Are there any guaranteed approval credit cards with $10,000 limits for bad credit?

Question

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 answer major 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.

Another good option is the U.S. Bank Cash+® Visa® Secured Card. This card offers 1 - 5% cash back, depending on the type of purchase and has a $0 annual fee.

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.

The best credit cards for a 550 score:

No Credit Check: OpenSky® Secured Visa® Credit Card
Cash Back: U.S. Bank Cash+® Visa® Secured Card
No Deposit: Credit One Bank® Platinum Visa® for Rebuilding Credit
Flat Rewards Rate: Capital One Quicksilver Secured Cash Rewards Credit Card

You can also check our editors’ latest picks for the best credit cards for bad credit on the market to see which one better suits your needs.

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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Answer 1 · 2021-11-23 20:55:01

WalletHub, Financial Company

@WalletHub • 11/23/21 This answer was first published on 09/25/17 and it was last updated on 11/23/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Guaranteed approval credit cards with $10,000 limits for bad credit don’t really exist. A secured credit card that allows you to place a very sizable deposit is the closest thing you’ll find. But your spending limit equals the amount of your deposit, so it won’t help you buy something that you can’t already afford in cash.

There are a couple of important reasons why guaranteed approval credit cards with $10,000 limits for bad credit are not available. For starters, no credit card offers 100% guaranteed approval. There’s always some sort of minimum eligibility requirement that you must meet. That’s even true with secured credit cards.

Furthermore, credit cards for people with bad credit tend to have spending limits that are far below $10,000. Most unsecured cards for bad credit give you a starting limit of around $300, and fees eat into a lot of that early on. So, if you have bad credit, you’re not going to find a credit card capable of financing a big-ticket purchase.

At the end of the day, getting a credit card with a specific spending limit should not be your top priority when you have bad credit. You’re unlikely to get an unsecured card with a $10,000 limit until you have excellent credit. So, rebuilding your credit as inexpensively as possible is the best approach in the long run. Above all else, that means getting approved for a credit card as quickly as possible and paying your bill on time every month.

To help point you in the right direction, WalletHub’s editors compared dozens of credit cards for bad credit and picked their favorites.

Harley-Davidson® Secured Credit Card: $300 - $5,000 limit (same as deposit amount)
First National Bank of Omaha Secured Visa® Card: $300 - $5,000 limit (same as deposit amount)
OpenSky® Secured Visa® Credit Card: $200 - $3,000 limit (same as deposit amount)
The First Progress Platinum Elite Mastercard® Secured Credit Card: $200 - $2,000 limit (same as deposit amount)

These offers are among WalletHub’s picks for the best secured credit cards. They all can make shopping more convenient. And as long as you pay your monthly bills on time, they’ll help you improve your credit score. If you’d like some tips for how to speed up the credit-rebuilding process, you can get personalized credit-improvement advice by signing up for a free WalletHub account.

Answer 2 · 2018-01-17 17:00:44

Ronan Agan, Member

@ronan_agan • 01/17/18 This answer was first published on 01/17/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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A guaranteed approval credit card for bad credit is a secured credit card. So if you want to have a $10,000 credit limit, you'll have to provide that amount as a security deposit.

Are there any guaranteed approval credit cards with $10,000 limits for bad credit?

WalletHub, Financial Company

Ronan Agan, Member

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