Finding a credit card with a guaranteed approval can be a significant relief, especially for those with poor or no credit history. However, it’s essential to understand that “guaranteed approval” does not mean that everyone will be approved, but rather that the approval criteria may be more lenient than other types of credit cards.
If you’re looking for a credit card with a $2,000 limit and guaranteed approval, it’s likely you’ll be looking at options like secured credit cards or credit cards designed for people with bad credit. Here’s what you need to know:
Secured Credit Cards
Secured credit cards can be a good option if you’re trying to build or rebuild your credit. To get a secured credit card, you must provide a security deposit, which often becomes your credit limit. If you want a $2,000 limit, you’ll typically need to provide a $2,000 deposit.
Secured credit cards often have more lenient approval criteria because the deposit reduces the issuer’s risk. However, be aware that these cards often come with higher interest rates and fees. Some popular secured cards include the Discover it® Secured and the Capital One Secured Mastercard.
Credit Cards for Bad Credit
Certain credit card companies specialize in offering cards to people with poor credit. These cards typically come with lower credit limits, higher interest rates, and more fees, but they are more likely to approve applicants with less-than-stellar credit.
Credit limit increases are usually possible after several months of on-time payments, which could eventually reach a $2,000 limit. Some of these cards might include the Indigo® Mastercard® for Less than Perfect Credit or the Credit One Bank® Visa® for Rebuilding Credit.
Pre-qualified Offers
One way to increase your chances of approval is to apply for cards where you’ve been pre-qualified. Pre-qualification involves a soft credit check, which does not affect your credit score. It gives you an idea of your chances of approval before you officially apply. Many major card issuers, including Discover, Capital One, and American Express, offer online pre-qualification.
Final Words
While it’s possible to find a credit card with a $2,000 limit and more lenient approval criteria, “guaranteed approval” can be misleading. All credit card issuers have some requirements that applicants must meet. It’s also crucial to remember that the pursuit of building credit should come with responsible credit card use. Make sure you can afford to pay off your balance each month to avoid paying high interest rates and potentially getting into debt.
