Credit Cards For Bad Credit Guaranteed Approval
When you go to supermarkets or want to buy something online, having a credit card is essential, especially since most of the merchants and business owners nowadays do not accept cash. As long as you pay your credit card on time, the bank can always increase the amount that you are allowed to use.
However, the card issuer may cancel your credit card and you may have a hard time applying for one in the future. What happens if you have poor credit scores and have outstanding loans that are not paid? There are bad credit credit cards guaranteed approval options that you may want to try. But you have to meet certain financial requirements to get credit card offers.
Do you need to have a credit card?
This has always been the question for many people. Should you even get a credit card in the first place? The answer is yes for several reasons. When you want to buy something online, you need your credit card details. Most of the stores if not all accept credit cards. So even if you are really hesitating, it is actually convenient that you have a credit card.
Getting a credit card is not really bad. It is just a matter of knowing how to handle your finances. Having a credit card is not having that freedom to just buy anything that you want, especially if you do know if you can afford to pay them back. This is where many people experience problems and handling their credit card payments. Just because you are given a line of credit doesn’t mean you can spend randomly. It could get problematic in the long run.
On the other hand, if you know how to manage your finances and if you see that the credit card as a good tool to track your expenses and have a convenient method of paying, it is actually good to have a credit card. People who own different types of credit cards and they can still manage to pay back simply because they have their budget and they know which items are things they really need to buy. They prioritize things and do not overspend.
Credit Card Requirements
Same as applying for a bank loan, you need to submit documents and other essential requirements asked by the bank. The application process is pretty straightforward.
The basic requirements in getting a credit card include the following:
- You need to be at least 21 years old, or for those applying who are only 18 years old, they need permission from their parents. They should be able to provide documents to prove their source of income.
- Another requirement needed is your social security number. All of your financial history can be found in your social security number. This explains why you cannot get a credit card if you are not a citizen.
- To have your application approved, you need to have a verifiable source of income. Banks usually ask for your monthly income. Banks would not lend you money if they know you cannot pay it. Just keep in mind that the reported income is one of the things that banks consider when it comes to credit card application.
- Another requirement is for you to have a good credit history. When getting an unsecured credit card, you can already expect that you will be required for a positive credit history.
What if you have bad credit?
The good news is that you can still apply for a credit card. The fees may be a bit higher, but if you really take the time to research, you can find a bank that gives good terms and conditions.
Here are some of guaranteed approval credit cards:
Capital One Secured Mastercard
The Capital One Secured Mastercard continues to get good reviews for so many reasons period for one, there is no annual fee that you need to pay. Second, the regular annual percentage rate you need to pay is 24.99%. This credit card is most suitable for those who have bad credit but their credit is not really destroyed. It is a good way for you to start establishing your credit once again.
One of the main advantages of this card is that even if you will need to give a deposit, you can still use it as a form for credit line. If you are on time with your payment, you can actually have a much bigger credit line without the need to deposit any money.
However, the downside of this credit card is that if you have really poor credit score, if you have previously filed bankruptcy, you might not be able to qualify. You will have to have a checking or a savings account.
In using this card, you can expect for the following:
- Start building your credit using the card and you don’t have to pay for annual fee
- They report regularly to the credit bureaus.
- After you make an initial deposit, you are given a line of credit.
- With responsible card use, you can have bigger credit line.
- The credit card is accepted in all locations.
OpenSky Secured Visa Credit Card
This credit card is a good option, especially if you are having a hard time rebuilding your credit. They are not as strict as traditional lending institutions. The only thing is that you shouldn’t be expecting a lot from this credit card. They have an annual fee of $35 period when it comes to the regular annual percentage rate. The offer 19.39%, which is relatively low compared to others.
One of the main benefits of this credit card is that it doesn’t require a credit check which is often one of the main requirements. So let’s say you have really bad credit and you feel like you will not be able to qualify, you don’t have to worry because you still have a chance to have your application approved.
The only downside is that, unlike other credit cards where they allow you to upgrade to card where you are no longer need, there’s no way for you to make an upgrade.
Applying for a Surge Mastercard is quite fast and easy. It only takes a few minutes. It is also a highly reputable credit card that provides you with monthly reports. In getting this card, you can get the following:
- Any credit type can apply
- The application process does not take a lot of your time.
- You also get to have monthly reporting to the credit bureaus.
- The card is accepted in many locations that uses Mastercard.
- You can have online access 24/7.
