans. Look at all the options about credit cards that do not require income proof. Among the offers you can consider looking at include Discover, Capital One or DCU.
Know your credit score before you can apply for a credit card and then strive to improve the score. To get a good credit in the future, make sure that you have the best credit score. Credit scores are among the differences between the rich and the poor. The next thing is to pay off your debts or to consolidate them so that banks can see the best income/debt ratio.
Then try applying with a co-signer in case you have a family member who is employed. If the efforts to get a credit card fail, you can try using some else’s credit card, co-signer and then you can try getting yours later. Students can get credit cards with Discover in case they earn less than $2000 annually.
To get a no income credit card, apart from banks checking if you have a job, it is still important that you show you have some form of income. Even in instances when you have no income like students, some companies will still issue your card. The income of your spouse can also qualify as a proof to a bank to guarantee you issuance of a credit card.
Some of the banks in the U.S that issue credit cars without a proof of income include Discover, CAPITAL One, DCU and Open Sky. Those in the UK include Aqua, Sainsbury, Virgin, MBNA, Opus, Mark and Spencer.
Steps to Getting a Credit Card with a Proof of Income
Step 1: Have a plan. Come up with a plan to put your finances together and realize that getting a credit card is essential. Then work towards offsetting your outstanding debts. Then work on our credit scores and get a secured card, from here, strive to get a normal card, then a good card and finally the best card. The process may take a whole year, but it is worth it.
Step 2: Improve your qualifications. This process involves getting a card with a spouse in case you have one. It is important to include people close to you in your application.
Step 3: Take advantage of freelancing jobs. People are making a living out of micro-jobs, such as selling goods and services online. You can also come up with creative ways to make money — state all your sources of income like investments and other benefits.
Step 4: Consolidate your credit. Banks usually look at your dent income ratio meaning that you should have more money coming in than your debt. Therefore, make sure that you reduce your debts by either repaying them or consolidating them. Try living a simpler life.
Step 5: Create a bank account. A bank account is important so that banks can access their money in case you default. Your application will look better with a bank account.
Step 6: Use credit reports well. Make sure to get a credit report. Then check out for errors and inaccuracies. The work is tedious, but it is worth it, especially when you have no income proof. Then ensure that you improve on your credit score.
Alternatives of Credit Cards with No Income Proof
Get a Supplementary Credit Card
In case you are dependent, get a supplementary credit card. Then make sure that you link it to that of your guardian.
Get a Secured Credit Card
To get credit with a secured credit card, you need first to deposit the amount equivalent to the one you want to borrow. This is important since this is what credit bureaus consider to determine your creditworthiness. The next step is getting a partially secured card. From here, you can get a normal card.
Try Using A Co-signer
You need someone who can give you a backup to get credit. Get someone who can trust you and one that is close to you as your guarantor. You will be responsible for your co-signer’s creditworthiness.
You can use different methods to get a credit card without a proof income. However, these products usually have some limitations. After acquiring a credit card, strive to become a responsible credit card user.
Credit Cards for Students without Income Proof
Due to limited credit card history and lack of a job, banks can find it challenging to qualify you for a credit card. Therefore, the first step is to get low rates for cars and a mortgage is first to get a credit card. The following are some of the ways you can use to get a good credit card as a student without a proof of income or credit score.
One of the easiest ways to getting a credit card is by first acquiring a secured credit card in your name. Then deposit $49 to the credit card. Credit bureaus will use the credit card. The credit card usually comes with a limited credit of less than $200. The $49 acts as collateral by the bank when the holder defaults. This works just like any other card where anything negative that you do will hurt your credit score.
What to Look for In a Secured Credit Card
- It should have low maintenance fees
- This should be used only as a temporary solution
Check out for the best card since there are any bad cards. Make sure to go for the big banks since they usually have the best offers. This means that you will be on the safe side. However, there are exceptions for credit unions like the DCU.
Vincent is a Kenyan writer with an interest in finance, business, technology and health niche. He holds a Bachelors degree in Applied Statistics with computing from the University of Eldoret.