Searching for guaranteed approval credit cards with $1,000 limits for bad credit? Then you probably got into some drastic financial situation. You might be searching for this because you have a rough banking history and a bad credit and to get fix grips on such providers can be a really al most impossible task. Yes I just said impossible.
It is important to note firstly that, no credit card issuer offer instant approval - even sub-prime options that don’t perform a credit check with the ChexSystems will still reauire you to come up with some information to prove your income, age, and employment status.
Secondly, to get a credit card with $1000 limits for bad credit can be a huge challenge because no bank will like to risk its assets if its competitors did not trust you especially when you are going in for an unsecured credit card with somehow $5000 limit with bad credit, then you gonna face multiple challenges.
However, the best way to go around all of these is to look for a secure credit card issuer because not only do they offer the best chance of acceptance, they’ll often extend credit lines up to and above $1000 (although bear in mind the amount of credit you receive is usually equal to the amount of security deposit you put place into the party).
Though we do not fully assume this situation of guaranteed approval credit cards with $1000 limits for bad credit, we have compiled below the best options you can have with secured credit cards that will reach your expectations.
What is a Bad Credit Score?
On the FICO® Score☉ 8 scale of 300 to 850, one of the credit scores lenders most frequently use, a bad credit score is one below 670. More specifically, a score between 580 and 669 is considered fair, and one between 300 and 579 is poor.
A bad credit score is a negative assessment of your finances by a credit reference agency based on your history of borrowing (or lack of it). If your credit score drops too low, your financial options will shrink. The good news is that a credit rating isn’t fixed, it changes in response to how you manage your finances how often you improve your financial status by settling all negative debts and many more. That means by showing you can be relied on to pay back what you’ve borrowed, credit reference agencies will turn your bad credit score into a good one.
How Can Bad Credit Score Affect Me? Some Side Effects
A poor credit history can have wider-ranging consequences than you might think. Not only will a spotty credit report lead to higher interest rates and fewer loan options; it can also make it harder to find housing and acquire certain services. In some cases it can count against you in a job hunt.
Below are some side effects of having a bad credit score:
- Mainstream lenders might lack trust in you - Since banks like Citi, Bank of America and Discover have rigorous standards for determining who qualifies for lending, you might not qualify for traditional loans or credit cards when you have a bad credit score.
- You pay more for loans - If you have a bad credit score, you will repay loans more than expected. Not only will a good credit score help you bank with more reputable institutions, but it also gives you the best interest rates on loans.
- Your insurance premium might go high - A dip in your credit score will not automatically increase your premium, nor will your policy be canceled if you drop below 600. But a bad credit score could prevent you from getting the lowest possible rate.
- You may miss many career opportunities - Good credit habits set you up for better career opportunities. In most states, employers are allowed to pull consumer credit reports to make hiring decisions, and even when deciding who to promote and reassign. This can help is the job demands lots of financial responsibilities
- You won't find it easy to rent an apartment - Some landlords and property management companies can be very strict but it will be easier for those who have a credit score of 700 or above. When you have poor credit, you may have to scramble to find a cosigner or pay a security deposit before you sign a new lease. It’s not impossible to rent an apartment with bad credit, but it can be really frustration though.
- Hard times with utilities including internet - Utility companies are allowed to charge deposits when you have a poor credit score, Ulzheimer explains. "And I don’t know any utility companies who are going to give you an account without a background check."
- You won’t enjoy the best rewards credit cards - The best rewards credit cards require the highest credit scores. When your score is good or excellent, you can access the best introductory offers and cash-back incentives available among credit products today.
- You delay building wealth and even retiring - Bad credit can also have a long-term impact on your financial life. If you have high-interest credit card debt, you’re not able to put any money away for the future at least not enough to balance out your APR fees.
Guaranteed approval credit cards with $1,000 limits for bad credit no deposit:
Just think when it comes to getting a guaranteed approval credit card with $1000 limits for those having a bad credit score can be really difficult to get, then what of those that do not require a deposit amount? It will b an impossible task.
