Guaranteed Approval Credit Cards For Bad Credit- Capital One Platinum Secured

Guaranteed Approval Credit Cards For Bad Credit In 2023

Guaranteed approval credit cards for bad credit score is the main point of this article. If you are looking for the best cards for poor or no credit, keep reading. Most issuers of this type of card require you to have an active checking account and show proof of income that exceeds a certain minimum amount.

In general, a credit score between 300 (the lowest FICO score) and 600 is considered bad credit. But some credit card issuers will consider consumers with unsecured cards for bad credit. We explore credit cards that can be valuable to those with less than fantastic credit, those rebuilding credit, and those building credit histories.

PowerPACPlus’s Summary

  • Some of our top-rated unsecured cards with minimum approval requirements to consider
  • A prepaid card can be used in place of a credit card for most transactions, including in-store and online purchases.
  • PayPal Prepaid Mastercard® Review Move money from your PayPal account to fund your prepaid card account.
  • Alternatives To Guaranteed Credit Cards If you need more money than a payment method, consider applying for a bad credit loan.
  • You may also be able to get a closed store credit card from your preferred retailer.

4 Secured Guaranteed Approval Credit Cards For Bad Credit No Deposit And No Credit Check

A secured credit card requires you to deposit a deposit, which is usually the amount of credit provided to you – minus any processing fees. This is a refundable security deposit if you put your account in good standing.

One advantage of secured credit cards for bad credit is that you can get one. And because issuers of these cards report to the three major credit bureaus, paying your bill on time and keeping a low credit balance can help you improve your credit score over time.

Here are several secured cards option to start your search in 2023:

1. Capital One Platinum Secured Credit Card

Capital One Platinum Secure Review 2023

Guaranteed Approval Credit Cards For Bad Credit- Capital One Platinum Secured
  • No annual or hidden fees. See if you’ve been approved in seconds
  • Build your credit? Using the Capital One Platinum Secured card responsibly can help
  • Post a refundable deposit starting at $49 to get an initial credit limit of $200
  • You can earn your deposit back as a credit if you use your card responsibly, such as paying on time
  • Automatically qualify for a high limit credit in just 6 months with no additional security deposit requirement
  • Enjoy peace of mind with $0 fraud liability so you are not responsible for unauthorized charges

This may require a down payment that is less than the credit line offered to you, depending on your credit history. The card charges no annual fees and reports to all major credit bureaus, making it a great choice for those with bad credit.

2. OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa Review 2023

OpenSky® Secured Visa
  • No credit check to apply and find out instantly if you’re approved
  • OpenSky gives everyone the opportunity to improve their credit rating with an average approval rate of 85% for the past 5 years
  • Qualify for a credit limit increase after 6 months, without additional down payment
  • You can qualify for the OpenSky Gold Unsecured Card after 6 months
  • Reports monthly to all three bureaus, unlike a prepaid or debit card
  • View your FICO® score through your OpenSky account, an easy way to stay on top of your credit

The Card does not require a credit history and there is no credit check for approval. That makes the OpenSky secured Visa card ideal for someone with really bad credit

Your activity is reported to all three credit reporting agencies to help build your credit. This secure visa credit card has even popped up in a few business credit card reviews we’ve seen for business owners with bad credit.

3. Surge Secure Mastercard®

Surge Secured Mastercard® Review

Surge Secure Mastercard
  • $300 Initial Refundable Deposit Becomes Your Credit Limit
  • 1% Cash Back Rewards With Every Purchase
  • Free access to your Vantage 3.0 Score from Experian (when you sign up for e-statements)
  • Monthly reporting to the three major credit bureaus
  • Fast and easy application process; results in seconds
  • Use your card in locations where Mastercard is accepted

The Surge Secured Mastercard® approves you for a card when you make a deposit. The amount of the deposit, which is equal to your available credit limit, is determined when you sign up. The typical minimum security deposit is $200.

This card pays cash rewards with every purchase, but to get ahead you must pay your balance in full each month to avoid interest charges and spend at least $6,900 per year to cover the cost of the annual fee. to earn back.

