08-30-2012 09:54 AM
First time posting here but I have been a lurker for a while. First, I would like to say hats off to a great online community!
Now on to business, I want to get some ideas about how part time employment affects credit card approval. I have worked at my job (state employee- part time only) for over 2.5 years now while in college. I have only 2 credit cards, one opened though my credit union about 3 years ago and a Sam's Club Discover opened around a year ago. Recently I had a spur of the moment free credit score review at my bank for free. They take the average of the scores to determine a number. My score is a 708 (which I think would have been higher but I was double charged on a very expensive purchase on one of my cards and they hadn't returned the payment yet.. soo I was over my limit ).
My question is, how much does part time employment affect credit card application approval? I don't make a lot of money, but I make enough to get by. I live with my mom as her sole caretaker (she is disabled) and the house is paid for so no mortgage payments. I own a couple vehicles/toys, nothing fancy, but I have paid cash for all of them, so no auto loans ever. In fact, I have never financed anything. The lady doing my review said that I had a very short credit history so I should work on getting a loan to diversify my credit and possibly another credit card. She recommended I apply for an unsecured overdraft line of credit but I was denied due to "unstable employment" so instead she opted for a secured overdraft line of credit and I was approved. My question is, what types of credit cards do you guys think I should be looking in to since I only work part time? I am really interested in a rewards card, but I'm afraid I will be denied due to "unstable employment" just like I was for the line of credit... what do you guys think should be my next step? And how long do you think I should wait before I apply for a card?
Thanks everybody! Looking forward to learning new things about this monster they call credit
08-30-2012 10:01 AM
Welcome to the forums!
I think for a credit card it's likely not going to matter. Your income is your income, regardless of how it's obtained (well legally obtained and reported income to be clear heh). If your expenses are in line with said income, you're probably fine.
Lines of credit and other products tend to have more stringent underwriting requirements than credit cards, and as such have more questions you need to answer. I don't think for a credit card I've had to describe whether my employment was full, part-time, or temporary, I just needed to put down what I made, sometimes state what I do for a living, and occasionally prove income.
Likely other posters will know more about your particular situation too. Lots of good advice on this forum.
08-30-2012 10:58 AM
The only thing that matters is how much you make. I am also a college student working a part-time job and havnt had too much trouble getting CCs. I get the card, but with a low limit.