There was a time not too long ago where you needed a good credit score to even think about applying for credit cards. This is not really the case anymore. Even though a good score does help, it is possible to not only get a card but even get instant approval and move on with life.
In fact, it is possible to get easy approval with a low credit score. Instant approval credit cards, will be issued within 24 hours of approval, in most cases. Since low credit score is not an issue with these types of cards, the application formalities are shorter. The side story to this is that, because credit history is not taken into account, the applicant may need to deposit money into the credit account in order to get an easy approval. These types of cards are also known as prepaid credit cards.
What is a Low or Fair Credit Score? Does That Affect My Credit Approval?
A credit score is the sum total of all of the credit transactions shown by a numerical expression. This number in effect shows the history of financial responsibility of an individual. In the US, there are three institutions licensed to keep track of a person’s credit score. The average is taken of these three to reach a number. A scale from 300 to 850 is used to find if you have a good score or not. Generally, anything above 680 is seen as a good score. And anything below 620 is considered to be a low credit score but you can still get quick approval for a credit card even with a fair credit score.
How to Improve Fair Credit
Even though we live in a time of easy approval cards, it does not mean that people can be financially irresponsible. In fact, the opposite is true. Getting a credit card should be seen as an opportunity to improve your bad credit if you have one. And getting a prepaid credit card is the first step in this direction. Once you receive a card, use it responsibly and only spend amounts you can be sure that you will be able to pay back. The important thing here is to pay back the money on time, as delays can affect your credit score. Once you have done transactions in this manner for a while, your low credit score will rise, and the card company will have increased faith in you. This is when you can expect an easy approval to get a regular credit card.
The Surge Mastercard
The Surge Mastercard is one of the most popular low credit score, or no credit score, for that matter, for easy approval. The application process is quite straightforward and you get the card almost immediately. However, there is a limit on the credit amount and it is usually $500. This is for first-time applicants. As with any credit card with low credit limits, it can be raised after the cardholder uses it responsibly.
The Visa Rushcard is technically a prepaid credit card. Therefore, if you have a low credit score, bad credit, fair credit or no credit score, it won’t matter. In fact, there will be no credit check as part of the application process. Just apply for deposit money and get going. However, there needs to be a minimum balance in the account and you will be notified by email when you reach this. People who are in the market for an instant approval credit card, are in it because they need a credit card as soon as possible. They are not willing to wait a few months or even a few weeks to get one. Credit card companies offering this type of service know this. That is why they are there to help you, regardless of your score. The thing to understand here is that most instant credit cards do come with strings attached. Always have a clear understanding if it before signing on the dotted line.