Easy To Get Credit Cards

Your FICO score determines which credit cards are easy to get. With excellent credit (750-850), you’ll have your pick. A good credit score (620-750) means you’ll qualify for a variety of cards with reasonable terms. Fair credit (580-620) will get you cards that cost more. If you have no credit history or a score below 580, only prepaid cards, secured cards, and unsecured cards with a high price tag are easy to get. There are a few other options as well.

Prepaid Visa/Master Cards

Prepaid cards are similar to bank debit cards. You deposit money into the prepaid card account and then use the card for purchases. Although anyone can get one, the disadvantage of prepaid credit cards is they won’t help you rebuild your credit.

Secured Credit Cards

Anyone can get a secured credit card and it costs less than an unsecured card. You deposit an amount equal to your credit limit with the card issuer. Your deposit will be maintained in an interest-bearing account as long as you honor the card’s terms and conditions. Interest rates can be as low as 7.90%. Sometimes there’s an annual fee of about $30, and the minimum deposit is generally $200.

Secured cards work exactly like other cards. You can charge up to your limit and are expected to pay at least the minimum every month. Use a secured card for a year and then apply for an unsecured card with better terms. When you close the secured account, your deposit is returned with interest.

A Credit Card From Your Bank

Even with bad credit, responsible bank account holders can sometimes get unsecured credit cards from their own banks. You can also open a savings account at your bank as collateral against one of their secured cards.

College Student Cards

If you’ve never had credit, going to college will qualify you for easy student credit cards. You may receive more offers than you know what to do with.

Department Store & Gas Company Cards

A credit score of at least 500 will qualify you for most department store and gas company cards. They charge interest of 22-24% and are expensive if you don’t pay the balance in full every month. The advantage is you won’t be charged an annual fee or processing fees to get approved. The disadvantage is that you can’t use them everywhere.

Unsecured Visa/Master Cards

With poor credit you can still get an unsecured credit card. Orchard Bank is the premier provider of unsecured credit cards for consumers with bad credit.

Expect to pay interest of about 24.90%, annual fees of about $80, and initial processing fees of about $40. The credit limit may be as low as $200. Because all fees are charged to your account upon approval, the card will come with a preexisting balance.

All but prepaid cards provide an excellent opportunity to raise your FICO score. They all report to credit bureaus. Use them responsibly for one year and your credit score will improve enough to qualify you for better offers.