Apply for a credit card if currently unemployed?

matman15

Hi everyone, I want to apply for a credit card so that I can transfer my existing debt to a 0% interest credit card. However, I was made redundant at Christmas and I am still unemployed, my partner works but only part time and I believe my credit rating is good. My question is if I apply for a card am I likely to get refused due to me being unemployed. We do have other income coming in such as benefits and tax credits but I am unsure if these would count in an application.

Caerdragon

Hi matman15, quite a few lenders take tax credits into account and some will consider your partners income as "household income" to offset against any joint outgoings.

The main problem you may have is that if you have other outgoings (eg mortgage, loan, more than 1 other card) then you might either be declined due to being unable to afford the new card with these being taken into account or not get a large enough credit limit to be able to do the transfer.

It may be worth speaking to your current account or even mortgage provider, if your current card is not already with them as some lenders (including the one I work for) don't always need to credit score good existing customers so you may find it easier to get your card with them.

Good luck

Locke

Try contacting the company you already have a debt with, explain you situation and ask them if they can freeze interest for 6 months or until you find a job.

Here's a template letter.

http://www.nationaldebtline.co.uk/england_wales/temp/4831_42561.pdf