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REM505

Employment Status, Help

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I started to fill in a cc application online and it asked my employment status with the choices of 1. Employed 2. Unemployed 3. Retired 4. Self Employed.  I am on SSD so I have income for now.  Is this considered unemployed and will that hurt my chances of being accepted?  

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It isn't a difficult question to answer.  You clearly are not employed and you are not retired.  Unless you have a side hustle you have not disclosed to the agency paying benefits, then you are not self-employed.  This leaves you with one option that clearly applies...

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Maybe, but I tend to overthink things.  I've noticed a cavalier way the cc and cra seem to engage in.  It makes me ask  'Am I truly not retired'?  Is a housewife considered unemployed simply because or is she self-employed?  IDK but your opinions may help.  Thanks.

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most card apps have language stating you don't need to disclose alimony, disability, unemployment, etc as part of your income.

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37 minutes ago, hegemony said:

most card apps have language stating you don't need to disclose alimony, disability, unemployment, etc as part of your income.

The issue there is it sounds like the SSDI is his only source of income...therefore not disclosing it will means he shows no income.

 

If I were in your case, I would say retired.  Retired is not age dependent.  You can serve 20 in the military and retire.  I would consider your situation "medically retired" (I am assuming your disability prevents you from working).  Saying unemployed works as well.  In either case be sure to disclose the income in the "other sources of income section".  I think you are likely making too much of this.  If you pass their credit criteria and you have the minimum income to support the debt how you classify your employment status won't matter at all.

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I am listing my spouse's income in addition to mine.  I worked for 30 years then had a stroke.  I was at work when it happened (what are the odds?)   

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In that case I would say you are retired.  I would list all the income under "other sources" and put spousal income and disability.

 

Honestly, you are thinking too hard on this.  Put in the application, if you're approved no worries.  If not, wait for denial.  If the denial is due to income, call and ask for recon and explain further.  I'd put the odds quite low that your app gets denied for lack of income (unless it is with a CU as they can have odd UW rules).

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Agree with retired. By definition, retired is also unemployed, It also means you are not looking for work. I quit working at 55 with no intention of working in the future. Retired doesn't mean you have to have a pension or get social security and I had neither at the time but did have a lot of accumulates assets.

 

Unemployed generally applies to people that are seeking work which you are not if you are retired. So choosing that option is accurate

 

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4 hours ago, cashnocredit said:

Agree with retired. By definition, retired is also unemployed, It also means you are not looking for work. I quit working at 55 with no intention of working in the future. Retired doesn't mean you have to have a pension or get social security and I had neither at the time but did have a lot of accumulates assets.

 

Unemployed generally applies to people that are seeking work which you are not if you are retired. So choosing that option is accurate

Agreed. My father retired from the auto industry before age 50. He did go back to work out of boredom, and desire to obtain toys (fast car, RV, nice boat, etc.)

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