Who qualifies for a credit card?
You must be at least 18 years old. If under 18, you can become an authorized user. Credit history. You don't need credit history to get a credit card, but a good credit score will make it possible to get the best cards.
- Age. First, you need to be old enough to get a credit card. ...
- Income. Credit card issuers want to know that you have your own source of income to be able to pay your bills. ...
- Low debt. ...
- Credit score.
What do credit card providers look for in an application? Your credit score is an important guide for lenders in deciding whether you're eligible for a credit card, although it's not the only factor. Card issuers will also look for: Proof of your home address and how long you've been there.
A good annual income for a credit card is more than $39,000 for a single individual or $63,000 for a household. Anything lower than that is below the median yearly earnings for Americans. However, there's no official minimum income amount required for credit card approval in general.
Age – You will need to be minimum 18 years of age to apply for a Credit Card. Even if you are an add-on Credit Card holder, the age limit needs to be met. Anyone meeting this criteria becomes eligible for a Credit Card. Income – Each bank has a specified minimum income set by them as an eligibility criteria.
Discover uses multiple resources to confirm income and employment status: To verify income: Documents like recent pay stubs or bank statements can serve as income verification. In certain situations, we may use third-party vendors to confirm that information.
The minimum credit score needed to get most Discover credit cards is 700 or above. There are a few Discover cards for which there's no minimum credit score requirement, such as the Discover it® Secured Credit Card which you can get with a bad credit score (below 640).
While there isn't a specific income requirement for a card, evaluating your access to income allows a bank to determine your credit health and whether or not they want to lend you money based on their confidence in your ability to make your payments.
Insufficient credit history
If you have a short or nonexistent credit history, you may not qualify for a credit card. This can be frustrating if you're looking to build credit, but there are still options available, such as secured cards, credit-builder loans and becoming an authorized user.
A number of recorded credit applications in a short space of time may indicate to a lender that you're financially overstretched, so they may not want to lend to you. This may indicate to lenders that you're struggling to repay debt. These show lenders that you've been unable to repay debt, either partly or fully.
Can a person with no income get a credit card?
You can get a credit card when you're unemployed. Credit card companies consider other income sources besides employment. A secured credit card may be a good option for someone with little or no credit history.
Income terms for card applications
Therefore, your income helps issuers determine your credit line and whether or not you'll be able to make payments. The CARD Act does not, however, dictate a minimum income requirement, which means that it's up to the discretion of card issuers to decide.
It's not likely that the card issuer will ask for you to provide proof of income, such as tax forms, unless you are a young borrower. But the best practice is to be honest so that your credit limit is appropriate. You'll want to make sure you can afford the minimum payments and stay out of debt.
You must have a minimum individual or household annual income of $25,000, be over 18 years of age, and have a valid US SSN to be considered for a Discover personal loan. Loan approval is subject to confirmation that your income, debt-to-income ratio, credit history and application information meet all requirements.
Annual income refers to how much income you earn in one year before deductions. Annual income includes: Wages, salary, overtime pay, commissions and tips or bonuses before deductions.
If you are applying for a credit card, here are a few things you might need for your application: Proof of income (pay stubs) Social security number. Valid ID or Passport.
- OpenSky® Plus Secured Visa® Credit Card: Best for No credit check and no bank account required.
- Chime Secured Credit Builder Visa® Credit Card: Best for No credit check + flexibility and guardrails.
- Mission Lane Visa® Credit Card: Best for Unsecured card for bad credit.
Maria Adams, Credit Cards Moderator
Some of the easiest store credit cards to get are the Fingerhut Credit Account, the Montgomery Ward Credit Account, and the Amazon Secured Credit Card. These cards accept people with “bad” credit, and they all have $0 annual fees.
Some of the easiest unsecured cards to get approved for are the Indigo® Mastercard®, Mission Lane Visa® Credit Card and Milestone® Mastercard®.
W-2 Employees: Applicants must provide a copy of their most recent pay stub. The pay stub must be computer-generated, include year-to-date earnings and taxes withheld, contain no alterations, and must have been issued within 40 days of the faxed date.
Do all credit cards verify income?
So, listing your annual income is a requirement on every credit card application. To that end, credit card issuers may also ask for proof of income, such as pay stubs, bank statements, or tax returns. That said, credit card issuers don't always check the accuracy of the income you write down.
- Best overall: Wells Fargo Active Cash® Card.
- Best cash back on everyday spending: Blue Cash Everyday® Card from American Express.
- Best for long intro APR: Wells Fargo Reflect® Card.
- Best for balance transfers with excellent credit: Citi® Diamond Preferred® Card.
Forgoing credit cards might mean struggling to build a credit score, which could impact your financial future. Without a credit card, you won't pay interest on a credit card balance -- but you also won't earn cash back or points on your spending.
- Become an authorized user.
- Try a credit-building debit card.
- Apply for a secured credit card.
- Apply for a credit-builder loan.
- Apply for a store credit card.
- Have rental payments reported.
- Establish credit with Experian Go™
Can getting denied for a credit card hurt your credit score? No, a credit card denial does not affect your credit. However, you might see a slight drop in your credit score due to the hard credit inquiry associated with your credit card application.
