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Easiest Charge Cards To Get Approved For – Credit cards are a convenient way to make purchases, pay bills, and book travel arrangements. As an added benefit, many credit cards offer cash back, points, or miles on your spending, which can save you money. A credit card can also help establish and build a good credit score.
But what is the easiest credit card to get when you have limited credit history or bad credit? Here’s a closer look at what cards might be available.
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Credit card issuers differ in what is required to be approved. But in general, these factors are considered when you apply for a card:
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These things give the card issuer an idea of your ability and likelihood to spend with the credit card. Credit card companies can also do a hard inquiry of your credit report to learn more about your credit history. This can knock a few points off your credit score.
The easiest credit card to get is different for everyone because it will depend on your credit score and the other factors listed above. The credit cards you have can also depend on whether:
If any of these apply to you, there are certain types of credit cards that will be easier to get than others. These include student credit cards, starter credit cards, and secured credit cards.
Student credit cards are designed for college students who are just starting to build their credit history. These cards may offer rewards, and if they do, they are usually purchased by students on spending a lot of money, such as dining out or gas.
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A student credit card can be easier to get than a regular one if you have no credit history or a limited one. The Federal Card Act requires you to be at least 21 to get a student credit card in your name, although you can apply as an 18-year-old if you have sufficient income or a cosigner who is at least 21. .
Starter credit cards are also designed for people who are just starting out with credit but who aren’t necessarily students. These types of cards are likely to charge an annual fee and carry a higher annual percentage rate (APR).
Secured credit cards work just like unsecured credit cards except that they require cash to open. This deposit usually doubles as your credit limit. The difference is that a standard secured credit card will usually require a stricter check of your credit to be approved. Once you’ve had a secured card for a while, and have demonstrated that you use credit responsibly, you may be eligible to graduate to a regular, unsecured card.
Before you apply for a starter or secured card, make sure the credit card company reports your activity to at least one major credit bureau. Otherwise, using the card won’t help you build credit.
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No credit means you have no credit history. A thin credit file means you have some credit history, but not enough to build a credit score. In either case, you may be “invisible” to credit card companies when trying to apply for new credit.
In this case, the easiest credit card to get may be a starter card or secured credit card. Examples of cards you may qualify for include:
If you have good credit, rather than no credit or bad credit, then you may have a wide range of credit card options to choose from. Fair credit usually means a score between 580 and 669 on the FICO credit scoring scale.
If you’re considering a credit card that offers rewards, be sure to balance the rewards you’re likely to earn against the card’s annual fee (if any).
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No cash deposit is required to open an unsecured credit card. It’s possible to get some unsecured cards if your credit is in the fair, or even bad, range.
It is possible to be approved immediately, but most companies take a week or two to approve a credit card application. During this time, the credit card company will check your credit history to determine if you are creditworthy.
A FICO credit score of 750 or higher will get you approved for almost any credit card on the market. A “fair” credit score of 620 or higher may get you approved for some cards, but you may face a higher interest rate or lower credit limit. For a score of 580 or lower, your best bet is to get a secured credit card. These cards require you to provide a certain amount of collateral that can be forfeited in case you fail to make the required payments.
An instant approval credit card is a credit card where applications are reviewed immediately. They usually consist of an online application with basic questions about the applicant’s identity and income status. Once submitted, the applicant receives an immediate approval or denial decision.
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