Introduction
Obtaining new credit cards involves exploring various options to improve or establish credit, allowing you to start and locate the most likely approved cards.
This article explains the value of having good credit, what it means, risk-free ways to check your credit, quick approaches to getting approved, alternative credit cards, and subsequent actions for credit improvement.
Before a Credit Card Application
- Know Your Credit Score – Knowing your credit score is crucial for starting a good credit journey. Secure this information without cost and start considering credit cards and improving it if necessary. Credit Karma and Credit Sesame offer free credit score viewing, while Chase’s Chase Credit Journey service provides additional features.
- See If You’re Pre-qualified or Pre-approved – Pre-approved/ Pre-qualified routes offered by issuers on their websites allow users to input information to determine if they offer credit offers. Pre-qualification does not affect credit scores, but it does improve chances of approval, although there is no guarantee.
- Card Match Tool – If you are looking to discover if there are any credit card offers available to you without the need to complete a credit card application, CardMatch can provide you with risk-free access to these offers through its online tool. This tool is user-friendly and does not impact your credit score, as all you need to do is enter a few basic details and you will be presented with a list of available offers.
What’s Good Credit/Bad Credit?
Credit card issuers utilize Experian, Equifax, and TransUnion to access credit information and determine credit approval. Experian defines poor credit as 300-580, while Equifax considers 700-749 for good credit and 750+ for excellent. Understanding the credit score range is crucial for obtaining a credit card.
Why is Good Credit Required?
Bad credit has a significant impact on a person’s life, preventing them from accessing jobs, financing, insurance, utilities, and large deposits. On the other hand, good credit positively impacts their ability to perform important tasks and qualify for credit cards with rewards. Fortunately, there are ways to secure new credit, even for those new to the process. Ultimately, having good credit is crucial for a person’s overall well-being and success in life.
“Easy-to-Obtain” Credit Cards Recommendations
Below are a selected few credit cards with quick approval that strike a balance between incentives and card criteria:
- Capital One Platinum Credit Card (Credit Score: 580+) – If you’re looking to improve your credit score and build your credit history, Capital One Platinum is the perfect card for you. You don’t have to pay a deposit or an annual fee, and it won’t earn you any rewards. But it’s a great way to build or rebuild your credit, and you’re sure to get initial approval.
- Capital One QuicksilverOne Cash Rewards Credit Card (Credit Score: 580+) – Receive rewards at any time. No need to worry about special spending categories here. With this card, you’ll earn 1.5% back on every purchase as you increase your credit line.
- The Indigo Mastercard (No Credit Check Needed) – We also suggest this as it won’t affect your credit rating and you can get approved for it right away.
Best Business Credit Cards for Easy Approval
When it comes to choosing an easy-to-use business credit card, the extra earning power is a huge plus. Capital One offers easy-to-use business credit cards with extra earning power, requiring excellent credit to be approved. The annual fee may not be a barrier to choosing a card, as the extra earning power may more than make up for it. For example, if you spend $50,000 annually on your business, your net earnings on a Spark Cash Card would be $905, with 2% cash-back after the annual fee. The same amount would be $750 on a Spark Cash Select Card, with no annual fee.
Student Credit Cards
With little to no credit history, student credit cards are easy to secure. For example, the Chase Freedom Student Card offers 1% unlimited cash back on all purchases, a Welcome bonus upon meeting a minimum spend and a $0 annual fee.
Secured Credit Cards
A secured credit card offers easy approval with no credit history and lower credit limits. The Capital One Platinum secured credit card has an initial credit limit of $200 and a minimum security deposit ranging from $49 to $99. With Mastercard benefits, no annual fee, and no additional deposits, these cards help build a good credit history. These secured credit cards are reported to all three leading credit bureaus and offer no annual fee.
Store-Branded Credit Cards
The purpose of store-branded credit cards is to reward customers for their loyalty, promote further purchases, and bring in interest revenue for card issuers. Clients with fair or better credit ratings can apply for these cards, which also have high acceptance rates, frequently have no annual fees, and can assist consumers’ credit by reporting to credit bureaus. Additionally, they provide retailer rewards/discounts and quick acceptance.
The Credit Builder Account – A Credit Card Alternate
Self-Lender offers a secure loan without requiring a hard credit pull or credit history. The process involves applying for the loan without a hard credit pull, placing it in a Certificate of Deposit for collateral, and making regular monthly payments. The principal is returned to the borrower, and interest is not required, but there is no security deposit or hard inquiry into the credit report. Self-Lender is a reliable and easy way to access credit without compromising your credit history.
Next Step Rewards-earning Credit Cards
Improve your credit score, manage your entry-level credit wisely, and get ready for below-premium rewards-earning cards, which call for a decent to exceptional credit rating.
- Chase Sapphire Preferred Card – Chase Sapphire Preferred is a top choice for first-time travel rewards, offering 2x the value of Ultimate Rewards Points on travel and dining. With the Chase Ultimate Loyalty travel portal, bookings receive 25% more value.
- American Express Gold Card – If you’re a frequent shopper at restaurants and supermarkets, you’ll be using the Gold Card every day. It also works well as a rewards card for travel, with big rewards for airline tickets and American Express Travel.
Managing Your Credit Card Account Well
One needs strong credit to get a house, car, mobile device, and insurance. Think about an educational credit card, secured credit card, or Self as a starting point, as well as a credit card with a store’s logo, secured credit card, or Self. Keep the card active with minor purchases, keep tabs on expenditures, avoid lending it to other people, make extra payments when necessary, meet payment deadlines, review your online account periodically, and call the credit card company if necessary. These actions will help you manage the card smoothly.