If you have bad credit, you might think it impossible to get approval for a credit card. However, obtaining credit might be easier than you think thanks to guaranteed approval credit cards for bad credit.
Finding Guaranteed Approval Credit Cards for Bad Credit May Be Easier Than You Think
Scouring the internet for a lender willing to offer you credit takes time and energy and the sheer number of lenders and credit cards out there are mind-blowing. Perhaps an easier solution to finding a suitable credit card is to allow us to help you find the most suitable option with the right lender. Typically, the lenders we work with are able to offer competitive rates on credit cards, regardless of your poor credit history.
What Are Guaranteed Approval Credit Cards for Bad Credit?
As the name suggests these types of credit cards are aimed at anyone whose credit history is poor. When determining if they will approve your application lenders typically check your credit rating. This is the point where most people with a poor credit history fall short and are not accepted. In short, the credit score determines how big a risk you might be for being able to pay back the loan. However, we work with numerous lenders who do not rely on credit history as their main factor. Instead, they focus on whether or not you have a regular income that is verifiable.
Guaranteed approval means just that. Even if you have a poor credit history or perhaps no credit at all, you may still be offered a credit card. We can help you to find the most suitable credit card for your situation, with guaranteed approval from the lenders we work with.
The Advantages and Disadvantages
Just as with anything else in life there are may be advantages and disadvantages to guaranteed approval credit cards.
The advantages may include:
- Guaranteed means just that, you don’t have to worry about being turned down;
- No more searching the internet in confusion if you allow us to help you find the most suitable credit card for your situation;
- These types of credit cards may help you build up your credit rating and improve it, providing you maintain the repayments;
- You gain access to credit that on a continuous basis, again providing you maintain the monthly repayments.
The disadvantages may include:
- Becoming dependant on the credit card and overusing;
- Falling behind on repayments will be detrimental to building your credit score;
- Credit cards for those with a poor credit rating may come with stipulations that are specific, even those with guaranteed acceptance;
- Low credit limit offered;
- A high rate of annual interest.
Reasons You Might Have Bad Credit or No Credit Score
Many times a bad credit score comes about due to things beyond your control. For instance, you might have been the victim of fraud after having your credit card stolen. A large bill might have been run up and if you cannot prove it was not you and you cannot afford to repay the credit card bill, this may affect your credit score.
You might have fallen ill and been unable to work and continue meeting the repayments. Missed or late repayments typically affect your credit score.
While this type of credit card is generally applied for by those with a poor credit history, they are also valuable to those with no credit history. Having no credit rating due to not having applied for credit of any type is often just as bad as having a poor score. This is because lenders have no idea about the worthiness of you. This type of credit card will allow you to get a step up and build that all essential credit score.
Finding guaranteed approval credit cards for bad credit is so much easier when you allow us to help you compare lenders offering competitive rates.