Obtaining a credit card with no employment

ki450751

I have some rental income and a cash lump sum to live off but need a credit card to start rebuilding my credit score having not had any borrowings for over 10 years.

Is there a card that does not require proof of income? I am happy to credit a sum of money up to the initial balance if this should help me to acquire such a card.

Any advice?

londonTiger

ki450751 wrote: »

I have some rental income and a cash lump sum to live off but need a credit card to start rebuilding my credit score having not had any borrowings for over 10 years.

Is there a card that does not require proof of income? I am happy to credit a sum of money up to the initial balance if this should help me to acquire such a card.

Any advice?

most credit card companies dont check, you can just lie and say you work for company X. I have a business and even though I'm an owner I state that I'm an employee of my business and overstate my income (business owners can be regarded as being higher risk than an employee on a salary) . I've never received a call from the CC companies or sent a letter asking me to verify my employment details.

But just so you know - if they do find out you've lied on your application they have the right to close down your account and pass the debts onto someone else.

jonesMUFCforever

Disregard the above advice from london Tiger please.

Never lie on any application - just because he has got away with it does not justify OP doing it.

How much is the rental income?
Put that down and see if a mainstream lender will give you a card - try your bank first.

Hazzinho

You will need to be employed, if they find out you're lying expect cifas to appear on your credit file as you're committing fraud. You are then stuffed for future credit.

londonTiger

Hazzinho wrote: »

You will need to be employed, if they find out you're lying expect cifas to appear on your credit file as you're committing fraud. You are then stuffed for future credit.

they're not going to be happy when they found out you were'nt being 100% honest about your employment situation - but I doubt they'll go to the extent of claiming fraud.

Hazzinho

They will if they're a cifas member as it is fraud if you lie about income. One of the cifas categories is for application fraud. Just warning the OP about factual information,telling someone to lie is bad advice.

zerog

You can always say you're retired or put 'other', or get a one-off job and put 'part-time'

DevCoder

As Hazzinho says, do not lie on your application, a CIFAS marker will kill any chance of credit for a good while.

londonTiger

Hazzinho wrote: »

They will if they're a cifas member as it is fraud if you lie about income. One of the cifas categories is for application fraud. Just warning the OP about factual information,telling someone to lie is bad advice.

I think applications fraud is meant to cover trying to get credit in someone elses name or doing a credit card scam rather than mis-stating your income..

I have limited knowledge in this area mind, don't take any of my advice here literally - I'm just stating what I did. I've always been self employed, owned my own business etc and never had issues with getting credit card - including stating my employer as the one I was employed by 5 years prior.

It may cause problems if they check - but I've always made more than minimum payments and never did anything for the credit card company to panic and do further ivestigation.

fozmcfc

I personally wouldn't lie on an application for credit, well not a complete blatant lie on something important like employment status.

I probably am not 100% correct always, with questions such as how long have you lived at your current address etc, or with the same bank etc. That's because we are talking numerous years, so I may have entering something like 16 years, instead of perhaps 16 years and 5 months.

Anyway, I have seen people post on the forum, they have managed to get a credit card, whilst being unemployed, because they have enough monthly income from other sources.

But that is key, you need a regular monthly income and probably need to prove it. I would imagine credit rebuilding/repairing card providers would be more like to definitely want someone to be employed though.

zerog

Employer and salary info that you declare on applications are sent to National Hunter, not the 3 CRAs.

If you make a lot of applications and their system notices something odd, such as one having a salary of £100K, then one with a salary of £20K or a new employer who you claim to have worked for for 5 years, then they will tell the card issuer (usually a few days after the application). The card issuer may then decide to decline you even if accepted already, or ask you for more information, and may flag you for fraud depending on what else happens.