Guaranteed Approval Credit Cards

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. For example, the Wells Fargo Secured Credit Card allows you to put down as much as $10,000 and offers nearly guaranteed approval. 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.

Here are some nearly-guaranteed approval credit cards for bad credit with high limits:

• Wells Fargo Secured Credit Card: $300 - $10,000 limit (same as deposit amount)
• Aeromexico Secured Credit Card: $300 - $5,000 limit (same as deposit amount)
• 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)
• Discover it® Secured: $200 - $2,500 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.

Unless you have good or excellent credit, you’re not going to find a guaranteed approval credit card with a $1,000 limit. The best you’ll be able to do is either place a deposit of $1,000 on a secured credit card or apply for an unsecured card that you are way overqualified for. The Discover it® Secured is one good option, for example, as it doesn’t charge an annual fee and allows deposits of up to $2,500.

It’s important to remember that no credit card really offers guaranteed approval. Secured cards have the highest approval odds because they require you to place a refundable security deposit, the amount of which matches your spending limit. But that means you won’t be able to use them for any purchases you don’t already have the money for.

Beyond that, the better your credit is, the higher your approval odds will be for unsecured credit cards. But credit cards for people with limited or fair credit may or may not offer $1,000 spending limits, so you’ll likely have to set your sights a bit higher to be sure of getting that much fire power. And that means you need really good credit for approval to be anywhere close to guaranteed.

For tips to help you get the credit needed to qualify for the best cards, check out WalletHub’s credit improvement guide. You can also get personalized recommendations for credit cards with high approval odds by signing up for a free WalletHub account.

There are two kinds of credit cards for a 550 score: 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 card for a 550 score is the OpenSky Secured Visa. There’s no credit check when you apply, so approval is almost guaranteed. You just need at least $200 for a security deposit and enough income to make monthly payments. It also reports to all three major credit bureaus every month, which is your ticket to a better credit score. And a $35 annual fee isn’t too much to pay for that.

The Discover it Secured Card is another great 550 credit score credit card. It has no annual fee and actually rewards you for making purchases. A 550 credit score won’t keep you from getting approved either. But a pending non-chapter 7 bankruptcy will.  

Those aren’t the only credit cards you can get with a 550 credit score. If you’re looking for a card with no deposit, the Credit One Bank Platinum Visa for Rebuilding Credit is the best you’re going to do. But it has an annual fee of up to $99. And it’s probably a bit stingier with approval than secured cards. In particular, you may run into issues if your monthly income isn’t at least a couple hundred dollars higher than your expenses. So consider all your options. 

Here are the best credit cards for a 550 score:

• OpenSky® Secured Visa® Credit Card
• Discover it® Secured
• Credit One Bank® Platinum Visa® for Rebuilding Credit
• Capital One® Secured Mastercard®
• Milestone® Mastercard® - Bad Credit Considered

Before applying for a card, 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.

You can’t just sign up for a credit card. No credit card offers guaranteed approval, as evidenced by the millions of Americans who are rejected for one each year. Rather, you have to submit a credit card application and hope to have your request for a card granted after the issuer reviews your credit history, debt income and more.

Applying for a card is almost as easy as just signing up these days, though. You can submit a credit card application online in a matter of minutes, get approved nearly instantly and have a new card in your hands in days. Finding the right credit card to apply for is the hardest part, and there are plenty of new tools that make that simple, too. For example, you can check for credit card pre-approval online first, to make sure you’re a good candidate for a particular card. You can also check your approval odds for any credit card by signing into your free WalletHub account.

Take the time to get back to the basics and increase your odds of acceptance before you apply – not sign up – for a credit card and you’ll reduce the risk of becoming one of these statistics.

Here is what you should do rather than sign up for a credit card:

• Weigh your options and research

When shopping for a credit card, take your lifestyle and spending preferences into account. Are you new to getting credit? A student or a business owner? If you’re already in debt or someone who doesn’t plan to carry a balance every month, factor that in, too. Decide if you prefer a card with travel rewards, cash back or a 0% credit card. Once you’ve gotten all of that sorted out, finding the right credit card will be that much easier. And you can use WalletHub’s credit card comparison feature to help you shop.

• Assess your creditworthiness

Your credit score is the most important factor in determining your creditworthiness, so make sure you know that number going in. You can check your latest credit score and report for free on WalletHub, where each is updated daily. Be sure to check it for signs of fraud or any mistakes by the credit bureau and dispute any that you see. If you’ve never opened a credit card or taken out a loan, you may not have a score or report yet. That’s fine, and in that case you should focus on cards for limited credit.

• Fill out the application

An online credit application takes only a few minutes to complete, but it’ll take a lot more time to prepare. The application will ask for your basic personal information (name, address, date of birth) and repayment indicators such as your employment status, income, housing status and expenses.

Once you’ve submitted an application online, you’ll either be approved or denied, or the application will go into pending status. If the application is pending, expect a decision in 1-2 weeks. If your application is accepted, you can expect to receive your card within 7-10 business days. But you might be able to pay a fee to expedite the shipping.

• Request a reconsideration if denied

If your application is denied, you’ll receive a letter stating the reason(s) why. If one of those reasons is inaccurate or based on out-of-date information, contact the issuer and request reconsideration. This can give you a chance to explain circumstances and remedy any issues.

“Signing up” for a credit card often leads to false hopes and rejected applications. When you take a methodical, well thought out approach to getting a credit card, you’re more likely to be approved for the credit card you want within your qualifications.