If you own a bad credit already, then you are not eligible for many features and no issuer can trust an individual with bad credit and the only way they can give you a chance will be when you deposit a minimum deposit amount in your account.
However, we have outline below the best issuers that can get you started on the path if you have a bad credit and wish to have an approval credit card.
The 8 Best Guaranteed Approval Credit Cards with $1000 Limits for Bad Credit
Below are some of the best guaranteed approval credit cards with $1000 limits for all of those that have a bad credit score or history:
|No||Guaranteed Approval Credit Card||Limits for Bad Credit|
|1||Total Visa Card||$1000|
|2||OpenSky Secured Visa Credit Card||$1000|
|3||First Progress Platinum Prestige Secured Mastercard||$200 - $2000|
|4||Wells Fargo Secured Credit Card||$1000|
|5||Discover it Secured||$1000|
|6||Aeromexico Secured Credit Card||$1000|
|7||Harley-Davidson Secured Credit Card||$1000|
|8||First National Bank of Omaha Secured Visa Card||$300 - $5000|
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1. Total Visa Card
If you are looking for guaranteed approval credit cards with $1,000 limits for bad credit, then Total Visa credit card should be the best option that should quickly pop in your mind. Thanks to its almost guaranteed acceptance, even if you have no credit history at all, you’ll still stand a very good chance of your application being accepted. Total visa determine your credit limit by the amount of secure deposit you put down (if you want $1000, you’ll need to make sure your deposit corresponds to $1000).
There some things to consider before you sign up. Firstly, Total Visa APR on markets isn't as favorable as others are (ranging at 29.99%) and you’ll need to commit to an upfront initial fee of $89, an annual fee of $79, and a monthly fee of $6.25 from the second year. This can be confusing for many and if you got no other option, the card will at least allow you the opportunity to build your credit rating before moving on to more favorable alternatives with more features and advantages.
2. OpenSky Secured Visa Credit Card
Another great option for guaranteed approval credit cards with $1,000 limits for bad credit is OpenSky Secured Visa Credit Card. Its great advantage unlike most cards, it doesn’t run a credit check through ChexSystems before accepting you. All you will need to provide is your age, income, and employment status.
As the law states, any individual willing to hold a financial asset (be it bank account or credit card) should be at least 18 years of age. As long as you’re over 18 and have enough regular income to cover the $200 minimum secure deposit amount and $35 annual fee, you’re almost guaranteed acceptance. As the card reports to all three major credit bureaus, it’s a good option for those looking to build or repair their credit score and leave from a bad credit to a good one. You should keep in mind that as a secured card, you’ll need to put down a $1000 security deposit if you want to enjoy the equivalent in spending power.
3. First Progress Platinum Prestige Secured Mastercard
First Progress Platinum Prestige Secured Mastercard is another great choice we can't hesitate to mention here. They offer 3 card types (Platinum Prestige Mastercard Secured Credit Card, Platinum Mastercard Secured Credit Card and Platinum Elite Mastercard Secured Credit Card) All of these cards have useful features that are well worth a glance.
They precise that qualifying for a card with them makes you eligible for the other 2. So you can start with a genuine card such as the Platinum Prestige Secured Mastercard which has full-feature account with a revolving credit line based on your refundable security deposit.
A major side of its advantages is its acceptance rate: it doesn’t require a minimum credit score and will consider your application even if you have no credit history. Your credit line is secured by a fully-refundable deposit of $200 to $2,000. As soon as you’ve paid the deposit, you’ll get access to such perks as 24/7 online account access, the option to pay off your balance and get your deposit returned at any time, worldwide acceptance, and an excellent variable APR of just 10.74%.
CHECK ALSO: How to Get US Credit Cards for Non-Residents
The Platinum Elite Mastercard Secured Credit Card is another great option if you want more advanced features. As said earlier, if you qualify for one, you are eligible for the other two credit cards.
Again, the First Progress Platinum Elite Mastercard Secured Credit Card comes with some great benefits, including the option to claim a credit line equal to your security deposit, the chance to re-establish your credit rating, an APR of 20.74%, and no requirement for a minimum credit score (or indeed, any credit history at all).