4. Discover it® Secured Credit Card

Discover it
  • No credit is required for the application.
  • No annual fee, earn cashback and build your credit through stewardship.
  • Establish your higher credit line by posting a refundable deposit of at least $200. That means a $200 deposit for a $ 200 credit line. Or a $500 deposit for a $ 500 credit line. Bank details must be provided when submitting your deposit and the deposit is up to your limit.
  • Automatic checks from 7 months to see if we can convert you to an unsecured credit line and refund your deposit.
  • Earn 2% cash back at gas stations and restaurants up to $1,000 on combined purchases each quarter. You also get unlimited 1% cashback on all other purchases – automatically.

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Top 3 Best Unsecured Credit Card For Bad Credit Score Without Check And Deposit

An unsecured credit card requires no deposit and is a genuine line of credit from the card issuer. However, a disadvantage of these unsecured cards for bad credit is that they usually come with high fees and a high interest rate or APR. But when used responsibly, they can help you rebuild your credit and lead to you getting an unsecured card with more favorable terms.

Here are some of our top-rated unsecured cards with minimum approval requirements to consider:

1. Indigo® Unsecured Mastercard® – Earlier Bankruptcy

Indigo® Unsecured Mastercard® – Earlier bankruptcy is okay Review

Indigo® Unsecured Mastercard® – Earlier Bankruptcy
  • Pre-qualification today will not affect your credit score
  • Less than perfect credit histories may qualify, even with a previous bankruptcy!
  • Mobile-friendly online access from anywhere
  • Fraud protection for stolen or lost cards
  • Account history is reported to the three major bureaus in the US

The Indigo® Unsecured Mastercard® – Prior Bankruptcy is Okay provides fast pre approved decisions for those with poor or no credit scores. Your payment activity is reported to every major credit bureau, which can help you build credit over time with responsible use, ie pay your bill on time and maintain a low balance.

2. Reflex Mastercard®

Reflex Mastercard® Review

Reflex Mastercard credit
  • Up to $1,000 credit limit doubles to $2,000! (Easily make your first 6 monthly minimum payments on time)
  • See if you are pre-qualified without affecting your credit score
  • All credit types welcome to credit card apply
  • Free access to your Vantage 3.0 score from Experian* (when you sign up for e-statements)
  • $300 – $1,000* initial credit limit (subject to available credit)
  • Monthly reporting to the three major credit bureaus

The Reflex Mastercard® is a poor credit-friendly option for those who have had problems in the past. You can pre-qualify for the card without hurting your credit and see if you are a good candidate for the card. This card reports to the agencies so you can improve your credit score over time with responsible use.

3. FIT Mastercard®

FIT Mastercard® Review

  • $400 Credit Limit Doubles to $800. (Easily make your first 6 monthly minimum payments on time)
  • All credit types welcome to apply
  • Monthly reporting to the three major credit bureaus
  • $400 Initial Credit Limit
  • Fast and easy application process; results in seconds
  • Use your card in locations where Mastercard® is accepted

The FIT Mastercard® offers a quick and easy application process and all credit types are encouraged to apply. The card requires no deposit and is very welcoming to those with bad credit.

Prepaid Cards With Guaranteed Approval

If you are one of those individuals who like the convenience of using a card but don’t like the idea of ​​dealing with credit or the possibility of interest charges, a prepaid Visa or Mastercard might be for you. Prepaid cards don’t require a credit check to qualify, but your card account won’t be reported to the credit bureaus – meaning prepaid cards can’t help you build credit.

A prepaid card can be used in place of a credit card for most transactions, including in-store and online purchases. However, unlike credit cards, prepaid cards are not tied to lines of credit; instead, the card uses preloaded money to pay for purchases, much like a debit card linked to a bank credit account.

Prepaid cards can be topped up as needed, sometimes for a very modest fee, or even for free. Here are some of our top prepaid recommendations:

1. Brinks Prepaid Mastercard

Brinks Prepaid Mastercard Review

Brinks Prepaid Mastercard
  • Brinks gives you the peace of mind you deserve. Securing cash and valuables since 1859.
  • With Brink’s Direct Deposit you will be paid faster than with a paper check.
  • No late fees or interest charges as this is not a credit card.
  • Use the Brink’s Money Prepaid mobile app to manage your account on the go and receive SMS or email alerts
  • Card issued by Republic Bank & Trust Company, member FDIC. Card can be used anywhere Mastercard Debit cards are accepted. “Apply Now” for full details.

