So applying for cards by the end of the tax year does NOT make a difference. So there are a couple of exceptions to the rule. Stay-at-home parents can earn new credit card bonuses just like anyone else.
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All insurance products are governed by the terms in the applicable insurance policy, and all related decisions such as approval for coverage, premiums, commissions and fees and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Living on one income can be a challenge in itself, for example. Plus, the spouse who stays at home has to be more intentional about socializing, getting out of the house, and of course saving for retirement.
And what about building credit? Fortunately, laws have changed and updated to keep up with the times, and stay-at-home parents are no longer left out of the loop when it comes to good credit. Maintaining a good credit score became a much easier feat in , when the Consumer Financial Protection Bureau CFPB updated regulations to ensure stay-at-home parents would have an easier time getting approved for credit cards. Not only can a side hustle help add to your budget, but the extra money could improve your odds of credit card approval and increase the limit you get with the card.
Whether you have a home based e-commerce business, tutor students, walk dogs, babysit other peoples' children, or perform any other work that you're paid for, be sure to add it to the income you list on your credit card application. There are a dizzying array of credit cards on the market, and the right card for you is highly individualized. It all depends on your credit rating and lifestyle.
If your credit history is not yet developed or if you have had problems in the past, start with a card that has a low barrier of entry, such as:. On the other hand, if your credit history is well-established and your credit rating is at least in the good range, your options are more open.
Review the rewards and benefits that come with different accounts. As a stay-at-home parent, you may gravitate toward the following:.
So, can you get a credit card as a stay-at-home parent? Provided that you meet the criteria for the account you're striving for, the answer is yes. And once you have the card, make sure you use it to your advantage. For rewards and credit history development, charge regularly. Keep the balance to zero if possible, and always pay on time. Although income is a crucial factor in credit card qualification, the most important consideration is how you have managed your existing and past accounts.
With a perfect payment history and very low debt as compared to your credit line, you'll likely have little trouble the next time you apply for a card. Advertiser and Editorial Disclosures. Bank Wells Fargo. Gobble up amazing offers!
Can you get a credit card as a stay-at-home parent? Legislation restricted, then protected stay-at-home parents In the Credit CARD Act was enacted to protect consumers from inadvertently getting into more debt than they could repay.
How to get a credit card as a stay-at-home parent Laws aside, you still have to provide evidence that you are right for a particular credit card. The card issuer will review your credit and income once you submit an application, so before applying for a credit card it's important to: Check your credit report and credit scores By law you are entitled to a free credit report every 12 months from the three major credit bureaus: Equifax, Experian, and TransUnion. Identify eligible income Of course wages you generate from a job is considered income, but a credit card issuer may consider many different streams of money too, including: Income from a spouse or partner Alimony or child support Allowances and gifts Trust fund distributions Scholarships and grants Investment account dividends Retirement fund distributions Social Security income Rental property income Public assistance Disability payments Workers compensation Military allowances Gig work income The last, gig work income, is something you may explore if you haven't already.
Best credit cards for stay-at-home parents There are a dizzying array of credit cards on the market, and the right card for you is highly individualized.
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