What Is the Easiest Secured Credit Card to Get with Fair Credit

If you have fair credit, getting a secured credit card can be a great way to start rebuilding your credit. The Discover it Secured credit card has a relatively low credit score requirement, with some applicants approved with scores as low as 600.

You'll also need to make a security deposit, which becomes your credit limit. The minimum deposit is $200, but you can deposit up to $2,500. This card offers a cashback rewards program, which can be a nice bonus.

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Credit card issuers consider several factors when deciding whether to approve you for a credit card. Your credit score is a major factor, with a good score indicating a higher likelihood of approval.

To get approved, you'll need to demonstrate a stable income and employment history. Your monthly rent or mortgage payment is also taken into account, as it shows your ability to manage debt.

A hard inquiry of your credit report can be made, which may temporarily lower your credit score. This is a normal part of the approval process and shouldn't cause long-term damage to your credit.

Here are the key factors considered by credit card issuers:

Your credit score is a key factor in determining whether you'll be approved for a credit card. It's used by credit card issuers to gauge your creditworthiness.

Credit card issuers consider your income as well, to ensure you have enough money to make payments. They also look at your employment history to get an idea of your financial stability.

Your monthly rent or mortgage payment is another important factor, as it shows how much you're spending on housing. This helps credit card companies understand your overall financial situation.

Credit card companies can perform a hard inquiry on your credit report to learn more about your credit history. This can temporarily lower your credit score.

Here are the main factors considered by credit card issuers:

These factors give credit card companies a good idea of your ability to pay back what you spend with a credit card.

Before you start applying for credit cards, make sure you understand the importance of credit reporting. The credit card company must report your activity to at least one of the major credit bureaus, otherwise, using the card won't help you build credit.

This is a crucial step, as it allows you to establish a credit history and potentially improve your credit score. If you're applying for a starter or secured card, look for companies that report to at least one of the three major credit bureaus: Equifax, Experian, or TransUnion.

Here are some examples of credit cards that report to the major credit bureaus:

If you have no credit or a thin credit file, you're not invisible to credit card companies. In fact, there are specialized types of credit cards that can be easier to get than others.

You could be approved for a starter card or secured credit card, which are designed for people with limited or no credit history. Examples of cards you might qualify for include the OpenSky Secured Visa, First Progress Platinum Elite Secured Mastercard, and Deserve EDU Mastercard for Students.

If you have fair credit, rather than no credit or bad credit, you might have a different range of credit card options to choose from. Some of the easiest credit cards to get with fair credit include the Capital One Platinum Mastercard, Discover it Secured Card, and Credit One Platinum Rewards Visa.

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Applying for a secured credit card is a straightforward process. You'll need to fill out an application, which may ask for your personal information, proof of income, and social security number.

The application process is relatively easy, and some issuers don't even consider your credit score before approving your application. If you're a member of a specific bank, you may be able to get approved more easily because the issuer already knows your banking habits.

You'll need to provide a security deposit, which will be used to set your credit limit. This deposit can range from $200 to $2,500, and will be refundable if you manage your card responsibly or close the card.

The credit limit on your secured credit card will be equal to the amount of your security deposit. For example, if you put down $500, you'll likely get a $500 credit limit.

Here's a breakdown of the application process:

You'll be happy to know that the approval process for a credit card can be relatively quick. Most companies take a week or two to approve a credit card application.

During this time, the credit card company will thoroughly check your borrowing history to determine if you are creditworthy.

It's possible to get approved instantly, but this is not the norm.

If you have fair credit, you might have a different range of credit card options to choose from. Fair credit on the FICO credit scoring scale generally means a score between 580 and 669.

One option is the Capital One Platinum Mastercard, which is geared toward people with fair credit who are interested in improving their credit. This card has a $0 annual fee and includes access to CreditWise credit monitoring.

Another option is the Discover it Secured Card, which can help with building or rebuilding credit. A security deposit is required, but it's refundable, and this card also has a cash-back rewards program.

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The Credit One Platinum Rewards Visa is a third option, designed for people with fair credit who are interested in earning rewards on purchases. Keep in mind this card does have an annual fee and a higher APR, which could make carrying a balance expensive.

Here are some of the easiest credit cards to get with fair credit:

If your credit history is below 580, you should consider applying for a credit card that doesn't require a credit score. You can request a soft inquiry which won’t impact your score and will allow you to check your score.

To choose the right secured credit card, consider your current financial situation. Think about how much money you have for a safety deposit. The minimum deposit amount varies by credit card, so choose one that makes the most financial sense for you.

Your financial goals are also important. Are you looking to buy a house, get married, or grow your side hustle? Improving your overall financial health by establishing long-term goals requires short-term actions, like opening a secured credit card.

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Here are some key factors to consider when selecting a secured credit card:

Remember, putting down a higher safety deposit than you can afford can be a mistake. Ideally, you want a high credit limit, but if you only have $1,000, you shouldn’t put all $1,000 down.

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When you're applying for a secured credit card, security and liability are top concerns. You're protected against unauthorized charges on your account.

At Citi, you won't be responsible for a charge that you didn't authorize, online or otherwise. This means you can shop with confidence, knowing you're not on the hook for any unauthorized transactions.

This zero-liability policy is a huge plus, and it's reassuring to know that your money is safe.