 TITLE: What to Know About Unemployment and Your Credit Report CONTENT: Can You Be Approved for Credit if You Have No Job?\n--------------------------------------------------\nLack of employment won't disqualify you from taking on new credit, such as a new loan or credit card.\nA lender or credit card issuer is less concerned with your employment status than it is with seeing that you have a steady income, such as from unemployment benefits or savings. Lenders will also look at your credit score to confirm you have a history of repaying debts on time. If you've missed payments on your accounts or have taken on new credit since you've been unemployed, your credit score could have been affected, which may impact whether you'll be approved.\nBut before you apply for any new credit, consider whether you're ready to pay an additional monthly bill. Without a job, it will likely be more difficult to cover the expenses you're already responsible for, let alone new ones.\nIf you're feeling the pinch, instead of turning to a new line of credit, aim to make a budget and potentially cut back on spending. In cases when you truly need a loan to avoid falling behind on major expenses, consider a personal loan from a credit union, as credit unions often charge lower fees and interest rates and have more lenient credit requirements than traditional banks or online lenders. END