Secured
credit cards are made for 2 types of clients:
These with
thin or nonexistent credit histories – folks looking to create credit for the
first time. Those with sub-par credit points attributable to adverse credit
events or benign neglect – folks trying to make credit.
Qualify for a Secured
Credit Card?
A secured
credit card has much looser underwriting standards than most unsecured cards,
particularly premium money back credit cards and travel awards credit cards
with generous rewards programs, wide lists of value-added perks, and advanced
spending limits.
No-Credit-Check Secured
Credit Cards
A few
secured credit cards need no credit check in any respect. If they will scratch
up the minimum needed security deposit, candidates are guaranteed
approval. The catch is that
no-credit-check secured cards tend to own higher annual fees, high APRs,
restrictive terms, and no clear path to
unsecured status.
Traditional Secured
Credit Cards
Most secured
credit cards do need a credit check. Precise FICO score needs vary, however
it’s not possible that you’ll qualify with a score below five hundred. FICO scores between five hundred and 560 are
iffy – some issuers would possibly bite, some may not, and it might come down
to exculpatory factors, like as an open bank account or housing ratio.
Plenty of
issuers that do run credit checks avoid candidates with latest or
non-discharged bankruptcies. Unluckily, the one way you will know for sure
whether your application is approved is to apply.
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