How to use instant approval credit cards for bad credit to increase your credit score Finding the best instant approval credit card for bad credit can be a little time consuming. But worth the trouble! The benefits to this sort of card are numerous!
Instant approval Apply for one online Quick approval process These cards are made to help people with bad credit
Apply for cards that will meet your needs There are a lot of different types of instant approval credit cards - but only one will be the best fit for your needs - and wants. A secured credit card. These cards are also called guaranteed approval cards because they don’t require that you have good credit. In fact some don’t care if you have no credit! Benefits To Secured Credit Cards This sort of instant approval credit card has a lot of benefits for someone who wishes to rebuild their credit.
Pretty much everyone gets approved Your credit limit will equal your security deposit Most of these cards will submit your payments to at LEAST 1 credit bureau Low interest rates Can earn interest on your security deposit!
Choosing the Right Card For You You really want a card that will grow with you. Look for a card like the The Applied Bank Secured Credit Card this card will allow you to add to your security deposit every few months. Meaning even though you may start off with a low $500 security deposit, Over time you can grow it w/ additional payments up to $5,000! Having a credit card with a high credit limit will do WONDERS for your credit score. Just remember to always spend under 30% of your available credit so that you can get the full benefits of your card. When you start using more that 30% you start to look like a credit RISK! Make Sure You Know The Fees Charged Many secured credit cards have really low fees. Some have none. Make sure you read the fine print so you know what you will be charged for having the card. Some of these cards will also pay you interest on your security deposit. You will find how much they will pay here too. Think about the Interest Just like any other card. Instant approval credit cards will also charge an interest rate. And they can vary greatly! Most are currently around 9% but I’ve seen some as high as 17%. Its up to you to know the interest rate charged BEFORE you apply.
Of course, if you plan on paying your credit card off each month in full. Then the interest rate isn’t as big a deal. But while it’s a good practice to pay off your card at the end of the month. You can’t always do that. And those are the times you will not want to be saddled with a credit card with a high interest rate! Ready to get your instant approval credit card for bad credit? BadCreditResources.com has put together a great list of cards to start of your journey!. .