Although you will not receive a credit report with the Brinks Prepaid Mastercard, you can make purchases wherever Mastercard is accepted. Other than verifying your identity, there are no credit checks and income requirements to get approved for this card.

2. PayPal Prepaid Mastercard®

PayPal Prepaid Mastercard® Review

PayPal Prepaid Mastercard
  • Move money from your PayPal account to fund your prepaid card account.
  • Earn cash back and personalized offers just for using your card.
  • With Direct Deposit you can get paid faster than with a paper check.
  • Card issued by The Bancorp Bank, member FDIC. Cards can be used anywhere Debit Mastercard is accepted.
  • Click on PayPal Prepaid Mastercard® for additional features, program details and to apply for a credit card.

The PayPal Prepaid Mastercard® is an ideal choice for anyone who has a PayPal account. You can easily transfer money between your account and your prepaid Mastercard (among other top-up options), allowing you to make purchases in stores or online stores that don’t use PayPal but do accept Mastercard.

3. NetSpend® Visa® Prepaid Card

NetSpend® Visa® Prepaid Card Review

NetSpend® Visa® Prepaid Card
  • With Netspend Direct Deposit you can get paid faster than a paper check.
  • No late fees or interest charges as this is not a credit card.
  • No overdraft fees on purchases made with your card.
  • Use the NetSpend mobile app to manage your account on the go and receive SMS or email alerts (message and data rates may apply).
  • Card issued by MetaBank®, member FDIC. Cards can be used anywhere Visa Debit cards are accepted. Click on “Get my card” for all the details.

The NetSpend® Visa® Prepaid Card has no activation fees, no minimum balance requirement, and no credit check required to get a card. Prepaid cards generally come with a host of other fees, including monthly or per transaction fees, so be sure to read the cardholder agreement before deciding to order one.

Prepaid cards offer a great way to experience the convenience of plastic, without the possibility of getting into debt or jumping through credit hoops. The fact that prepaid cards don’t report to the credit bureaus can be a double-edged sword because while you don’t have to worry about your card impacting your credit score and report, you can’t use prepaid either. card to establish or improve your credit profile.

In other words, prepaid cards may be a good option for consumers looking to make convenient cash purchases, but it’s not a good option for people looking to build their credit history or credit scores.

Alternatives To Guaranteed Credit Cards

If you need more money than a payment method, consider applying for a bad credit loan. You can prequalify with a lending network without hurting your credit score.

The prequalification step will attempt to match you with a direct lender. You will be shown the rates and terms of the loan so that you can decide whether to proceed with an application. After approval, the borrowed money will be deposited into your bank account within one business day.

Our top-rated lending network is MoneyMutual, which can match you with a bad credit offer of up to $5,000 – far more than the initial credit limit you would receive on a credit card.


  • Short Term Loans up to $5,000
  • Online marketplace for lenders
  • The money is available in just 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2 million customers
  • Not available in NY or CT


  • Loans from $500 to $10,000
  • All types of credit accepted
  • Get a decision in minutes
  • Get money straight into your bank account
  • Use the loan for any purpose

3. BillsHappen®.

  • Fast loans of up to $5,000
  • Submit a form to get multiple options without hurting your credit score
  • All credit ratings are welcome to apply
  • Requires a driver’s license, bank account, and social security number
  • Get your money tomorrow
  • Another option is cash advance apps, which help you find a short-term loan – with no interest! – based on your income. You must be employed and have a bank account to be eligible.

You may also be able to get a closed store credit card from your preferred retailer. Most stores offer their own credit card, and they usually offer two options: one that works on the Visa, Mastercard, or Amex payment network and can be used anywhere, and another that can only be used in that store. The in-store only option is generally reserved for applicants with bad credit.

While a store card won’t help you pay for things outside of the store, it will help you build credit because the account will show up on your credit report.

Finally, Payday Alternative Loans are issued by credit unions and are easy to qualify. They come with friendly interest rates and terms, but you must be a member of the credit union to qualify. You can use this tool from the National Credit Union Administration to find one near you.

What Are Instant Approved Credit Cards?

Instant approval credit cards refer to any card that gives you a quick approval decision after submitting the application. Most major credit cards offer an almost instant approval decision, whether that decision is approved or declined.

An instant approval credit card is not a guaranteed approval card. Other than one secure card – the OpenSky® Secured Visa® credit card and prepaid cards.

