There is no minimum credit score needed for a secured card, since secured credit cards are designed for people with bad or limited credit. Some secured credit cards, such as the OpenSky® Secured Visa® Credit Card, won’t even check your credit when you apply.
Notable Secured Cards with No Minimum Credit Score Needed
It is possible to get denied for a secured credit card, though – even one that doesn’t check your credit. You still need to be at least 18 years old and satisfy the other basic eligibility requirements.
If you’re denied for a secured card, it could mean that you don’t have sufficient income to cover a security deposit and minimum payments, or that your credit history shows serious financial problems like bankruptcy. The specifics vary by card and card issuer. But if you’re denied for one secured card, you could still be approved for another. A secured card is the easiest type of credit card to get, after all.
Yes, you can be denied for a secured card if you have major negative items on your credit report such as an ongoing or recently discharged bankruptcy, collection accounts, or repossessions. You could also be denied if you don’t meet the issuer’s minimum requirements for approval. Those requirements typically include being at least 18 years old with a physical U.S. address, a Social Security number, and the ability to make payments on the account every month, among others.… read full answer
Other common reasons you’d be denied for a secured card might be incomplete or inaccurate information on your application, not enough funds to cover the required security deposit, or delinquencies on other payment obligations. If you are denied for a secured credit card, consider applying for one of our editors’ picks for the best no credit check credit cards, which are easier to get approved for than normal secured cards. You can also sign up for a WalletHub account and get free personalized credit analysis and advice on how to improve your credit score.
Secured credit card approval is pretty easy to come by, no matter which card you apply for. A secured card is the easiest type of credit card to get simply because you have to place a refundable security deposit, the amount of which usually becomes your spending limit. As a result, secured cards prevent you from spending more than you put down, making it less risky for credit card companies to approve people with damaged credit. And since you pretty much pre-pay for your purchases with a secured card, past payment problems should not keep you from getting approved.… read full answer
Given their safeguards, you might assume that secured credit cards offer guaranteed approval. But that’s not the case. There are certain requirements that anyone must satisfy to get a credit card.
Here are the basic secured credit card approval requirements:
18+ years old
$200+ for a refundable security deposit
Enough income for monthly bill payments
U.S. mailing address
Social Security number (ITIN or passport accepted in some cases)
Some secured credit cards are harder to get than others, though. Requirements vary by credit card company. And some issuers won’t approve anyone with a non-discharged bankruptcy, a tax lien or certain other types of negative records on their credit report.
But there’s a flip side to that, too. Secured credit card approval is very easy to get if you choose the right offer. A handful of cards don’t even do a credit check when you apply.
Here are the best easy approval secured credit cards:
If you’re less concerned with easy approval than getting the best terms, you should also consider the Capital One Quicksilver Secured Cash Rewards Credit Card and the Bank of America® Unlimited Cash Rewards Secured Credit Card. Neither charges an annual fee, and both offer pretty good rewards.
One of the best credit cards for a 550 credit score is the OpenSky® Secured Visa® Credit Card. There’s no credit check when you apply, so approval is almost guaranteed. You just need $200 for a refundable security deposit and enough income to make monthly payments. This card also reports to all three … read full answermajor credit bureaus (Equifax, Experian and TransUnion) every month, which is your ticket to a better credit score. And a $35 annual fee isn’t too much to pay for that.
However, those aren’t the only credit cards you can get with a 550 credit score. In fact, there are two kinds of credit cards for people at that credit level: secured credit cards and unsecured credit cards for bad credit. A 550 credit score is within the bad credit range, unfortunately. Bad credit goes from 300 to 639. But picking the right 550 credit score credit card and using it responsibly could help you improve your score to “fair” territory within 12-18 months.
Before applying for a card, though, make sure to check out its terms and conditions, or a FAQ page if there is one, just to make sure you fit the criteria for eligibility. You can also try getting pre-approved for a credit card. It won’t hurt your credit, and it will give you a good idea of your odds if you decide to apply.
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