Guaranteed Credit Cards

Written by Jared Vincenti
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In contrast to most credit card applications that have thorough examination and approval processes, there are some companies that offer guaranteed credit cards. They promise to give you a credit card, no matter your credit score, so long as you meet a few basic requirements. These requirements are usually rather simple; for instance, they may require you to have been at your job for the last six months.

Be Cautious with Guaranteed Cards

Although the United States has been very good about enforcing anti-usury laws, there are still some bad practices in the credit industry. Some companies will guarantee unsecured credit cards to people with bad credit and outstanding debt, knowing that they'll run up quite a bill. This practice can present some serious problems to the debtor, who then is destined for bankruptcy.

Often, these "guaranteed" credit cards have a lot of fine print, and the applicant is unknowingly signing off on a lot of conditions. Most of these conditions are meant to ensure that the creditor can get the money lent, no matter the discomfort of the debtor. The assumption behind many of these companies is that someone who is already in debt won't hire a lawyer, and can be wrung dry.

Anyone with bad credit looking for a credit card should avoid any suspicious offer. If it sounds too good to be true, it probably is. Usurers prey on people with bad credit, and you should be extremely wary of "guaranteed" credit offers. Instead, look for a secured credit card. Anyone can get one with a deposit, and it will rebuild your credit in the process.


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