Guaranteed Approval Credit With $1,000 Limits For Poor Credit

Can I Get A 1000 Dollar Limit Card If I Have Bad Credit?

Bad credit doesn’t mean you’re eligible to get a credit card with the limit you want. For those tired of being denied a loan, there are a number of 100% approved credit cards. They are divided into 2 broad categories:


This type of card asks for a security deposit that is supposed to play the role of money to pay off debts that may arise if you don’t pay them on time.

This is the case that describes the type of credit card we are going to focus on in this read. The pluses of secured cards include:

  • The deposit is redeemable
  • There are no additional fees
  • The only difficulty might be that a user needs to find a card issuer to track their credit card’s progress with multiple credit bureaus in the US.


Unsecured is a type of credit card with approval guarantee that does not require a deposit, meaning a security deposit is never required from a user. However, unlike the secured one, it often has a higher rate of interest and is preferably given to those with a good score (670 and above). At the same time, this card has no mandatory collateral.

Unsecured cards are usually a plan B when there is no way of getting a secured one.

Well, that decision is yours and yours alone. But don’t forget that each additional loan is a contribution to your overall credit profile. Check out all the conditions, see if you can meet them and choose the card with the best deals available.

How To Get Credit Cards With $1000 Bad Credit Limits

The business of loans and credit is a complicated business with many nuances. A large proportion of Americans (45%) have between zero and $300 in their savings accounts, GBR reports.

If you’re one of those people looking to borrow $1,000 for an emergency or an important investment, we’ve put together this guide to walk you through the process.

There is no real card in the financial world that offers a complete guarantee that your loan request will be accepted. Nevertheless, they offer higher chances of getting the loan even with a bad “reputation”. In other words, a bank still does its proficiency checks but is softer on a customer.

An imperfect history is not a reason you cannot get credit. There are other factors that qualify you for a loan such as:

Bank/Salary Statement

A no credit check loan can be taken out without looking at your score but based on your bank transactions and the amount of cash you used last time.

Repayment Capacity

Today, banks often look at a person’s debt to income ratio. A good repayment potential is more important than a super clean score, which many lenders have previously formed.

Employment History

The portfolio of jobs you’ve accepted also helps a bank create a complete picture of your income and predict how reliable you will be in paying off the loan. The average timeframe for this review is 2-3 years. It is generally assumed that someone with minimal job changes is a more reliable borrower and can therefore get a larger loan.


Being willing to make down payments is another factor that increases your chances of getting approved, even if you have a bad score. Despite this, it is not very widespread.

That’s good to know, but other questions might also arise: “How do you pay off a loan?” or “What happens to credit card debt when you die?” According to research, loan agreements often outlive a borrower’s life, more than 73 percent of American citizens are likely to die while still in debt.

Regarding most credit card debts, they do not involve anyone close to you, but go into the responsibility of the deceased person’s property. The customer’s representative or administrator must take care of this.

Credit Cards With $5,000 Limit With Bad Credit For Starting

There is no doubt that any of these credit cards will start you off with a minimum credit limit of $5,000 as they are all either Visa Signature/Infinite or Mastercard World Elite cards. In fact, $5,000 is the lowest limit available for these exclusive denominations.

None of these cards are credit cards with approval guaranteed. If you want this credit card, you may need to lower your goals.

1. Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card Verification

Chase Sapphire Preferred® Card
  • Earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months of account opening. That’s $750 when redeemed through Chase Ultimate Rewards®.
  • Enjoy benefits like an annual US$50 Ultimate Rewards hotel credit, 5x on trips purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, and more.
  • Get 25% more value when you redeem airline tickets, hotels, rental cars and cruises through Chase Ultimate Rewards®. For example, 60,000 points is worth $750 for travel.
  • With Pay Yourself Back℠, during the current offer, your points are worth 25% more when you redeem them for account credit toward existing purchases in select rotating categories
  • Rely on trip cancellation/interruption insurance, comprehensive car rental insurance, lost luggage insurance and more.
  • Get free access to DashPass, which unlocks $0 in delivery fees and low service fees for at least one year when activated by December 31, 2024.

