How to Get a Credit Card When You Have Low Income

credit card girl

Low income doesn’t disqualify you from applying for a credit card owing to numerous recent evolutionary changes in the global financial sector. UK Banks and non-baking financial institutions are for instance reshaping the country’s lending policies by offering all-inclusive loan and credit card packages. It’s therefore possible to present your case to a UK-based financial institution, and obtain the credit card you need to improve your financial situation by considering a number of factors during the application process.

Ascertain your Credit Score

Get a credit score report outlining all the credit card debts, bank loans and overdrafts you owe diffident companies. Obtain the report from Equifax, TransUnion or Experian -- the three credit report organizations which were set up under the Fair Credit Reporting Act to provide UK citizens with free and accurate information concerning their personal credit status at least once a year. Demand for removal of any inaccurate information which may entangle you with credit card fraud incidents or financial crimes of any kind to increase your chances of getting a credit card as a low income earner.

Manage your Current Credit Situation

Manage your outstanding debts to capture the attention of lenders who may base your eligibility for a credit card on your recent efforts to clear out different loan arrears. Note that others issue the cards after considering how well you handle your household or business utility bills. Take up part-time employment to boost your combined earning power and fill in the application forms using words and phrases that demonstrate your hard work, ingenuity and determination to improve your financial status whenever applicable.

Evaluate Your Lender’s Requirements

Pick on UK credit card companies with flexible and favorable interest rates to avoid hampering your ability to successfully service the debt in future. Take note of the difference between various credit cards and their requirements since you can’t for example qualify for a Black Diamond Visa credit card if you already have Aquis, Granite or Vanquis cards. Pay attention to terms and conditions such as Ocean Finance’s ‘electoral roll clause’ which is mandatory, for you to qualify for the firm’s credit cards worth between GBP 200 and GBP 1500.

Apply and Make Follow Ups

Make your application via the internet or visit the credit card company’s offices to get professional advice and the application forms. Fill in the forms honestly and attach all relevant documents as per the credit card firm’s instructions before e-mailing them back or dropping them personally at their nearest office or drop off center. Inquire about your application’s status only after the stipulated review timeframe has elapsed to avoid looking impatient, desperate or unfamiliar with credit card application processes.

Spend wisely if your credit card application gets approved. Invest in income generating activities such as small online businesses or work toward attaining better academic papers to bolster your financial might and improve your credit ratings. These steps up your future eligibility for loans and gradually elevate you to the upper income brackets where it’s easier to secure credit cards and swap away financial problems.