What is the First Progress Platinum Elite interest rate?

The First Progress Platinum Elite credit limit is $200 to $2,000. Everyone who gets approved for First Progress Platinum Elite is guaranteed a credit limit of at least $200, though each person’s exact starting credit limit will depend on how much of a security deposit they put down. When you first open the secured card, the amount of your security deposit will be your credit limit.… read full answer

The First Progress Platinum Elite credit limit that you start with isn’t necessarily your credit line forever. First Progress will usually allow you to increase your security deposit for a higher credit line.

You only need one credit card for good credit because simply having an open credit card account is the most efficient way to build and maintain a good (or even excellent) credit score. But the actual number of credit cards you have doesn’t make up a huge part of your credit score – roughly 5%-10%. The … read full answermore important factors are your payment history, the total amount of your debts, and the total of your credit limits.

As a result, having fewer credit cards that you use responsibly is better than having more cards yet worse performance. But if you have multiple credit cards and use them all responsibly, by paying your bills in full by the due date every month and not maxing out your credit limits, then having multiple credit cards will absolutely help promote good credit.

Here’s how that works: Multiple credit cards means more total credit. More total credit gives you a bit more leeway with your credit utilization (the amount of credit you’re using vs. the amount extended to you). Utilization – overall and of each credit account separately – makes up about 20% of your credit score, so it’s best to keep that number low. And simply paying your bill on-time makes up about 35%-40% of a good credit score. The more on-time payments you have on your credit report, the better it is for your credit score.

If you’re planning on getting multiple credit cards to boost your credit score, it’s worth considering that the age of your credit accounts makes up roughly 15% of your score. Credit age matters because a longer credit history means you have more experience with credit in general, and lenders have more information to assess when determining your creditworthiness. If you add a few new cards to your history, your score may take a hit because your average credit age will get younger.

One of the easiest unsecured cards to get approved for is the Credit One Bank® Platinum Visa® for Rebuilding Credit. You can get approved for it even with bad (300) credit. It offers a $300 starting spending limit. And you can use it wherever Visa is accepted.

This isn’t your only option, though. WalletHub’s editors compared all of the unsecured credit cards in our database of 1,500+ offers. And we selected our favorite easy-to-get offers.… read full answer

Here are some of the easiest unsecured credit cards to get approved for:

• Rewards: Credit One Visa.
• Small businesses: Capital One Spark Classic for Business​.
• No credit: Capital One Platinum Credit Card
• No annual fee: Petal® 2 Visa® Credit Card.
• Easiest store card: Fingerhut Credit Account.
• Students: Journey Student Rewards from Capital One.

The easiest unsecured credit cards to get generally work best for minor emergencies. You will only receive a small amount of spending power, after all.

Unsecured credit cards for people with bad credit also tend to be very expensive, charging lots of fees and high interest rates. So, if you don’t need a small emergency loan, the best course of action is to improve your credit inexpensively with a secured card. Secured cards are cheaper than unsecured cards, build credit just as effectively, and offer the closest thing you’ll find to guaranteed approval.

To learn more, check out WalletHub's complete list of the year’s easiest credit cards to get approved for​.