- In having a Surge Mastercard, a checking account is required.
Total Visa Credit Card
The Total Visa Credit Card is another great option. Application process takes minutes and you can easily get the response that you need in a matter of seconds. With this credit card, you get to have the following features:
- Application process is fast and convenient.
- If your application is approved, you just have to pay for the processing fee to open your account and start using your credit.
- The credit card is widely accepted by merchants all over the word that accepts Visa credit cards.
- It reports to the major credit bureaus monthly.
Fingerhut Credit Account
Fingerhut Credit Account is considered one of the top choices. If the other credit card options give you fast application process, the application for this card is faster. The application length only takes about 5 minutes. In terms of reputation score, Fingerhut Credit Account has been receiving good reviews and feedback from clients. With Fingerhut, you can enjoy the following:
- The application is very fast and easy.
- With Fingerhut credit account, you can build your credit as it reports to major credit bureaus.
- You can shop using your line of credit.
- It is not an access card.
The Milestone Mastercard allows you to have free choice of card image, giving it a more customized look. The application is also quick and quite easy. The interest rate they offer is 23.9%. Other things you need to know about Milestone Mastercard include:
- Those who have relatively low credit scores will not have any trouble applying.
- You have access to your account online and on your mobile phone.
- Since they have free choice of card image, you can choose the card design that suits your personality without having to pay for anything extra.
- Your account history is reported to the credit bureaus.
Horizon Gold Card
The Horizon Gold Card is also a good choice as the application length and overall process is fast. It only takes a few minutes to know whether your application is approved. In getting this credit card, here are a few things you need to know:
- You need to have a debit card or a credit card to quality
- Credit line is only available at online store
- You need to provide your social security number
- They report to major credit bureaus
Indigo Platinum Master Credit Card
With the Indigo Platinum Master Credit Card, it is relatively easier to qualify compared with other credit cards. They have fast response and you don’t have to worry about security deposit. The only problem is that all your credit history is taken into consideration. Once you are approved, you get to have nice features which include:
- Online servicing at no additional cost
- Your account is reported to major credit bureaus.
- The interest rate is 23.90%
Secured Credit Card
If you are having a hard time getting an unsecured credit card, you may want to choose a secured credit card. These two are not that different. The only thing is that with a secured credit card, you need to make an initial deposit before you are given a credit line. Basically, the amount of your deposit also serves as your credit limit. Here are some of the best options to choose from:
Green Dot Primor Visa Classic Secured Credit Card
This card offers a regular annual percentage rate of 13.99%. Application process is quite fast and easy and they do not have any minimum credit score requirement, which is a good thing. All credit types are welcome to apply. The only downside is that although they don’t have processing/application fees, you need to pay for the annual fee which is $39. The good thing is that the credit line can be quite high. When you use the card responsibly, you can further strengthen your credit score as they report to major credit bureaus.
USAA Secured Visa Platinum Card
Another good option is the USAA Secured Visa Platinum Card. It is not a prepaid card so you use this card anywhere in the world that accepts Visa cards and you can use it to strengthen your credit score. With a security deposit, you can get your credit limit ranging from $250 to $5,000 depending on the assessment. However, this card does not offer any cash back rewards or points. The membership is available to former and active military personnel and their family members.
First Progress Platinum Elite Mastercard
The First Progress Platinum Elite Mastercard is a secured credit card that allows you to apply for one even if you do not have credit history or even if you have low credit score. They are not too strict with the application. With their expedited application process option, you can already get the card immediately as soon as your application is approved. The annual percentage rate that they offer is 20.24% and you will have to pay for the annual fee amounting to $29. This credit card is accepted in stores all around the world and you can also use it for online purchases.
Bad credit affects you in so many ways. It can impact your financing options and even other lines of credit that are available. In fact, even when you want to get an ordinary credit card, it will still be really difficult since most banks look at your credit history. When they see that you are having problems paying your current outstanding loans or if you have defaulted in previous loans, chances are you won’t be able to get the credit card approval.
On a positive note, you always have the power to change your current financial situation period since there are companies that will still give you credit limit and have a credit card even if you don’t have a credit score. You will have an opportunity to start again and build your credit profile. It is now up to you to manage finances well and make sure that you only use the card to pay for the items that you really need.
Alex is a former budget manager turned entrepreneur. He works mainly at home on his credit score advice website and writes a financial blog on the side. He hopes to expand his business into a full online lending company for bad credit as soon as he gets enough investors.