Easiest Credit Card To Be Approved For – Credit cards are a convenient way to make purchases, pay bills and book travel. As an added benefit, many credit cards offer cash back, points, or miles on spending that can save you money. A credit card can also help you establish and build a good credit score.
But what is the easiest credit card to get if you have limited credit history or bad credit? Here’s a closer look at what cards might be available.
Easiest Credit Card To Be Approved For
Credit card issuers vary in what is required for approval. However, in general, these factors are taken into account when you apply for a card:
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These things give card issuers an idea of your credit card spending and your ability to pay back. Credit card companies can also run a hard inquiry on your credit report to learn more about your credit history. This can shave a few points off your credit score.
The easiest credit card to get is different for everyone, as it depends on your credit score and the other factors listed above. The credit cards available to you may also depend on:
If one of these applies to you, there are some specialized types of credit cards that are easier to get than others. They 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 can offer rewards, and if they do, they’re usually focused on the purchases students spend the most on, like dining or gas.
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Getting a student credit card can be easier than a regular card if you have no or limited credit history. The federal CARD law requires you to be at least 21 years old to apply for a student credit card in your name, but you can apply at 18 if you have sufficient income or have a cosigner at least 21 years old.
Starter credit cards are also designed for people who are just starting out with credit, but not necessarily students. These types of cards charge annual fees and carry a high annual percentage rate (APR).
Secured credit cards work like unsecured credit cards, except they require a cash deposit to open. This deposit usually doubles as a line of credit. The difference is that a standard secured credit card usually requires a strict credit check to be approved. Over time, once you have a secured card and demonstrate that you’re using credit responsibly, you’ll 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 of the major credit bureaus. 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 a good credit history, but it’s not enough to build a credit score. Either way, you may be “invisible” to credit card companies when you’re trying to apply for new credit.
In this case, the easiest credit card to get may be a primary credit card or a secured credit card. Examples of cards you may qualify for include:
If you have no credit or fair credit instead of bad credit, you may have a variety of credit card options. Fair credit generally means a score between 580 and 669 on the FICO credit scoring scale.
If you’re considering a credit card that offers rewards, balance the rewards you’ll receive against the card’s annual fee (if any).
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No cash is required to open unsecured credit cards. If your credit is in the fair or even poor range, some unsecured cards may be available.
It can be approved right away, but most companies take a week or two to approve a credit card application. During this time, the credit card company will review your credit history to determine your creditworthiness.
With a FICO credit score of 750 or higher, you will be approved for almost any credit card on the market. A “fair” credit score of 620 or higher may also get you approved with some cards, but you may face higher interest rates or a credit limit. For scores of 580 or below, your best bet is to get a secured credit card. These cards require you to post a certain amount of collateral if you fail to make the required payments.
Quick approval credit card is a credit card where applications are evaluated immediately. They usually consist of an online application with basic questions about the applicant’s identity and income status. Once submitted, the applicant will receive an immediate approval or denial decision.
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