Easiest Credit Cards To Be Approved For – Credit cards are a convenient way to shop, pay bills and book travel arrangements. As an added bonus, many credit cards offer cash back, points, or miles on your purchases, which can save you money. Credit cards can also help 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 which cards may be within reach.
Easiest Credit Cards To Be Approved For
Credit card issuers vary in what they need to get approved. But generally speaking, the following factors are considered when applying for a card:
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This information allows the card issuer to understand your ability and likelihood of repaying your credit card expenses. Credit card companies can also run hard queries on your credit report to learn more about your credit history. This may lower your credit score.
The easiest credit card to get will be different for everyone, as it depends on your credit score and the other factors listed above. The credit cards you can use may also depend on:
If any of these apply to you, there are some special 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 a credit history. These cards can offer rewards, if any, and they are typically geared towards the purchases where students spend the most money, such as dining out or gas.
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If you have no credit history at all or a limited credit history, a student credit card may be easier to get than a regular credit card. The federal CARD Act requires you to be 21 years old to apply for a student credit card in your name, but you can apply at 18 if you have enough income or a co-signer who is 21 or older.
Starter credit cards are also designed for people who are new to using credit but are not necessarily 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 similarly to unsecured credit cards, except they require a cash deposit to open. This deposit is usually twice your credit limit. The difference is that standard secured credit cards usually require a rigorous check of your credit to be approved. Once you’ve held a secured card for a while and proven that you use it responsibly, you may be eligible to upgrade to a regular unsecured card.
Before applying 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 at all. A weak credit file means you have some credit history, but not enough to generate a credit score. Either way, you may be “invisible” to the credit card company when you try to apply for a new credit card.
In this case, the easiest credit card to get is probably a starter card or a secured credit card. Examples of cards you may qualify for include:
If you have good credit, as opposed to no credit or bad credit, you may have a different range of credit card options to choose from. Fair credit on the FICO credit score scale typically means a score between 580 and 669.
If you’re considering a credit card that offers rewards, be sure to balance the rewards you might earn against the card’s annual fee, if any.
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Unsecured credit cards can be opened without a cash deposit. If your credit is in the good or even bad range, you can get some unsecured cards.
Credit card applications can be approved immediately, but most companies take a week or two to approve. During this time, the credit card company will check your borrowing history to determine whether you are in good standing.
A FICO credit score of 750 or higher is enough to get approved for almost every credit card on the market. A “fair” credit score of 620 or higher may also get you approved for some cards, but you may face a higher interest rate or a lower 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, which may be forfeited if you fail to make the required payments.
Instant Approval Credit Cards are credit cards where applications are evaluated immediately. These typically include online applications that include basic questions about the applicant’s identity and income status. Once submitted, applicants receive an immediate approval or denial decision.
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