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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4479
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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What is the easiest to be approved secured credit card out

Customer Question

What is the easiest to be approved secured credit card out there and that would increase your credit fast?
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

Yes, as you rightly said, using a secured credit card properly and making payments on it is the easiest and widely recognized methods to improve your credit. Having said this, you may note that this is one of the most common but important tool to start rebuilding your credit.

Applying for a secured credit card is easy. All you need is to create some cash deposit with the issuer and apply for a card. You will get it in no time. Using secured credit cards is much better and advisable than using prepaid cards. The following is a very informational and useful resource.

http://www.bankrate.com/finance/credit-cards/10-questions-before-getting-a-secured-credit-card-1.aspx

You may compare the cards here.

http://www.creditcards.com/secured-credit-cards.php

I am sure this would help. I wish you good luck.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Customer: replied 1 year ago.

Thanks, ***** ***** what is the one secured credit card that seems to be the easiest to be approved and that for every single payment I make it reports to bureaus?

Expert:  Rakhi Vasavada replied 1 year ago.

Dear Friend,

Hello again. All are same. Not major difference all ALL of them will process your application in similar way. Since it is secured, it does not really make any difference.

They report to ALL bureaus of your balance, outstanding amount, etc. They report to all three bureaus.

I am sure this would help. I wish you good luck.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Customer: replied 1 year ago.

you are saying all secured credit cards are the same as far as being approved?
Online I read an article mentioning about some secured credit cards that are guaranteed to be approved.
I am very hesitant on this because I have just been declined for a walmart credit card

Expert:  Rakhi Vasavada replied 1 year ago.

Dear Friend,

Hello and welcome. Yes, I mean this. You are right to understand that all credit cards -- secured credit cards have nearly similar process to approve.

Since they are backed by security, they are nearly guaranteed to be approved unless there is specifically something wrong, exceptionally. Otherwise, there should not be any problem.

I am sure this would help. I wish you good luck.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Customer: replied 1 year ago.

I am still not getting an answer to my orignal question which was what secred credit is the easiest one to be approved?

Expert:  Rakhi Vasavada replied 1 year ago.

Hello again,

I think I did not convey myself properly. I said, all cards are similar in nature so far as their ease / difficulty in getting approved is concerned. The reason is the approval process in very much similar.

Since they are secured against cash deposit, only in exceptional cases, such as pending lawsuits, excessively damaged credit, etc, they are refused otherwise they are nearly guaranteed.

Issuer policies vary, but many issuers won't approve an application if the would-be borrower filed bankruptcy recently, has open collection accounts or current delinquencies. The applicant's history with the issuing bank also could prompt a rejection. If you've defaulted on a previous loan or credit card with the bank, it may not give you another chance.

Please refer the following link for some of the easier-to-get cards.

http://www.wisebread.com/the-5-best-secured-credit-cards

I am sure this would help. I wish you good luck.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,