2. Chase Sapphire Reserve®

Chase Sapphire Reserve

Chase Sapphire Reserve® rating

  • Earn 80,000 bonus points after spending $4,000 on purchases in the first 3 months of account opening. That’s $1,200 in trips when redeemed through Chase Ultimate Rewards®
  • $300 annual travel credit to reimburse travel purchases charged to your card on each account anniversary.
  • Earn 5x total points on flights and 10x total points on hotels and rentals when you purchase travel through Chase Ultimate Rewards® immediately after spending the first $300 per year on travel purchases. Earn 3x points on other travel and dining and 1 point per $1 spent on all other purchases
  • Get 50% more value when you redeem your points for travel with Chase Ultimate Rewards®. For example, 80,000 points is worth $1,200 in travel
  • 1:1 points transfer to leading airline and hotel loyalty programs
  • Access to more than 1,300 airport lounges worldwide after a simple, one-time enrollment with Priority Pass™ Select and a credit of up to $100 in enrollment fee every four years for Global Entry, NEXUS or TSA PreCheck®

3. Capital One Venture Rewards Credit Card

Verification of Capital One Venture rewards credit cards

Capital One Venture Rewards Credit Card
  • Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months of account opening, which equates to $750 on travel
  • Earn unlimited 2X Miles with every purchase every day
  • Miles do not expire for the life of the account and there is no limit to how many you can earn
  • Receive up to $100 credit towards Global Entry or TSA PreCheck®
  • Enjoy two complimentary visits per year to Capital One Lounges or 100+ Plaza Premium Lounges through our Partner Lounge Network
  • Earn 5X miles on hotels and car rentals booked through Capital One Travel, where you can get Capital One’s best rates on thousands of travel options

4. Capital One Venture X Rewards Credit Card

Capital One Venture X credit card verification

Capital One Venture X Rewards Credit Card
  • Earn 75,000 bonus miles when you spend $4,000 on purchases, which equates to $750 on travel, in the first 3 months of account opening
  • Get up to $300 back in credit annually for bookings through Capital One Travel, where you get Capital One’s best rates on thousands of options
  • Earn 10,000 bonus miles (equivalent to $100 for travel) each year beginning on your first anniversary
  • Earn unlimited 10x miles on hotels and car rentals booked through Capital One Travel and 5x miles on flights booked through Capital One Travel
  • Earn unlimited double miles on all other purchases
  • Unlimited complimentary access for you and two guests to over 1,400 lounges, including Capital One Lounges and our partner Lounge Network

5. US Bank Altitude® Reserve Visa Infinite® Card

US Bank Altitude® Reserve Visa Infinite® Card Review

US Bank Altitude® Reserve Visa Infinite® Card
  • Earn 50,000 bonus points worth $750 on trips when you spend $4,500 in the first 90 days of account opening.
  • Earn 5X points on prepaid hotels and car rentals booked directly through the Altitude Rewards Center.
  • Earn 3x points for every $1 spent on eligible travel purchases and 3x points for eligible mobile wallet purchases
  • Complimentary 12-month Priority Pass™ Select membership granting access to 1,300+ VIP lounges worldwide
  • Receive a refund of up to $325 in annual credits on eligible travel, restaurant, takeout, and restaurant delivery purchases
  • $400 annual fee

6. Ink Business Preferred® Credit Card

Ink Business Preferred® credit card verification

Ink Business Preferred® Credit Card
  • Earn 100,000 bonus points after spending $15,000 on purchases in the first 3 months of account opening. That’s $1,000 cashback or $1,250 towards travel when redeemed through Chase Ultimate Rewards®
  • Earn 3 points per $1 on the first $150,000 spent on travel and select business categories in each account anniversary year. Earn 1 point for every $1 on all other purchases
  • With Fraud Protection, your card transactions are monitored for possible signs of fraudulent activity using real-time fraud monitoring
  • With Zero Liability, you are not liable for any unauthorized charges made using your card or account information
  • Redeem points for cashback, gift cards, travel and more – your points don’t expire as long as your account is open
  • Points are worth 25% more when redeemed for travel with Chase Ultimate Rewards®

