A guaranteed approval credit card Canada can be an invaluable lifeline, granting you access to credit when no other credit cards are available to you. At the same time, this high level of accessibility does come with some significant downsides. Whether it’s a very low limit, a very high interest rate, a required deposit amount, a high annual fee, or some combination thereof, you’ll always have to make some sort of concession in order to be able to count on being approved. Choosing to go with this type of card is therefore not a decision to make hastily. There are three criteria you should make sure that you meet before you go ahead and opt for one of these cards over one intended for the general market.
You’ve Had Many Unsuccessful Card Applications
You should never jump right into applying for credit cards with guaranteed approval policies unless you’ve given standard cards a chance first. You might think you have no chance at getting them in your present situation, but you never know until you try. Many providers are willing to take a chance on a less-than-stellar candidate every once in a while, especially when all you’re asking for is one of their low-risk basic cards. Try to apply for at least three different low-level cards before you call it a lost cause and move on. Too many applications will hurt your credit score, but at the same time, it is almost always vastly preferable to get your hands on a standard card if it’s at all possible – it’s worth a little bit of struggle to accomplish that goal.
You Know Why You’ve Been Rejected And There’s No Easy Fix
Even if you’ve been rejected for a few cards, that doesn’t necessarily mean you’re a lost cause. There are many reasons why a credit card provider might not accept you, and some of them are extremely easy to get around. For example, if you were being denied a card based on having too low an income, you could potentially remove that problem as an obstacle in just a few minutes by adding your spouse or partner’s income on the application too. Issues with your credit score are far more likely to be the problem, though, and those are harder to fix. It takes time to recover a credit score, and you’ll need some type of credit product to use as well. To know for certain if that’s the thing that’s holding you back, check your credit score through a credit monitoring service; if it’s below average or non-existent, that’s probably the reason.
You Have a Solid Plan To Build Your Credit
There‘s no point in going out of your way to get a credit card in your hands if you won’t know what to do with it once you’ve got it. If you’re going to go ahead and get a guaranteed approval credit card Canada, you should have concrete intentions to get your credit score to a place where you will be able to use standard financial products instead. This means using it regularly and responsibly, maintaining perfect credit behaviour over a long period of time. Even one single slip-up could set you back a lot further than you might expect. It’s a strict regimen that some people might find it hard to stick to, but that’s the only way to make it worth your while to go out of your way and get a guaranteed approval credit card Canada.
Take the Next Step and Get Your Guaranteed Approval Credit Card Canada Now
It’s not hard to get a guaranteed approval credit card Canada by any means, but you still may not know where to find one if you’ve never had to seek them out before. Your inexperience won’t be a problem for you if you let us step in and help you, though. We know what’s out there for people who need a credit card that will never turn them down, and we can give you more information on the downsides of each of your options so you can choose one that is as small of a compromise as possible. Armed with that card, you’ll be ready to start working on breaking into the general credit market again.