Credit card for unemployed 19yo?

costapkt

mbruce01 wrote: »

Can you get a credit card being unemployed and 19 years old? Doesn't matter about APR really.

Thanks for any help given

The APR is the bit that does matter, as you will find out to your cost when you come to pay it.
Have you thought of a pre paid one ?

DrScotsman

samba wrote: »

No offence to the OP, but as an unemployed teenager, should he/she really be able to get credit, and begin racking up debt? It would never have happened 15 years ago - not a hope in hell.

costapkt wrote: »

The APR is the bit that does matter, as you will find out to your cost when you come to pay it.
Have you thought of a pre paid one ?

Am I the only one who assumed the OP was getting a card just to build up his credit rating, and not to borrow? I mean why else wouldn't he care about the APR? He's not going to be racking up debt by the sound of it.

And costapkt, I don't understand why you're recommending a prepaid card. If he could afford a prepaid card (let's say a £50 one) then it'd be the same as getting a normal credit card and spending £50 on it, except the former would have some ugly fee, and the latter could have some bonus, which brings me to my recommendation (and Martin's) of the Capital One Classic

Dave101t

if you cant repay the credit, surely this is a one way road to hell?

and i laughed, cable guy!

costapkt

DrScotsman wrote: »

Am I the only one who assumed the OP was getting a card just to build up his credit rating, and not to borrow? I mean why else wouldn't he care about the APR? He's not going to be racking up debt by the sound of it.

And costapkt, I don't understand why you're recommending a prepaid card. If he could afford a prepaid card (let's say a £50 one) then it'd be the same as getting a normal credit card and spending £50 on it, except the former would have some ugly fee, and the latter could have some bonus, which brings me to my recommendation (and Martin's) of the Capital One Classic

If they would give their reasons for wanting a CC then maybe we would have the answer. Never assume anything in this world, where does it say that they are not going to rack up debt ? I could assume they are an unemployed millionaire, thats why the APR dos'nt worry them.

Getting back to the real world, if you are unemployed and 19 I would not advise anyone in that position to apply for one, that's if you would get one. At least if you have a prepaid it's your money on it. A bit better value than the high APR on CCs.
Any way where has mbruce01 gone too ?
Must be filling their applications in !!!!

DrScotsman

costapkt wrote: »

Never assume anything in this world, where does it say that they are not going to rack up debt ?

When giving financial advice, I'm never going to question whether or not people have "self control", it's something I will always take for granted, because that way you can give them the best moneysaving advice. If it turns out they don't, it's their own fault, not mine or anyone elses. Martin probably does the same, he recommends credit cards all through the site for section 75 protection/freebies/best value travel money (so long as you obey the golden rule) despite the fact some people in DFW can't touch them.

For the record I'm a 20 year old student, so I'm in a demographic with hardly ANY self control.

costapkt wrote: »

Getting back to the real world, if you are unemployed and 19 I would not advise anyone in that position to apply for one, that's if you would get one. At least if you have a prepaid it's your money on it. A bit better value than the high APR on CCs.

Have you ever had a credit card?

Let's say he has £50 in the bank. Let's say he spends it on a prepaid credit card. If he picked Martin's favourite for teenagers then he'd have wasted £8.95 on the card application fee and £1 on the monthly fee, so he only has £40.05 of spending power.

On the other hand, let's say he spent £40.05 on a credit card. If he paid it off in full - which he obviously CAN do since he has £50 so let's assume he WILL do - then he'd have spent exactly £40.05, and have £9.95 left over. If I was bad with money I think I'd learn to be good if it'd save me £9.95 just like that.

Just for the record, if he WAS irresponsible (and if I've got my calculations right), with Capital One Classic's APR typical of 34.9%, I make it over 8 months before that £40.05 turns into £50, and that's assuming the minimum payment is £0. Meanwhile if he already spent the £40.05 on the prepaid card, its balance is currently £-8 (if it were possible ). So if he only uses it irresponsibly for small amounts and only for a small amount of months, then even with its terrible APR, it's still better than a prepaid credit card.

JaRocks28

To apply for credit, the company need to ensure you have a supported income so you can actually pay them back.You might think that taking out a credit card is the best option at the moment to borrow cash - but it turns out you may not be eligible.

thecableguy12

JaRocks28 wrote: »

To apply for credit, the company need to ensure you have a supported income so you can actually pay them back.You might think that taking out a credit card is the best option at the moment to borrow cash - but it turns out you may not be eligible.

Or will they check the income? thats the question, I apllied when I was out of work and got a 500 limit? its based on a credit check, you could be jobless with a perfect credit rating

costapkt

Yes I have had plenty of credit cards,they are okay for emergency situations and if you can clear balance every month. t

gazelle8760

mbruce01 wrote: »

Can you get a credit card being unemployed and 19 years old? Doesn't matter about APR really.

Thanks for any help given

Hi

You didn't say whether your Unemployment was a recent event, or have you just finished college or something?

I am sure people will correct me if I'm wrong, but on some applications, it has a drop down box stating your employment details, and on some it give the option as unemployed, on others it simply says "other", which can be interpreted as different things, then asks for your monthly income.

If you were to complete an on-line application with Capital One, for their Classic Card, and put "other" for your occupation, subject to your credit status, it could accept.

However, reading other posts on here, it would seem pretty bizarre that someone who is so young ( I mean that in a good sense ) and with no steady income, would want too take on credit card debts, and any lender that would not question a persons ability to repay a line of credit, would be totally irresponsible.

My suggestion would be to get settled into a Job you enjoy, start earning some salary, and if your credit is OK, you can have the choice of whatever cards you wish.

bubblegumcola

So many people who have credit cards and who have a job cannot pay the cc company back so why would you be given a credit card when you are unemployed. I would have thought you would be classed as a bad risk and refused but nothing would surprise me with CC companies.

What about joining a local credit union, save a couple of quid and build up your credit that way. They wouldn't let you borrow way over the odds.

What exactly are you needing the credit card for? I'd do without it if I could. Save up for what you want.