John Miller, Credit Cards Moderator
@john_miller
You can get credit with no money by applying with a co-signer or by becoming an authorized user on someone else’s credit card. On your own, lenders won’t extend credit if you have no way to repay. But with a co-signer, or as an authorized user, the responsibility for payments doesn’t fall entirely on you, which makes approval possible.
Please note that lenders don’t only look for salary when it comes to assessing your ability to repay. Income can come from other sources, like allowances, scholarships, social benefits, freelance work or investments. So, even without a paycheck, as long as you have some form of reliable income, you may still qualify for credit.
Building Credit With No Money
If by “getting credit” you mean building a credit history with no money, the easiest way is to become an authorized user on a family member’s or friend’s credit card. As long as that card reports authorized users to the credit bureaus, their account history will show up on your credit file too. That can give you a head start on building credit until you have your own steady income and can qualify for a card yourself.
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The 2/3/4 rule is, reportedly, a guideline set by Bank of America for credit card applications. It limits the number of new credit cards you can open within certain time frames. Bank of America, however, has not disclosed the existence of such rule.
Breakdown of the 2/3/4 Rule
The 2/3/4 Bank of America rule limits you to:
- Two new cards per 2-month period
- Three new cards per 12-month period
- Four new...
What is credit card piggybacking?
Credit card piggybacking is when you become an authorized user on a credit card account owned by someone with better credit than you in order to benefit from the information reported to the major credit bureaus each month. When you’re an authorized user on a credit card, the account is added to your credit report, and certain details about its status are updated monthly, which can help you build or rebuild your credit history over time....
read full answer by WalletHub, Financial CompanyWhat does annual income mean when applying for a credit card?
Annual income on a credit card application means the total income you receive and have access to in a calendar year. That includes personal income, gifts, your spouse’s income, retirement income, income from investments, scholarships, and Social Security payments, among others.
Applicants under 21 years old, however, may only consider their personal income, which excludes someone else’s income, but can include allowances and certain scholarships if the money gets deposited in the applicant’s bank...
read full answer by WalletHub, Financial CompanyDid we answer your question?
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