All can be gotten at the First Progress site which you can checkout from the link below.
4. Wells Fargo Secured Credit Card
Wells Fargo is another guaranteed approval credit card with $1,000 limits for bad credit that issues secured credit cards to its customers that have bad credit score.
Some of the main advantages of this provider are:
- A credit line equal to the amount of your security deposit
- The option to upgrade to an unsecured credit card if you show responsible credit card use
- Auto rental collision damage waiver; emergency card replacement
- Roadside dispatch; travel and emergency assistance services
- Cell phone protection, and various other consumer protection plans.
5. Discover it Secured
Discover it Secured makes another great option for those with bad credit, which offers some serious perks for cardholders: though offering a credit limit in line with your security deposit (but will be returned back to your account after a period of 8 months, providing you show reasonable use of the card).
Additionally you will get up to 2% cashback on all purchases made at restaurants and gas stations, and a 1% cashback on all other purchases. With few cards for bad credit offering rewards of any kind, it’s a pretty attractive proposition which gives some juice to those with bad credit history unlike other credit card issuers.
6. Aeromexico Secured Credit Card
Aeromexico Secured credit card is another great choice for those looking for guaranteed approval credit cards with $1000 limits for bad credit. Just as with the issuers listed above, you’ll need to put down a security deposit of $1000 if you want the equivalent in credit, but once you do, you’ll get access to some very nifty benefits.
Not only does this issuer offers zero fraud liability protection and emergency cash and card replacement, they also have a great line up of travel rewards, including a membership scheme that gives you one mile per $1 dollar spent on all eligible purchases, 3500 first use bonus miles, complimentary baggage, double miles on purchases at gas stations and grocery stores, a complimentary companion certitude, and a $99 companion certificate with credit card renewal.
7. Harley-Davidson Secured Credit Card
Harley-Davidson Secured Credit Card is another great option for you if you have been in search for guaranteed approval credit cards with $1000 limits for bad credit score. They will make things look the other way round for your by issuing you a secured credit card and they won't ever check for your credit history and even if you have a less then stellar credit score, you’re still in with a shot of getting a Harley-Davidson Secured Credit Card.
Perks include access to automatic Bill Pay, online banking, no annual fee, card protection plans, travel benefits, and the chance to re-establish your credit rating. As with all other secured cards mentioned, the security deposit will determine your line of credit.
8. First National Bank of Omaha Secured Visa Card
First National bank of Omaha is a well known bank for its quality services. However, it also prioritizes all those with bad credit by issuing them instant guaranteed approval credit cards with $1000 (though ranges well between $300 and $5000). With no annual fee, you equally have the option to request your own credit limit of anything between $300 and $5000 by providing the equivalent in deposit (that will be returned to you within a period of 11 months if you keep up with your monthly payments).
You can qualify for a credit limit increase without an additional deposit in as little as 7 months when you use your card and make regular, on-time bill payments, subject to credit approval.
The opportunity to apply for a credit increase without any additional deposit after 7 months - with a reasonable APR of 20.24%, the First National Bank of Omaha Secured Visa Card is well worth a try and you should consider checking this out.
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Final Thoughts on Best Guaranteed Approval Credit Cards with $1000 Limits for bad Credit
No issuer offers instant approval - so it will be a difficult task to pin point the best credit card issuers if you have a bad credit and plus, it isn't easy to get financial institutions and credit card issuers that do not use the ChexSystems. Plus you can't easily get unsecured credit cards so we have listed the best secure credit cards in this case.
However, we have outlined the best guaranteed approval credit cards with $1000 limits for bad credit so that all those that have bad credit can equally get wheel back into their finances.
We even find issuers such as Discover that issues guaranteed approval credit cards with $1000 for bad credit which returns you cashbacks as you spend. I can say, this is the most tempting offer.
But before going in for a credit card issuer, read their Terms and Conditions and checkout what's required to get the credit card. Also, checkout fees such as monthly fees, transactional fees and also consider checking the minimum amount to be deposited in the credit card.
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