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Shopping, paying bills, and booking vacation reservations are all made easier with credit cards. Many credit cards also provide cashback, points, or miles on your grocery purchases, which can help you save money. A credit card can also assist in the establishment and maintenance of a solid credit rating.
You may use business credit cards to earn points on the employee cards you distribute. They can also help you save money on company-related expenditures like office supplies, business lunches, and business trips.
But, if you have a limited credit history or terrible credit, which credit card is the simplest to obtain? Here’s a deeper look at the cards that may be in play.
Credit card issuers differ in terms of what it takes to be approved. But generally, these factors are taken into account when you apply for a card:
These things give credit card issuers an idea of your ability and likelihood of paying off what you spend with a credit card. Credit card companies can also do a thorough investigation of your credit report to learn more about your positive credit history. This can reduce your credit score by a few points.
Checking your own credit reports before applying for a credit card will not affect your credit score.
Easy approval credit cards. The simplest credit card to obtain is unique to each individual since it is determined by your credit scores as well as the other elements indicated above. You may also be able to use the following credit cards:
If any of these situations apply to you, you’ll find that certain specialized credit cards are simpler to acquire than others. Student credit cards, starting credit cards, and secured credit cards are among them.
Student credit cards are intended for students just getting started on their credit score. These cards may have a rewards program, in the event that you do get them, it’s typically focused on the items that students make the most money on, such as dining out or fuel.
A student credit card might be easier to get than a regular one in the event that you do not have a credit history or only a few years of credit history. Federal CARD law requires you to be at minimum 21 to be eligible for an account with a student credit line with your name on it, however, you may apply as young as 18 if you’ve got an income that is sufficient or a co-signer at minimum 21 years old.
These starter credit cards are designed for people who are brand new to credit, but who aren’t students. They are more likely to come with an annual cost and more expensive Annual Percentage Rate over other credit cards (APR).
Secured credit cards function similar to credit cards with no security but with one difference: they require a cash deposit in order to open. Typically, this deposit acts to serve as a credit limit. Traditional secured credit cards require the completion of a credit assessment prior to being authorized. It is possible for conversion to a standard credit card, which is unsecured after you have had a secured card for a certain period of time and showing responsible credit use.
Before applying for a starter card or secured card, make sure the major credit card company reports your activity to at least one of the major credit bureaus. Otherwise, using the card will not help you accumulate credit.
You have no credit history if you have no credit. A brief credit payment history indicates that you have decent credit, but it is insufficient to create a credit score. When applying for new credit, you may be “invisible” to credit card firms in any case.
If you have good credit, rather than no credit or bad credit, you might have a choice of a different range of credit card options. A fair credit score on the FICO credit rating scale typically means a score between 580 and 669.
Here are some of the easiest credit cards to get with fair credit:
If you’re considering a credit card that offers rewards, be sure to balance the rewards you’re likely to earn cash against the card’s annual fee (if applicable).
Unsecured credit cards do not require any cash deposit to open. It is possible to get unsecured cards if your credit is in the right range, or even bad.
If your credit is low or no credit, consider these unsecured card options:
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Jeff Gitlen is a graduate of the Alfred Lerner College of Business and Economics at the University of Delaware. Gitlen has spent the past five years writing and researching on personal finance issues which include credit cards, student loans insurance, and other. His writing has been featured in top news publications among them are Bloomberg, CNBC, Forbes along with Market Watch.