Nothing feels worse than having bad credit. But what if you could start rebuilding your credit today?
The primary secret to rebuilding your credit is finding easy approval credit cards. However, many people do not know where to start to find such cards.
Keep reading to discover the secrets behind finding these credit-boosting cards!
What Are Easy Approval Credit Cards?
These are credit cards that are designed for individuals who have low credit or no credit. They typically come in the form of secured cards or unsecured cards with low credit limits.
You use these credit cards regularly and then make regular payments on them. It can be even better to pay them off entirely each month.
Your regular history of credit purchases and payments will steadily rebuild your credit. This allows you to secure larger credit cards or more significant credit purchases.
There are a few things you should know about how to find and use these kinds of credit cards.
The Secured Card
Secured credit cards are the easiest cards to get approved for. That makes them the go-to choice when it comes to rebuilding credit.
These cards are “secured” because you must first put down money to get approved. One example is putting down a deposit of $250 in order to be approved for $250 worth of credit.
This may seem like an unconventional kind of credit card, however, secured cards report your history of purchases and payments to the major credit bureaus.
The longer you use your card, the better your credit becomes. The secured card may eventually convert to an unsecured card with a higher limit. However, it’s important to make sure that you choose the right secured credit cards.
Unsecured Cards
Unsecured credit cards do not require any kind of deposit in order to be approved. However, those with bad credit will not get approval for every kind of unsecured card.
The best kinds of unsecured cards for those with low credit are ones that have lower limits. There are also certain features to look for to help identify these easy approval credit cards.
Look for cards that feature balance transfers. These are cards that are typically designed for those with low credit, which makes it easier to get approved.
Seek out cards that have no annual fees. Such cards are usually intended for those with low credit. Additionally, you may not want an annual fee on top of other expenses when you’re rebuilding your credit.
Avoid cards advertising sign-in bonuses that are higher than $200. Chances are good that these cards have been designed for those who have higher credit.
Also, avoid cards that offer any kind of travel rewards. These cards only really reward those who use their credit cards for a great many daily purchases. Such individuals tend to have higher credit.
Where to Request
You have many choices when it comes to requesting a new credit card. You will generally find more easy approval credit cards by requesting directly through the bank.
This is because the bank typically offers many different kinds of credit cards. If you’re declined for a card that you request, they may be able to find a different one that you’ll qualify for.
Try to request online through the bank’s website. Most bank websites will let you know if you were approved immediately. If you were not approved, these sites typically offer information on alternative cards to request.
Your last resort for easy approval credit cards it to request a retail store’s credit card. Such cards typically have a much higher acceptance rate than regular credit cards.
However, store cards also carry much higher interest rates than traditional cards. That’s why it’s important to never keep a balance on such cards from month to month.
Ending up with a high balance and only being able to make minimum payments may negatively affect your ability to rebuild your credit.
Routine for Rebuilding
There are a few rules and routines that will help you rebuild your credit. These pertain to any credit card you have been approved for.
First, make a minimum of one purchase per month on your credit card. It’s fine to make more purchases, but this is the bare minimum for rebuilding.
Avoid any kind of cash advance option. Do your best to keep the balance to thirty percent or lower of the card’s maximum limit. Avoiding this threshold is critical to quickly repairing credit.
Try to avoid requesting for additional cards. Your credit does not rebuild any faster based on the number of accounts open. Furthermore, more cards make it likelier you may eventually miss a payment.
Pay your credit card on time every month. Whenever possible, pay the statement balance so you are not accruing interest charges.
Best Non-Bank Cards
If you have bad credit, there are several easy approval credit cards you can request online. These are good alternatives to getting cards through your local bank.
The Capital One Secured Mastercard is easy to request and carries no annual fee. It starts you out with an initial credit limit of $200, so you don’t get bogged down with a high balance. Your use of this card is reported to all major credit bureaus.
The Total Visa Card is easy to open if you have a checking account. It’s accepted worldwide and provides an easy and accessible way to build credit.
The Milestone Mastercard is easy to request without it impacting your credit if you are not approved. You also get enhanced fraud protection while your credit rebuilds with this card.
The Bottom Line
Rebuilding your credit is a goal you can accomplish. However, you may be unsure of how to take the first steps.
At Bonsai Finance, we are experts in all things credit. We can provide the information you need at every step to make your credit strong once again and help you find easy approval credit cards.
To see how we can help you get started, check out our guide to the best-unsecured credit cards today!