Different cards come with different requirements for approval. The most accessible cards come with low credit scores and low-income requirements. Therefore, they tend to look past your credit card history to help people with limited or poor credit.
The type of credit card that is easiest to obtain is a secured credit card, as it requires a security deposit. These cards don’t check your credit before giving you a card, as they can use your deposit if you default your debt.
Secured credit cards include secured business credit card offerings, secured Mastercard, and secured Visa. Banks that offer secured credit cards are Bank of America, Discover, Citi, and Capital One.
A cardholder could get a secured card from a bank that offers unsecured cards. In this way, they could build credit with the bank and obtain an unsecured card when ready. This move allows you to get an unsecured card without having to get a new account or apply again.
Opening a credit card account online
Fortunately, some banks allow you to open a credit card account online. The process is brief and only asks you for basic information like your name, income, phone number, email address, physical address, and social security number.
Approval only takes a few seconds. After this, you could make a profile from where you manage your account. Moreover, you can link the account to your bank account. Your card issuer also processes your account. Your card then arrives after 7-10 business days in the mail. If the issuer chooses to reject your application, it sends you a notice with the reasons for this.
Companies have different requirements for approval
It isn’t easy to know what score you should have before applying for a credit card. The reason is that credit card companies don’t share their requirements. Furthermore, card companies often cater to specific groups of people. For example, some card issuers serve low-income people with poor scores, and others go for those with excellent credit scores.
The credit card score is not the only factor card issuers take into consideration. For this reason, a person with a bad score could quickly obtain a card if they have enough income and little debt, thus showing they can afford to pay for their card.