The short answer to this question is “not exactly.” Secured credit cards offer nearly guaranteed approval. In other words, most people should be able to get one, even with bad credit. But approval requirements vary from credit card company to credit card company.
Many issuers will reject people with certain types of negative information – usually a non-discharged bankruptcy or pending tax lien – on their credit report. Other secured cards don’t even perform a credit check. They simply require you to earn more than you spend each month.
So while secured cards don’t offer truly guaranteed approval, they give you the next best thing. And it’s as good as you’ll get with any credit card.
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