Are you Unemployed and looking for a credit card?
If you are unemployed you are more than likely finding it difficult to obtain credit, which is a frustrating situation, especially if your situation is temporary, as it’s the time a credit card can certainly come in handy in emergencies.
Every lender has their own system for identifying who they will and will not accept for a credit card and each lender will have a different view on salary – meaning that some treat this as more important than others. If you have been turned down for a credit card by another company, aqua still may be able to help you – although as responsible lenders we will be keen to understand how you plan to make your monthly payments.
Having a credit card could actually improve your credit scoring making it easier for you to obtain credit in the future. This does rely on responsible management of your card, that you make monthly repayments on time and stay within your limit.
How to improve your chances of being accepted for a credit card now and in the future
Not everyone knows this but every time you make an application for credit, including a credit card, a credit search is conducted and this is recorded on your credit report. If you have applied for a number of cards recently and been rejected, your credit history may be getting worse and worse. It may be best to stop applying for cards in the short term. You’re probably best leaving between 3 and 6 months between applications to give you time to repair your status (but we’re making no promises, it may take longer). By paying off bills, maintaining direct debits, and making membership payments promptly your history should start to recover and you may then be more likely to be accepted for a credit card.
Because each lender has different criteria, there are a number of reasons that you might have been refused credit in the past. You might have been turned down because you are unable to prove a regular or high enough salary which might mean you can’t afford the credit you’re applying for, but there are other reasons too.
If you have failed to manage credit responsibly in the past, for example you have been late in making payments or missed them altogether, the lender will report back to credit agencies (including Experian, Equifax and Call Credit) and this information will be stored on your record and accessed by other financial services companies when deciding whether or not to lend you money. You may be turned down by many lenders for having adverse information on your credit record.
If you’ve moved home recently, or frequently in the past, the lender may not be able to verify the address details you’ve given them. Similarly if you have not registered to appear on the electoral roll, this could cause you problems.
- It may be worth checking that you appear on the voters roll at your current address.
Still confused? Take a read of our frequently asked questions which may help shed some light…
Frequently asked questions
Q: Can you get a credit card while unemployed?
A: We have helped many unemployed people obtain a credit card, typical 35.9% APR variable. However, if you have experienced recent problems with credit, such as late or missed payments, we may not be able to help you at this time, regardless of your employment status.
Q: Will unemployment affect my credit score?
A: Unemployment does not necessarily affect your credit score, as long as you keep up with your payments and manage credit responsibly. It may however, make it difficult to obtain new credit if the lender needs to see a regular income.
Q: How do I obtain a copy of my credit report?
A: You can contact the two main credit bureaus (Experian or Equifax) and ask them to send you your credit report. You will need to provide the following: your full name, date of birth, your current address and your previous addresses over the past six years. If any of the items in the report are inaccurate, challenge them directly with the credit bureau.
Q: How do I register on the electoral roll?
A: To register on the electoral roll you will generally need to complete a voter registration form and return it to your local authority. Visit the local government website to find out more.
Are you unemployed and need a credit card? We might be able to help. Apply online for the aqua Credit Card
Typical 35.9% APR variable
Credit is available subject to status to UK residents aged 18 and over
aqua is a trademark of SAV Credit Limited, which is used by Bank of Scotland plc under licence. aqua credit cards are issued by Bank of Scotland plc. Registered in Scotland No. SC327000. Registered office: The Mound, Edinburgh EH1 1YZ. Authorised and regulated by the Financial Services Authority.
