While no credit card provides 100% guaranteed approval, secured cards come pretty close. Secured credit cards are able to effectively guarantee approval because they require you to place a refundable security deposit of at least $200 which serves as your credit line, preventing you from overspending and ensuring that the issuer gets paid back if you stop making payments. As long as you place this security deposit and prove that you are a real person (i.e. by providing a valid Social Security Number), then you should have no problem getting a secured card no matter how bad your credit…show more may be.
This is extremely beneficial to people who are looking to rebuild their credit standing because it enables them to open a credit card account as soon as possible and get positive information flowing into their major credit reports – without risk of a rejection that could cause more credit-rating damage. By adding to your deposit over time, you can continue to increase your credit line. Just make sure to always pay your bill on time and in full every month or you’ll defeat your effort to rebuild your credit.