Hey guys, I'm wondering is it possible to obtain a credit card while having a fairly low income? I've tried a couple places already with no luck.
Credit Card on Low Income?
Sage on 03/07/2015 - 14:20
Comments
Uh, 7k a year?
I'd say you would be hard pressed.
I managed to get a Commonwealth CC with a $200 limit when I was at uni, but was earning about 14K per year and had been with them for years beforehand (sucked in as a dollarmite). Might be worth giving them a try?
You must be careful though. I believe each application you make will negatively affect your credit rating, and in turn make it more difficult to get an acceptance.
How long ago was this? I earn somewhere around the same region but they were able to offer me a limit of 10k. Thought this was highly irresponsible as I doubt I would be to pay it off if I racked up that much debt.
Forget the credit card…you need to find a better job.
Haha you're god damn right with that. Wish me luck eh.
Good luck.Here if you need help.
Consider asking a Bank or Credit Union about a Personal Overdraft or depending on your needs a Low Interest Loan… http://goodshepherdmicrofinance.org.au/services/stepup-low-i…
are you a student? from memory CBA does like a $500 credit card for uni students.
Yes I am. Thank you for this tip.
What are you trying to achieve? Do you want to borrow for purchases and carry a balance, take advantage of a 55 day interest free period, have an easier time with car rentals/hotel rooms etc? There might be better options than a CC for some of those things.
Just borrow $50 here and there instead of asking relatives and friends.
I hate to be that guy, but this is probably a bad reason to get a card.
With limited income you aren't in a good position to be paying back amounts plus interest.
Can you maybe save up $50 or $100 and squirrel it away somewhere difficult to reach (like maybe a ubank account or similar) and "loan" it to yourself when you need it.If you have trouble with the discipline to do something like that, a card might be too much of a temptation.
+1 honestly, I'd suggest sitting at home for a while until you can raise your own $50 buffer, then make a commitment to yourself that you will live within your means and never beg, borrow or steal.
I've seen too many people dig a debt hole deeper and deeper once they go down this path.
I've tried a couple places already with no luck.
The more you try and get rejected, the more likely you're going to get rejected again, based on the amount of CC applications on your credit rating- can't look good to banks as far as I know. You might want to give it a break for at least 6 months. The best chance of getting CC is with your current bank, even then they would look at your weekly income and how much you spend.
Give your bank a call. Speaking to a credit card consultant tends to be better than making an online application.
How low?