Getting a Credit Card Without an Income Proof

You can get a credit cards without income proof. In the United States, banks will issue you a secured credit card if you do not have income proof. Fortunately, most banks can now issue a credit card with no income. Due to the high demand, you need to be aware of the requirements for credit card without proof of income.

For prepaid cards, Chase Liquid is a better option, while for secured cards or student credit cards, secured credit card Discover is a better option for those without income proof.

How to Get Credit Card Without Income Proof

There are two ways you can use to get a credit card or a debit card without having 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 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 to apply for a credit card without income proof 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 proof to a bank to guarantee you issuance of a credit card.

Some of the banks and financial institutions in the U.S that issue credit cars without proof of income include Discover, CAPITAL One, DCU and Open Sky. Those in the UK include Aqua, Sainsbury, Virgin, MBNA, Opus, Mark and Spencer.

How to Get a Credit Card Without 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 a dependent, get a supplementary credit card. Then make sure that you link it to that of your guardian.

Get a Secured Credit Card

A secured credit card is a type of credit card that is backed by a fixed cash deposit from the cardholder. This deposit acts as collateral, providing the card issuer with security in case the cardholder can’t make payments.

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.

Unsecured Credit Card vs Secured Credit Card

Secured credit cards are different from unsecured credit cards. Secured credit card are funded by your own deposits while unsecured credit cards do not require you to fund them. Unsecured cards have higher credit limit depending on your credit worthiness while secured card limits depend on the amount you deposited to secure the card.

Use a Co-signer

You need a co-signer 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. Please note that your activities can hurt the credit score of your co-signer.

Credit card issuers allow credit cardholders to use add-on cards against the primary card. If the card has a good credit score, it increases our chances of getting a credit card without proof of income.

Show a Letter of Employment

If you are just about to start working, you can show a letter of employment to show that you will be getting a monthly income. The letter of employment will show how much you will be earning every month. This way, you increase your chances of getting a credit card without proof of income.

Credit Cards for Students Without Income Proof

Due to limited credit card history and lack of a job, students may find it challenging to get a credit card without proof of income. The easiest way of getting a credit card for a student without proof of income is by first acquiring a secured credit card. Then deposit $49 to the credit card, which the credit bureaus use as collateral in case the credit card holder defaults in repayment. The credit card usually comes with a limited credit of less than $200. It works just like any other card and defaulting in repayment will lead to a negative credit score.

What to Look for In a Secured Credit Card

  • It should have low maintenance fees
  • It should be used only as a temporary solution

Final Thoughts on How to Get a Credit Card Without Income Proof

You can use different methods to get a credit card without proof of income. After acquiring a credit card, strive to become a responsible credit card user. Check out for the best card since there are many bad cards. 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.

 

Research: Vincent Nyoike

Vincent is a writer with an interest in finance, business, technology and health niche. He holds a Bachelors degree in Applied Statistics with computing. Read more about Vincent and see our complete editorial team at FiFi.