I have excellent credit but no job/income. What are my options?

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r3faat1
 
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I have excellent credit but no job/income. What are my options?

Postby r3faat1 » Mon Sep 23, 2013 10:48 pm

Hello all,

I only had 1 credit card before, it was from my bank and it was a secured visa card. Everything was going great until my bank shutdown their secured card service. Now I needed to find a new credit card, however, I didn't have much luck.

I work from home and I only started making money this month. I live with my parents so I don't need to pay anything.

My credit score was over 750 last time I checked.

I tried to apply for a credit card at another bank and was rejected due to no income.

What are my option here? I want to continue to have a credit card to build credit. I was going to apply for a secured credit card again but the ones I found were for people with really bad credit. Also, I wanted to try Capital One but I heard the limit is only like $300. I had over $1000 on my other secured card. Also, I don't like the fact that all credit card companies are advertising Secured card are for people with "Bad Credit". In my case, it's excellent.

Another thing I wanted to know was: If I don't use a credit card for couple years, would my score decrease? I was thinking maybe I should just wait until I start earning more on my home business.

Any help/tips are greatly appreciated.


randeman
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Postby randeman » Tue Sep 24, 2013 7:29 pm

Allow me to pose a question to you: Would you lend hundreds of dollars to a stranger that had no income and thus no tangible way to pay you back? Admittedly, you have started receiving income again, but I still think you'll have a pretty hard time getting an unsecured (and possibly secured) credit card.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

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otter
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Postby otter » Tue Sep 24, 2013 9:07 pm

r3faat1 wrote: I was thinking maybe I should just wait until I start earning more on my home business.


That would be the prudent thing to do. Why not get part-time job AND work on building your home business.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

Midori
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Postby Midori » Tue Sep 24, 2013 10:41 pm

Don't think of it as for "bad credit", think of it as for "a thin file". I had an 800+ score, about $40k available credit in credit cards (half/half between AU and JU), student loans, no late bills, a mortgage paid, and a mortgage open... and I still got denied for a measly store card. So I did what I needed to do to get what I wanted... I picked up a starter card, waited a bit, picked up some ho-hum cards, waited a bit, and now I'm starting to pick up some prime cards.

You can do the same. What do you need to do to get what you want?

Plop down $500 somewhere and pick up a secured card. Don't worry about thinking, "Oh, ew, this is the card that everyone with a 500 score tries for." Just think, "Hey, this dumb card will get me closer to what I want." Use it responsibly.

Pick up a side job somewhere. Don't just sponge off your parents, no matter how much economic sense it makes. Contribute to the household while you're living under their roof, and take pride in being a contributor, and sock the rest away into savings. Your work-from-home is a good start, but "only started making money this month" sounds a little unreliable. Unless you have a medical reason, or are trying to stay home to be with a small child, or something like that, pick up 20 or 30 hours for the extra income. It will please your parents, it will help you grow, and it will look good to the credit card companies, too.

I heard an interesting quote yesterday... "The present exists to help build the future." How are you using your present time to help build a solid future for yourself?

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nismoZtuner
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Postby nismoZtuner » Wed Sep 25, 2013 4:04 pm

Midori wrote:and I still got denied for a measly store card. So I did what I needed to do to get what I wanted... I picked up a starter card, waited a bit, picked up some ho-hum cards, waited a bit, and now I'm starting to pick up some prime cards.


Same thing happened to me - Sears denied me when they offered me the card in stores (i was 19 y/o with no credit but a fair income on 12/11). I decided to go for it but sadly i was denied. 9 months later (9/12) i applied for a secure credit card from BOA (approved with a $600 limit) and boom next thing you know if im rocking the following ** look at Signature** 6 or so months later :D
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

SClay
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Location: South USA

Postby SClay » Thu Sep 26, 2013 9:20 pm

Regardless of the card, you need to ask yourself how you're going to repay the card with no income. If you live at home with someone and they pay your bills, you could consider putting their income down on the income tab as it would be household income, though a lot of lenders want personal income rather than household income.
Capital One Secured AU | $1851 | 10/2013
Capital One Journey | $1000 | 03/03/2016
American Express Delta Gold | Denied | 03/13/2016
Citi Bank Double Cash | $1000 | 03/13/2016
Chase Amazon Visa | Pending | 03/13/2016

whit
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Postby whit » Fri Sep 27, 2013 12:09 am

which state do you live in? there are a few where you can use the spouse's income as well--I helped a lady who did not have income, but her husband makes $$, get a prime card, approved, with a few thousand in terms of CL

if you do not have income of your own and do not live in the community property state where you're allowed to place spouse's income with yours (meaning your 0k income a year is suddenly whatever your spouse makes)

and you do not receive social security, retirement $$ or investment yields (dividends)

you can apply for a secured card as someone stated

you can also be added as AU/joint owner with ccs that your spouse holds. Let that kind of help you build a bit of credit, keep impeccable record (no overdrafts, bounced checks, etc) with a bank that also serves cc (Chase, Wells Fargo, Citi, Bank of america) and then apply for a CC with them. They tend to not only look at your credit score but your relationship entirely with them.



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