How to apply for a credit card when you’re self-employed
Am I eligible to apply for a credit card if I am self-employed?
If you’re self-employed, you can still apply for some credit cards, as long as you meet the eligibility requirements. However, you may be required to submit different documents than if you are retired or employed by a company. Here’s a summary of the providers who accept self-employed applicants and the documents you need to provide to increase your chance of approval.
|Provider||Who can apply and the documents you’ll need|
|Bank of New Zealand|
Mistakes to avoid
Applying without researching
If you’re self-employed, you need to provide additional documents and meet special eligibility requirements to receive approval. Rejected applications have a negative impact on your credit file, so you need to conduct the necessary research to improve your chances of approval in the first place.
If you’re unsure of what you need to provide, see the relevant product disclosure statement (PDS) or contact the provider to confirm the terms and conditions you need to meet.
If you do your research to ensure you meet the eligibility requirements and have the necessary documents, you increase your chances of approval. How to ensure your credit card application is approved.
Applying for several cards in a short time period
If you applied for a card and it was rejected, don’t apply for another one immediately, as this puts a dent in your credit file. Instead, do some research to establish why you weren’t accepted. If you didn’t have all the correct documents, make sure you have the most recent versions when you apply again in a few months. If the rejection was because of your credit history, you can start improving your credit file, which will increase your chance of approval next time. Learn how to improve your credit score here.
If you’re self-employed, you should have no trouble applying for a credit card as long as you prepare beforehand. Follow this guide, to ensure you meet the eligibility requirements and remember to organise the necessary documentation.Back to top