If you are applying for a secured credit card, will they still do a credit check? Are you instantly approved for a secured credit card if you make a deposit.
2007-01-04 05:50:45 · 4 answers · asked by Dan L 1 in Business & Finance ➔ Credit
Secured credit card issuers don't do a credit check. You get the card once you make the deposit.
Make sure the company reports you credit behavior to all three bureaus periodically and look for one that will convert you to a unsecured card if you behave yourself financially.
2007-01-04 06:00:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Impossible to say, but usually secured credit cards are not really credit cards at all, they're just treated like one.
As your credit limit is the same as your deposit (i.e. deposit $500, credit limit is $500) there really is no risk to the bank. However, credit history folks know that this doesn't establish your credit much. Unless your credit is THAT lousy, try to find a regular $500 credit card instead.
2007-01-04 06:00:41 · answer #2 · answered by Kasey C 7 · 0⤊ 0⤋
Try Orchard Bank(orchardbank.com) and Household Bank(householdbank.com). They both offer unsecured credit cards for bad credit. I used then when my credit was real bad. They really helped me improve my credit, without a deposit. If you want a secured card, i would go through a name company, like Capital One.
2007-01-04 06:38:04 · answer #3 · answered by Michael1995 2 · 0⤊ 0⤋
I talked to a banker about getting a secured credit card and he told me I would have to be turned down by bank for regular bank before I could negotiate for a secured credit card. They gave me, to my surprise a very nice card. I am sure if you have ten thousand to open an account you would get a card. If not than you will need to negotiate.
2007-01-04 08:49:18 · answer #4 · answered by rallman@sbcglobal.net 5 · 0⤊ 0⤋