Should I apply for a new CC when unemployed?

[Anonymous]

I'm unemployed (laid off) and I'm wondering if now is not the best time to work on my credit score. I want to apply for a high SL credit card, but I'm not sure if I will get declined or given a low SL because of my current employment situation. I have decent credit ( TU 757 | EX 709 | EQ 764), but without an income I don't think most banks will offer me much. I tested out the SCT since they would be soft pulls, but I am not so sure. I got Sportsman's Guide Visa for $7k and Overstock $4k. But when I called SMG they told me it was a hard pull

I'm eligible for NFCU which is supposed to offer great SL. Should I wait to apply once I am employed? My credit score is good right now which is why I want to apply, but worried they would start me with a low SL. From what I've read on this site, it's best to start with a high SL and keep asking for CLI.

Any guidance for what I should do in my situation? Appreciate the advice!

[Anonymous]

Worst time ever.

Now is the best time to look for every side job, part time job and gig economy job possible.  Uber, Instacart, Dolly, Lyft to start.

You need income, not debt.

[CreditInspired]

IMHO, applying for additional credit while laid off is a "no, no." It would be so tempting, and even necessary, to use your CCs when everyday needs arise, if unemployment benefits are your only source of income. And increasing your balances and utilization to a high level could possibly cause AA. Also, even if approved for more CCs, they would probably be toy limits because you have to provide your income, which has been substantially reduced. Let ABCD's advice be your guide. You need income, not create debt. 

[Anonymous]

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@Anonymous wrote:

I'm unemployed (laid off) and I'm wondering if now is not the best time to work on my credit score. I want to apply for a high SL credit card, but I'm not sure if I will get declined or given a low SL because of my current employment situation. I have decent credit ( TU 757 | EX 709 | EQ 764), but without an income I don't think most banks will offer me much. I tested out the SCT since they would be soft pulls, but I am not so sure. I got Sportsman's Guide Visa for $7k and Overstock $4k. But when I called SMG they told me it was a hard pull

I'm eligible for NFCU which is supposed to offer great SL. Should I wait to apply once I am employed? My credit score is good right now which is why I want to apply, but worried they would start me with a low SL. From what I've read on this site, it's best to start with a high SL and keep asking for CLI.

Any guidance for what I should do in my situation? Appreciate the advice!

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Don't do it to your self. If I could of told my younger self to do it over again than I would..

However, I know this from experience and if I were you. I would keep your credit scores in excellent shape and look for side hustles to supplement income and NOT DEBT.

Applying for new credit is a bad sign and most banks are very strict when it comes to extending credit and not having the means to pay back.

Get you a solid job and try back in 90 to 180 days.

[Anonymous]

No.

[AverageJoesCredit]

No x 2

[Anonymous]

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@Anonymous wrote:

I'm unemployed (laid off) and I'm wondering if now is not the best time to work on my credit score. I want to apply for a high SL credit card, but I'm not sure if I will get declined or given a low SL because of my current employment situation. I have decent credit ( TU 757 | EX 709 | EQ 764), but without an income I don't think most banks will offer me much. I tested out the SCT since they would be soft pulls, but I am not so sure. I got Sportsman's Guide Visa for $7k and Overstock $4k. But when I called SMG they told me it was a hard pull

I'm eligible for NFCU which is supposed to offer great SL. Should I wait to apply once I am employed? My credit score is good right now which is why I want to apply, but worried they would start me with a low SL. From what I've read on this site, it's best to start with a high SL and keep asking for CLI.

Any guidance for what I should do in my situation? Appreciate the advice!

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Solid advice from all, but I'll take it a step further and say this: You may if you like, but if they ask for income, are you ready to lie? If not, don't waste the HP on a certain denial. If your scores are good now, do nothing that'll bring them down, which includes adding high balances or adding new accounts.

EDIT: SCT SP's will be eventually be HP's, regardless what you read anywhere.

[Anonymous]

If your scores are climbing and you still have dead weight cards especially withfees, I'd consider upgrade, along with finding at least part time work. This is only for superior cards for minimal everyday spend, not bonus pursuits. I got in trouble with bonuses and I was working more. I make way under 75k a year, I've never had POI. NOT recommending lying, putting that out there.

[Aduke1122]

Plz don't do it Op , being unemployed would be way too temping to say "well I can just use the credit card and pay it back later on" bf you know it you will be head over heels in debt .

[Anonymous]

OP, go with your gut feeling. If you are disciplined and know you won't get into trouble then do it. If your purpose is to live on credit while you are unemployed and have absolutely no choice as a matter of survival then do it.

As with anything in life there are "consequences".

You know what your gut is telling you, that's why your asking here. You want to see if others agree with it.

It is what it is and you have to do what is best for you. Nobody on here walks in your shoes.

Just know the flip side of whatever situation you choose.

Your call and good luck.