How Can I Guarantee I Will Qualify For a Credit Card?
- 1). Gather a few hundred dollars to put up as collateral. Generally credit card companies ask you to place at least $300 in a bank savings account, which will be frozen while the card is active. The amount on deposit usually becomes your credit limit. With a good payment history your credit limit can be raised after 12-18 months, or your account can be upgraded to unsecured and your deposit returned. You can also raise your credit limit at any time by adding more cash to your collateral savings account.
- 2). Find a secured card to apply for. Ask about secured cards at your credit union or bank. Also visit the websites for other banks and credit unions, and compare secured cards by visiting personal finance websites.
- 3). Apply for your secured card by sending in the application. Apply online or by mail. The application process varies. Some secured-card companies will accept your initial application and later notify you that you have been approved. At that time you'll also receive instructions by email or standard mail regarding where to send your cash deposit. Other companies will accept the deposit with your application, virtually guaranteeing approval. Either way, your deposit should be in the form of a cashier's check or money order.
- 4). Wait for the credit card to arrive in the mail if you sent in your deposit with the application, or make your savings deposit to complete an application that has been pre-approved. The cards generally arrive about three weeks after you complete the application process.