7. The American Express Platinum Card®

The Platinum Card® rating

American Express Platinum Card
  • Earn 125,000 Membership Rewards® points after making $6,000 in purchases with your new card in the first 6 months of your card membership
  • Earn 5X Membership Rewards® points on flights booked directly with airlines or American Express Travel up to $500,000 on those purchases per calendar year. Plus, earn 5X Membership Rewards® points for prepaid hotels on Earn 1X points on all other purchases.
  • $200 annual hotel credit, $200 annual airfare, $25 monthly Equinox, $15 monthly Uber cash, $50 semi-annual Saks Fifth Avenue and more.
  • Platinum Card members have unlimited complimentary access to all Global Lounge Collection locations, including 1,400 airport lounges in 650 cities.
  • Automatic Marriott Bonvoy Gold Elite Status and Hilton Honors Gold Status. Registration required.
  • Choose between three card designs

8. Citi® / AAdvantage® Platinum Select® World Elite Mastercard®

Citi® / AAdvantage® Platinum Select® World Elite Mastercard® Rating

 Citi® / AAdvantage® Platinum Select® World Elite Mastercard
  • Earn 50,000 bonus American Airlines AAdvantage® miles on purchases of $2,500 within the first 3 months of account opening
  • Earn 2 AAdvantage® miles for every $1 spent at gas stations and restaurants
  • Earn 2 AAdvantage® miles for every US dollar spent on qualifying purchases on American Airlines
  • Earn a $125 American Airlines flight rebate after spending $20,000 or more on purchases during your card membership year and renew your card
  • No foreign transaction fees
  • First checked bag is complimentary on American Airlines domestic flights for you and up to four companions traveling with you on the same reservation

Best Credit Card For Bad Credit Has The Highest Limit?

To find out which card can offer the best limit, let’s first take a look at what we call the average credit limit.

Experian found that most people between the ages of 18 and 22 make close to $8,000 playing lots of cards. Those we know as Millennials (23-38 years old) may have a higher credit limit of $20,400. This is motivated by the amount of credit history that banks can rely on.

Younger cardholders, on the other hand, are likely to only get a $5,000 limit because there is no history at the time their first bank accounts are created. On the other hand, with more income, you set higher, often five-digit, limits.

Anyone looking to apply for a higher limit card needs to keep in mind that these limits are often bundled with elite tier cards that have a higher maintenance fee. They are often booked for exclusive clients or those with prime credit cases.

For accurate measurements, you can look at scores. This information applies to a good and normal score. As a general rule, the higher the score you need to get a card, the higher the possible limit.

But remember to keep your expectations down to earth. Common card issuers like Capital One or Citi may give reliable people a limit of $5,000 to $10,000. Other cases, e.g. B. those dealing with an average score can result in as little as $1,000-$2,000, which can grow to around $5,000.

For illustration, this means that someone who gets the most stable earnings and a growing salary and a score of 700 is likely to hit a $15,000 credit limit.

This still looks very realistic when you compare it to issuers like Chase and American Express, both of which have a limit of $30,000 to $50,000. Some cc limits can reach 6 digits.

This is mainly because banks do an excellent job of checking how responsive the customer is over a given period of time and only grant this privilege to the most creditworthy applicants. These companies include Amex and Discover.

While Discover it and Capital One (Platinum) offer anywhere up to $1,000-$2,000 depending on a customer’s credit history, some of the best high-limit cards for those with bad credit include:

First Progress Platinum (from MasterCard)

This secured card has a full and fast online application, offers real-time access to current credit scores, lets you bypass a loan request, and doesn’t require a good rating or history to apply. Guaranteed up to a limit of $2,000.

Still, updating the card when the limit goes up can be a real challenge: the card itself cannot be renewed to an unsecured one, so the only way out is to cancel the CC and apply for a new card when the credit rating is better.

Opensky Cc (By Visa Card)

The fact that OpenSky reports an approval rate of 85% for the last half of the decade gives hope. There is no credit check, you can know immediately that you have been approved and it takes around 6 months to apply for a credit line increase. The same applies to purchasing a gold card. The maximum limit with an OpenSky cc is $3,000.

Bank America Secured Cc

This card, with a whopping $4,900 credit limit, is a real find for any bad credit cardholder. The low initial line of credit makes a typical $300. This card is very flexible and the terms depend on a number of factors such as: B. the creditworthiness of the borrower, together with the annual fees and the APR.

These CC options each come with an annual fee ranging from $25 to $49.

Also, using cash advance in any of these cards is very convenient, so you can, for example, get cash at an ATM with a minimum interest rate, as is the case with an OpenSky card. To know more details about the procedure.

What Do Credit Card Companies Check When Processing Your Application?

