The Easiest Credit Cards to Get
What makes a card easier to get than others?
The easiest credit cards to get are those that have the lowest credit score requirement. Such cards are usually secured credit cards. You can find the extensive list of secured credit cards by clicking on this link.
Secured credit cards are cards oriented for people with low to no credit history who are looking to establish and improve their credit. A secured card serves this purpose by giving you a credit line based on how much you’re able to deposit up-front. You must pay a collateral amount upfront and then you will be approved for that same amount in the form of a secured credit card. Also, most secured credit cards come with no annual fee and some even come with a rewards program. Secured cards look, feel, and work the same way as traditional cards. Furthermore, only a select few secured credit cards signify that they are secured by their outside appearance.
In terms of convenience, credit cards offer online applications that allow you to easily check if you are qualified or not within a few minutes. Online credit card applications can take as little as 10 minutes with the decision being made instantly.
The requirements to get a secured credit card
When determining whether or not to approve you for a credit card, companies assess you based on a wide variety of criteria. With secured credit cards, your credit score is not as highlighted as much as your income and ability to pay back the company is. Your previous credit history will be checked but not as rigorously as if you were applying for a traditional credit card. The most important requirement, however, is your ability to provide a cash security deposit in the amount of credit line you are seeking. In other words, credit card companies want to be secured when lending you money as you may not have any previous credit history or may have a damaged credit score which may signify your inability to pay back.
While secured credit cards can be easily obtained by those bearing a low to no credit score, it may be more difficult for those with bankruptcy and existing financial issues to get approved.
Who a secured credit card is best for
Secured credit cards are tailored for all types of individuals, but are mostly for those that are suffering from a low to non-existent credit score. Certain secured cards come with additional benefits that may be best suited for particular individuals such as the Discover it Student Card which gives you a $20 reward each year you maintain a GPA of 3.0 or above. Thus, you should search for secured credit cards that either fit your occupation or desire of incentives to make the most out of owning one.
How you can upgrade your secured credit card
By using a secured credit card you will be able to establish and greatly increase your credit score. With the increased credit rating, you can apply for other types of credit cards such as rewards cards and promotional APR credit cards. If your credit score increases, some credit card companies even allow you to graduate to a rewards card by prequalifying you.
The Bottom line
The easiest credit cards to be approved for are secured credit cards as they are specifically made for those who have yet to build a credit score and for those who need to improve it. Not only are secured credit cards easier to obtain in terms of your financial situation but also in terms of the application process as most cards allow you to apply from the comfort of your own home. Other types of credit cards such as rewards cards, hotel and airline cards, and cash back cards are more difficult to obtain as they require a stronger financial footing. You can always upgrade to those types of credit cards once you have a sufficient credit rating.