If you live in Tennessee and are having financial troubles, you may feel discouraged. People struggle to pay their bills for all sorts of reasons. When money is tight, credit cards can be a useful tool to make essential purchases. However, if you are unemployed, you may be worried that companies will not be willing to extend you credit.
According to CBS News, you may be approved for a credit card in certain circumstances even if your income has taken a hit. The rate you will be approved for will depend on your credit score, so if you have had trouble making payments in the past or have a recent bankruptcy on your record, that may be factored in to the issuer’s decision. One option may be to go for a secured credit card. That means that you would put down a deposit with the credit card company. Alternatively, if you know someone who is willing to share your financial burden, you could ask them to be a co-signer on your credit card account.
Be sure to include all of your income when you make your application, as other sources than just employment may be taken into consideration by the lenders when making a decision. If you are married and have access to your spouse’s income, that may be enough to qualify you even if you do not have your own job.
Should you successfully apply for credit while you are unemployed, the single most important thing you can do is to not get in over your head and only spend what you can afford. While you may be able to find work again in the future, that is not a good reason to go on a spending spree when you currently do not have the means to pay it back. This is general information on this topic and should not be considered legal advice.