Card issuers differ in what they check when you have applied bank unsecured credit card. In addition to your good credit history, they want basic information like your name, phone number, date of birth, address, and income, as well as some more in-depth details like your cash balance, social security number, mother’s maiden name, citizenship status, and more.

If you are refused a credit card, the card issuer must provide you with the reasons. Aside from bad credit, the reasons can be:

High credit utilization ratio. If you’re using up most or all of your available balance, it may be a sign that you’re living on credit and that the card you’re applying for is designed to further that debt.

Thin credit file. In this case, it is best to get a secured card or become an authorized user.

Too many difficult requests. When you have a flurry of loan requests in a short period of time, it can seem to lenders that you are desperate for credit.

Bank-specific application requirements. Some issuers like Chase have requirements for the number of cards you can receive in a given time.

Too much credit at the same bank. If a bank sees that you have too much money on several cards, you can be denied.

Identity or other details cannot be confirmed. In this case, call the bank. Additionally, if you have a checking or savings account with the bank, you can request that this information be used to verify your information.

Recent negative items on credit reports. Although issues like late payments and bankruptcy can affect your application, know that the older you are, the less important these negative events are.

Income is too low. Credit card issuers check your income to verify that you are able to pay your debts on time. If your income is considered low, a credit card co-signer can improve your chances of approval.

Too young to apply. You must be at least 18 years old to apply for your own card.

Application error. In this case, call the issuer and see if you can rectify the situation.

Although there are a number of reasons why you could be rejected, the most important factor is your creditworthiness. The better your score, the more likely you are to be accepted.

How Much Can You Spend On A Low $ 500 Credit Limit?

You can spend all or part of your $500 credit limit as you see fit. But before you do, consider these points:

Buffer for the Unexpected: The problem with using up the credit limit is that if a cash emergency arises, you won’t be able to use the credit card. Not only can you not buy anything that will take you over the limit, but you also don’t have money for a cash advance should you need it.

Watch your credit utilization: Any time your utilization rises above 30%, your credit score can suffer. To prevent this, you should keep your credit card balance under $150.

You can pay anytime: It shouldn’t be assumed that all consumers with bad credit cards are on a tight budget, although many are. If you can afford to make multiple payments a month, you can keep your credit card balance in check while spending well over the $500 limit.

However, if this is your strategy, it may be better to use a secured credit card, debit card or prepaid card as their spending is limited by the amount of cash in the underlying accounts.

There is no doubt that a $500 credit limit represents very modest purchasing power. Even so, a $500 limit card can provide many of the basic features you would expect from a credit card. These include topping up purchases instead of using cash, earning rewards when available, and funding purchases across multiple billing cycles. You may also be able to get a cash advance at an ATM.

In addition, some services require a credit or debit card. If you don’t have bank details or don’t have a debit card, a credit card might be the only way to book a hotel or rent a car.

Perhaps the best way to see a $500 limit is as a starting point. If you can increase your credit score, you may be able to increase your card limit, either on your current card or on a new one. The credit card forums are filled with triumphant stories of consumers who have expanded their cumulative limits over time through creditworthy behavior and wise purchases of additional cards.

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The One Bank® Platinum Visa® for Rebuilding Credit is one of the easiest unsecured cards to get approved for. Even if you have bad credit, you can get approved. This card has a $300 initial spending limit. You can use it anywhere Visa is accepted.

The Most Simple Unsecured Credit Cards to Get Approved For

  • One Bank® Platinum Visa® for Rebuilding Credit for People with poor credit
  • Capital One Platinum for People with poor Credit
  • Journey of Students Capital One Student Rewards
  • Capital One Spark Classic for Business: Small Business

The simplest unsecured credit cards to obtain are generally best for minor emergencies. After all, you will only be given a limited amount of spending power.

The Petal® 2 Visa® Credit Card is one of the simplest cards to obtain with fair credit. This card accepts people with poor credit and sends monthly reports to the three major bureaus. On average, cardholders receive 1 – 1.5% cash back on purchases. The Petal 2 Card has no annual fee.

Secured cards, with their high approval rates and monthly reporting to the major credit card bureaus, are generally the best way for someone with a credit score of 500 (or lower) to rebuild their credit.

While it is possible to obtain a card with no money down, with poor credit score will limit your options to cards with low limits and high interest rates.

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