It can be easy to get credit cards when you have an excellent credit score and a long history of positive debt repayment. It becomes more difficult to get your hands on a credit card when you have no credit history, or a long history of delinquent debt.
Getting a Credit Card
Credit cards are available through a wide variety of sources. The usual process involves requesting a credit card through a lender by submitting an application. The application is then reviewed and the applicant's credit history and score are also reviewed.
The process is sometimes simplified when the applicant is preapproved by a credit card company based on a credit history review. In these instances, the applicant must simply accept the credit card offer and await the final approval from the lender. Although preapproved offers are usually some of the most easy to get credit cards, these offers are usually still subject to a final credit review and may be denied if the applicant's credit history is not acceptable. The offer can also be denied if the applicant changes the address or other information on the application form.
Find Easy to Get Credit Cards
If you have an excellent credit score and an extensive history of debt repayment, you will probably not encounter many problems getting approved for a credit card. This is especially true if your debt to income ratio is relatively low.
With excellent credit, look for credit cards that have low interest rates, low (or no) fees and instant approval. Credit card companies that simplify the process of obtaining a credit card significantly for applicants with excellent credit include:
On the other hand, you may find it harder to get approved for a credit card if you:
- Have a credit history peppered with delinquencies
- Do not have a very long credit history, or no credit history at all
- Have a high debt to income ratio
If you fall into any of the above categories, keep in mind that you will probably encounter higher interest rates and more fees than applicants who can boast excellent credit and low debt to income ratios. On the other hand, you can take comfort in the fact that there are indeed some credit card companies that target customers who cannot get approved for credit cards through prime lenders. In fact, it can be easy to get credit cards with bad credit if you know where to look.
Subprime Lenders
If you have bad credit, look for credit card companies that offer cards to people with credit problems. Keep in mind that you can increase your chances of getting approved for one of these cards - and make the process much easier - if you are willing to accept a high interest rate or pay an application fee.
Credit cards with very low available balances, high interest rates and high fees are not difficult to obtain, even for people with bad credit. Look to these credit card companies when trying to easily get a credit card despite bad credit:
- First Premier
- Centennial
- Applied Bank
Many banks and credit unions offer credit cards to customers with bad credit as long as their accounts are in good standing, so be sure to check first with your financial institution when looking for a credit card that is easy to get.
Prepaid and Secured Credit Cards
Even easier than applying with a subprime lender is obtaining a prepaid or secured credit card. Prepaid cards are funded by the applicant while secured credit cards use a savings account or certificate of deposit as collateral for the revolving balance. While these cards are not actually credit cards in the traditional sense, they are easy to get and may help you build your credit up if you select the right card.
