#how can i get a credit card with no credit
Can I Get A Credit Card If I Don t Work?
Yes you can!
I hope you keep up on the news better than I do. I generally don t watch the news and most of what is going on in the world gets delivered to me through my Sara filter. She pays attention to what is happening and does a better job of telling me what I should know than the news does. Me, I read blogs, Flyertalk. and tech/finance magazines.
If you don t pay attention to finance news, you probably never heard about changes implemented by the Consumer Finance Protection Bureau (CFPB) to the Credit CARD Act of 2009. which make it easier for that stay-at-home mom, dad, significant other to obtain a credit card on their own.
All points and miles discussions aside, this is a significant, positive step in the right direction where people that have the financial means to pay, through a legal relationship, debt or lines of credit on their own. Having a credit file with history is an important asset; trying to get a car loan or a mortgage with favorable rates will be near impossible if you have no history.
Before I go any further. Your credit is one of your most important assets. If you re not paying your bills on time and in full, please don t consider applying for new credit cards. A diverse credit portfolio and the benefits associated with that is an excellent reward, but make sure we re first on solid ground. I m not a lawyer, an accountant, nor a financial adviser, so please be sure to consult a certified professional with any questions about your specific financial situation. I m happy to help give you suggestions, but you alone must make your decisions.
I previously wrote about stay-at-home moms and dads applying for credit cards. and in many cases the exact verbiage on applications seemed to leave some ambiguity to how to fill in values. With changes in law. we have the benefit of knowing there is no ambiguity. If you re a stay-at-home partner in a relationship, when it comes to reporting you must be truthful; 100% truthful. Knowing that you can provide your total household income as a part of your method for repaying any debts opens up the doors for you to secure your own cards and build your own credit file.
Now, within the points and miles community this does open up a whole series of options whereby a couple could each get a new credit card, their own individual accounts, and effectively double the signup bonus by taking this path instead of one of them getting an account and the other being added as an authorized user. From an account perspective, each person is individually liable for any debts accumulated on their card account, but its a way to not only improve your credit depth, but pick up some additional points and miles.
Sara and I have always kept our finances separate; I pay the bills and she builds up our savings and retirement funds. We each have our own credit cards and a few (such as our Chase Sapphire Preferred ) that we re joint on. When she wants to buy something and keep it a surprise, she puts it on the card she pays the bill on, and I do the same. Financially, we share our debts jointly, but logistically we just keep things separated the way they are because it works for us. The benefit of this with our credit is that we each separately build up a strong credit file. God forbid something happen to her or me, we know we ve done things right to make sure our finances are at a point where we re both stable with access to potentially needed resources.
As I said, I m not a financial adviser but rather a bit of a finance enthusiast and love getting the most out of every buck which I guess is why I love points and miles so much! Have a question and want to run a scenario by me? Don t hesitate to email .
Howie Rappaport Once a geek, always a geek. Howie Rappaport has always had a knack for getting a good deal. His passions are technology and travel; two things he gets to play with every day. Traveling over 100,000 miles and.