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One factor that matters most in determining what type of credit card you can get approved for is your credit score. For example, to get approval for the popular Chase Sapphire PreferredÂ® card, you will need a good to excellent credit score, ranging from 670 to 850.
But what if you have a credit score in the “very bad” range of 300 to 579 on the FICO scale? Or if you don’t have a credit history, for example if you just moved to the United States?
You still have options, but they aren’t as many as you would have with a higher score.
If your credit score falls into this category, or if you don’t have a credit history, it might be worth looking into some credit cards whose issuers don’t perform credit checks. Instead, they will only allow you to borrow up to a limit equivalent to the money you deposited with the issuer, or will be linked to your bank account to withdraw funds directly.
To help you choose, we’ve rounded up some of the best cards on the market that don’t need a credit check when you apply.
What does a credit check reveal?
When an issuer or lender checks your credit report, it reveals a few things about you, including your name; current and previous address; your employer, if you have provided it to creditors or lenders; revolving accounts such as credit cards and lines of credit; installment loans such as student loans or a mortgage payment; open and closed accounts; account payment history; recent credit and loan applications; all unpaid debts; and any bankruptcy, repossession or seizure.
To build or improve your credit score, it’s important not only to pay your bills on time and regularly, but to look at all of the factors that come into play, such as how much of your available credit you are using.
Your credit score is different from your credit report, but it is affected by factors that appear on your credit report, such as your payment history. Overall, your score depends on a mix of things, for example, how much available credit you use and how long you’ve had credit for.
What if you have bad credit or no credit?
Building credit and having a strong credit rating is a key financial strategy as it will unlock many financial milestones such as having a credit card, applying for a car loan, or getting a mortgage.
If you don’t have good credit, or no credit at all, you’ll probably have a harder time applying for mid-level and premium credit cards, which will give you rewards like cash back or points you will be able to exchange for travel.
To improve or build your credit score, you must first pay all loan bills on time and if possible in full each month, as payment history represents 35% of your FICO credit score. Late payments show up on your credit report after 30 days and stay there for seven years.
We also recommend that you do not use all the credit you have available. The amount you use is known as the credit utilization ratio, or the ratio of your outstanding balances to the available limit.
Plus, since the length of your credit history affects your overall credit score, it’s a good idea to keep old accounts open and active. If you’re a good customer, you can always call your card issuer and ask for better terms, such as lower interest rates or higher credit card limits. If you have a card with an annual fee that you want to cancel because it no longer serves your financial goals or no longer provides enough value to offset the fees, consider upgrading to a no-fee card instead to preserve your account and l history that goes with that.
Best credit cards without a credit check
If your credit score is below average – or if you don’t have one at all – and you’re looking to get approved for a credit card without a credit check, these cards will be your best bet.
OpenSkyÂ® Secured VisaÂ® Credit Card
With the OpenSky Secured Visa credit card, you can set your credit limit, ranging from $ 200 to $ 3,000. The issuer will report your payments to the three major credit bureaus â EquifaxÂ®, ExperianÂ®, and TransUnionÂ® â which will help you build your credit, and you will need to make a $ 200 security deposit.
If you want to get the deposit back after establishing better credit and a higher credit score, you will need to close your account. The card charges a variable APR rate of 17.39% and an annual fee of $ 35.
GO2bank secure credit card
The GO2bank credit card has no annual fee and you can set your credit limit by making an initial, refundable security deposit of at least $ 100, which will also be set as your credit limit.
You can also get a free monthly credit score from VantageScoreÂ® powered by EquifaxÂ® so you can regularly check your progress towards improving your credit score. GO2bank will also report your creditworthiness to the three major bureaus on a monthly basis. The card charges an APR rate of 22.99% on unpaid balances in full.
Applied BankÂ® Secured VisaÂ® Gold PreferredÂ® credit card
Once approved for the Applied Bank Secured Visa Gold Preferred card, you can deposit any amount of money between $ 200 and $ 1,000 to serve as a line of credit. Plus, you’ll have access to the Applied AdvantageÂ® program, where you can get discounts from retailers such as Macy’s, JCPenney, and Kohl’s.
The card has an annual fee of $ 48 and a relatively low fixed APR rate of just 9.99%. He also does a monthly report to the three credit bureaus.
Unlike most of the other cards on this list, the Tomo card is unique in that it does not require a security deposit, has no annual fee, or has no APR rate. He also earns 1% cash back on all purchases. You can redeem your points through the account dashboard 28 days after full payment of the previous month’s statement.
Tomo will examine your bank account to determine your credit limit, which will range from $ 100 to $ 10,000. It reports to the three major credit bureaus, and your account is set to automatically pay weekly so you can’t carry a balance, which you’ll then have to pay interest on.