Easiest Credit Card To Get Approved For With Bad Credit – 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 in reach.
Easiest Credit Card To Get Approved For With Bad Credit
Credit card issuers differ in what it takes to get approved. But generally, these factors are considered when you apply for a card:
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These things give card issuers an idea of your ability and likelihood to pay back what you spend with the credit card. Credit card companies may also perform a hard inquiry on your credit report to learn more about your credit history. It can knock a few points off your credit score.
The easiest credit card to get is different for everyone as it will depend on your credit score and the other factors listed above. The credit cards available to you may 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. 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 establish their credit history. These cards can offer rewards, and if they do, they’re usually geared toward purchases where students spend the most money, like dining or gas.
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If you have no or limited credit history, a student credit card may be easier to get than a regular card. Federal card laws require you to be at least 21 to get a student credit card in your name, although you can apply younger than 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 who are not students. These types of cards are more likely to charge an annual fee and have a higher annual percentage rate (APR).
Secured credit cards work just like unsecured credit cards except they require a cash deposit to open. This deposit usually doubles as your credit limit. The difference is that a standard secured credit card usually requires a strict check of your credit to be approved. Once you’ve had a secured card for a period of time and demonstrated that you’ve been using 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 such cases, the easiest credit card can be a starter card or a secured credit card. Examples of cards you may qualify for include:
If you have good credit rather than no credit or bad credit, you may have a different range of credit card options to choose from. Fair credit is generally a score between 580 and 669 on the FICO credit scoring scale.
If you’re considering a credit card that offers rewards, make sure to balance the card’s annual fee (if any) with the rewards you can earn.
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No cash deposit is required to open an unsecured credit card. Some unsecured cards are possible if your credit is in the fair or poor range.
Instant approval is possible, but most companies take a week or two to approve credit card applications. During this time, the credit card company will check your credit history to see 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 even get you approved with some cards, but you may face higher interest rates or lower credit limits. 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 that can be forfeited if you fail to make the required payments.
An instant approval credit card is a credit card where applications are evaluated immediately. It usually consists of an online application with basic questions about the applicant’s identity and income situation. Once submitted, the applicant receives an immediate approval or denial decision.
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