If you are looking for a guaranteed approval credit card, you might have a problem as there aren’t any, however read on to find out what you can use instead.
The problem with a guaranteed credit card is that all important word – “credit”. If you have a bad credit history with CCJ’s or an IVA and bankruptcy, then lenders won’t want to loan money to you. They will not give you any credit facilities, but you probably know that already.
Hence why we answered the question about availability of guaranteed credit cards with the stern reply that there just aren’t any credit card companies that will guarantee you credit facilities whatever your financial status.
So let’s move on then and see what is available if you do have severe credit impairment.
The Vanquis Credit Card
The Vanquis credit card is for people who have been turned down elsewhere. They take each application into account and don’t actually state what is and what isn’t acceptable to them in terms of your credit history.
So if you have been made bankrupt or have taken out an IVA, then Vanquis would be the people to talk to, but don’t forget that they do not guarantee acceptance.
They will give you a small credit limit which can then be increased if you manage your account well and prove yourself worthy of further credit.
Vanquis state that that have designed this credit card to help their customers improve their credit rating. We agree with them. You do have a chance to rebuild your credit score, but only by being very sensible with your spending and monthly repayments.
Secure Trust Guaranteed Current Account
Whilst not being a guaranteed credit card, the Secure Trust Bank do offer a guaranteed Current account as long as you meet their UK residency requirements and are 18 years old or more.
As part of the service Secure Trust also supply a Mastercard prepaid card which can be used like a credit card, but has to be pre loaded with money first – there are no credit facilities with it.
So whilst we have given the bad news that there are no guaranteed approval credit cards available, we have also pointed at two other options that can help those with credit impairments rebuild their credit histories and progress along the road to improving their personal finances.