Getting approved for a credit card with a negative credit history is not an easy task. Unsecured credit cards are typically reserved for prime and super-prime rated borrowers. People who apply with good and above average credit scores are not required to put up large deposits for unsecured cards because they have proven they will not default on their loan obligations.
Applicants with damaged credit histories are typically denied for unsecured credit cards because they are high-risk borrowers. If you have been on your best financial behavior and have started to clean up your credit report, here is a credit card with guaranteed approval odds assuming you do not have any charged off credit card accounts in the last 5 years.
Credit Cards For Those With Bad Credit
Many people have issues making a payment to a creditor on occasion. If you have had a lengthy history of making late payments or ignoring payments completely, you may have established what is acknowledged as a bad credit history; and maybe you suppose that indicates you will be incapable getting a credit card. Find out how to improve your credit score with a guaranteed approval credit card.
From The Credit Lenders Perspective
What you should recognize is that creditors will take into account extra factors than simply what they observe on your credit report, when deciding how to improve your credit score with a guaranteed approval credit card. There are credit lenders who focus on providing credit cards for terrible credit. Be mindful that every time you sign up for a credit card, an inquiry is made on your credit report. Inquiries are a pull on your credit score, which reflects in a negative effect on your credit rating. It’s a good thought to research guaranteed approval credit cards for 2019 and conclude which ones you will have the most likely chance of acquiring prior to completing any applications, to minimize the number of inquiries to your credit document and prevent keep your rating from reducing even further.
Credit One Bank Platinum Visa
Credit One Bank offers a platinum unsecured credit card with a minimum credit line of $300 to borrowers with poor to fair credit. All related account activity is reported to the three national credit agencies. Users earn one percent cash back rewards on authorized purchases to include cell phone service and groceries, and your credit line will increase based upon your repayment history. The annual fee fluctuates between $0 – $99 and is subtracted from your available credit limit as soon as the account is opened. For instance, if your annual fee is $99 and your approved line of credit is $600, your available credit is $501. A variable APR of 16.99 percent to 24.99% is charged to all purchases, and the APR for cash advances is 18.90% to 25.90%. Interest rates are decided by your credit score when your application is approved. Account holders can stay up to date with account information by receiving email and text alerts. You can also change your payment due date after your first billing period to six days before or after your original balance due date.
Freedom Gold Card
The Freedom Gold card outlines many attractive features for credit card applicants. This card issuer boasts guaranteed approval for a $500 unsecured credit limit to applicants with damaged to fair credit scores. Freedom Gold does not require a credit or employment check. Similar to other unsecured credit card lenders, Freedom Gold reports to the three major credit bureaus. There is a zero percent APR on all purchases and no prepayment penalties. There is no grace period on balances due, but your minimum monthly payment is only 10% of the monthly balance. If the monthly balance is less than $25.00, the entire amount is owed on the account’s due date. A processing fee is charged to all purchases. As a courtesy, Freedom Gold will auto-debit the $24.95 monthly membership benefits fee.
Net First Platinum
With a minimum credit limit of $500 and zero percent APR, the Net First credit card is a great option for borrowers who apply with damaged to fair credit histories. Net First does not conduct an employment or credit check. Cardmembers also receive perks such as no penalties for prepayment and automatic enrollment in the membership rewards plan. Members enjoy access to privacy protection, roadside assistance, legal assistance, and discounted prescriptions. This card has a revolving line of credit. So, as soon as you pay off what you owe, your credit line will return to your approved limit. While there is no APR on purchases, each item is charged a processing fee. Other expenses include a $20.00 late payment fee, a $25.00 NSF check fee, and a $5.00 account validation fee. The $6.00 monthly card maintenance fee is waived if members opt to pay the $24.95 for the monthly membership plan.
Quick Look at Other Credit Cards for Applicants with Bad Credit
Milestone Gold MasterCard- offers a minimum credit line of $300. This card will work with applicants who have low credit scores and past bankruptcies. The terms and conditions include low annual fees for the first -year account is open and a 23.90% APR on all purchases. The account activation fee is only $5. Approved applicants can create their own custom card designs.
Total Visa- presents a credit card that has a starting credit limit of $300. There is a 29.99% APR on purchases and cash advances, but the card issuer has a regular promotion that reduces the annual card maintenance fee from $75 to $48 after the first year. Additionally, new account holders are not charged a monthly service fee for the first year. Cardmembers are given 21 days after the end of each billing cycle to make their minimum payments.
If You Have Bad Credit
Usually, the best cards for those with bad credit will hold even higher interest rates than the main credit cards attainable on the market. There are advantages linked with having a credit card even with higher interest rates worthwhile although possessing not-so-good credit history. Owning a credit card will perhaps make it less complicated for you to rent an apartment because some landlords are insisting their tenants to furnish a credit card as a backup form of payment if your rent payments fall behind.
Guaranteed Approved Credit Cards
Guaranteed approval credit cards for 2019 may also be utilized as a second source of identification in numerous situations. When you are working to enhance your credit history, you are most possibly sending most of the cash you accumulate to creditors, and keeping your payments current. Whenever feasible, you’ll be sending more than the minimal quantity due to each of your installments, which commonly means you may not have much money remaining each month. Knowing how to improve your credit score with a guaranteed approval credit card will provide you a feeling of security-if an emergency arises, and you don’t have the cash handy to handle any emergency that may occur.
Compare Guaranteed Approval Credit Card Offers
When comparing offers from unsecured credit card companies, you want to apply to companies with the best deals. Settling for the first card issuer that approves you can cause you to pay outrageous interest rates and annual fees.
- Begin with comparing APR rates. Concentrate on the credit card companies that promote no interest rate introductory periods and advertise low annual fees.
- Compare benefits, bonuses, and rewards programs. General rewards programs include cash back incentives at restaurants and grocery stores, discounts on airline miles and hotel stays, and points earned for every dollar spent.
- Review each company’s guaranteed approval rate and minimum credit limit. Your actual line of credit may be less than advertised since your credit limit depends upon the information you put on the credit application.
- Evaluate grace period stipulations and when the card issuer reports to the three national credit bureaus. Some unsecured card lenders provide 21 days from the time you receive your bill to pay off the balance while other lenders provide a grace period of 25 days.
Getting Approval From Lenders
When credit lenders are considering an individual to grant credit to, in conjunction to viewing the person’s credit report, the lenders will take into account how long the individual has labored at their current location of employment. If you’ve got had a stable job and continual earnings for countless years and your current debt to income ratio (the amount of money you make versus the quantity of money you send to your lenders each month) is maintainable, several credit card corporations that supply guaranteed approval credit cards for 2019 might recommend you for acceptance to obtaining one of their cards.
Deciding On A Secured Credit Card
Some of the best cards for those with bad credit will be a secured card. Secured credit cards are an ideal option for persons with a tarnished credit history due to the fact you are constrained to the amount of the deposit you have submitted on the card. The way a secured credit card functions are that the cardholder will be obligated to place a deposit on the card, and then spending that happens using the card will be limited to the quantity of the deposit. While it might be challenging coming up with cash to deposit on a secured card, it has sufficient benefits that you should think about doing so.
Can You Gain Interest On You Secured Card
Secured credit card deposits gain interest, and in that manner behave like a savings account. You submit your deposit, and when you don’t spend cash off the card, your account balance accrues interest. When you do utilize the card to make a purchase, and proceed to make full payments and on time consistently, the bank that has provided you secured credit cards may amplify your spending range above the quantity of your original deposit, which makes secured credit cards the best cards for those with bad credit. These cards will provide you the opportunity to repair your credit history so that it is more desirable.