Guaranteed Approval Credit Cards With $1000 Limits for Bad Credit

A low credit score doesn’t mean you can’t get a credit card.

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When you think about it, a credit card is really a kind of loan: one that allows you to pay for today's expenses using next month's money. This can be really useful in a tight spot, but can you get one? Do guaranteed-approval credit cards with $1000 limits for bad credit exist?

What Are Guaranteed-Approval Credit Cards With $1000 Limits for Bad Credit?

Banks are always on the lookout for new customers. They understand (some of them more than others) that somebody who has poor credit today may well become a good customer later - if they can be brought on board with a competitive offer.

Guaranteed-approval credit cards for bad credit fill this gap. Unlike with most cards, you don't need a high credit score to qualify for them. Unfortunately, they do come with a couple of drawbacks. You will, for example, have to pay a lot of interest on overdue charges; this all depends on your credit score.

Do Guaranteed-Approval Credit Cards Really Exist?

The short answer to this is “kind of”. When we talk about guaranteed-approval credit cards, we really mean “almost everyone who meets the minimum requirements gets accepted”. No bank will approve absolutely every application, even those filled out in crayon - they'll simply lose too much money.

This brings us to secured credit cards. Most cards are unsecured, meaning that your word is the bank's only guarantee that you'll pay them back. With secured cards, you have to keep some money in your account, much like the security deposit on an apartment. Since the bank's risk is lower, they are much more likely to approve your application and offer you a lower APR rate.

Unsecured $1000 Credit Limit Credit Cards For Bad Credit We Recommend

Everything that's advertised as “guaranteed approval credit cards for bad credit: no deposit!” isn't necessarily a good deal. Often, there are traps hidden in the fine print. For this reason, we recommend that you look first at the following bad-credit credit cards. Guaranteed approval is, as we've mentioned, not automatic, but the odds are pretty good with these whatever your credit score.

Surge Mastercard

This $1000 credit card may initially grant you only a $300 limit if your credit isn't great. The good news is that making your first 6 monthly minimum payments will raise that significantly, up to $2000. This card's interest rate varies between 24.99% and 29.99%, and you'll need an existing checking account to apply.

Reflex Mastercard

This credit card has terms very similar to Surge's:

  • a 24.99% to 29.99% floating interest rate,
  • a starting limit of between $300 and $1000 that shoots up after six months of paying at least the minimum on time, and
  • you'll need a checking account before applying.

The application process is pretty quick, and seeing whether you're pre-approved won't harm your credit score.

FIT Mastercard

This is a secured credit card. 1000-dollar guaranteed-approval unsecured credit cards for bad credit typically don't come with terms that are anywhere near as attractive: aside from a relatively low interest rate, FIT also offers a competitive cashback program. You'll receive 1% back on what you pay for most purchases, rising to 2% with certain companies.

Aspire Cash Back Reward Card

Though this card is unsecured, it also has a rewards program. This makes it a good choice for anyone with bad credit who wants to start using plastic for everyday expenses. You can count on at least 1% cashback for most transactions, rising to an attractive 3% of what you spend on gas, groceries, and utility bills. Expect an interest rate of about 30%

OpenSky Secured Visa Credit Card

With a minimum security deposit of $200, OpenSky has one of the quickest and simplest application processes out there. This card's APR rate falls somewhere between that of the FIT Mastercard and most unsecured “guaranteed approval” credit cards. You can apply for an increased limit after six months, up to a maximum of $3000.

Which one of these is right for you? If you have both bad credit and little cash, you'll want to look mostly at cards that don't require a deposit: Aspire, Surge, or Reflex. Something that works in your favor when looking for guaranteed-approval unsecured credit cards for bad credit is that you can shop around: asking for pre-approval with any or all of these won't affect your credit score. So, check out more than one, looking especially at the fees and interest rates each charges.

Can I Get a $1000 Credit Card with a Bad Credit?

It's certainly possible. You may already be sick and tired of being rejected for a credit card. Remember, though, that banks are competing for your business - succeeding is usually just a matter of applying for the right kind of credit card.

Firstly, you'll want to check out secured credit cards like those from OpenSky and FIT. With these, your credit score doesn't matter as much for approval. It's also a good idea to make sure that you choose a card company that reports to all three credit bureaus. Assuming you pay your bills on time, this will gradually improve your credit score, making the whole process much easier next time.

How to Apply For a Credit Card with a $1000 Limit

With so many different cards to choose from and new jargon to sift through, applying for a $1000 credit card can seem more intimidating than it really is. Actually, all you need to do is follow these simple steps:

  1. Find out what your credit score is - this can be done online, for free.
  2. If this is below 600, your only option will be bad-credit credit cards. Guaranteed approval isn't certain, but these offer you the highest chances of being accepted.
  3. Find out if you pre-qualify. This can be done on the banks' websites and (usually) doesn't make your credit score take a dip.
  4. Get some basic documents together - pay stubs, bank statements, and similar papers may be required by the bank.
  5. Finally, fill out an application and request a contract. If you meet the pre-qualification standards, you're almost certain to be approved.

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What If I Want to Borrow a $1000 Loan?

One reason people want to get guaranteed-approval unsecured credit cards for bad credit is because they need funds in a hurry. Called a cash advance, they can then use their new credit cards to withdraw money at an ATM.

This isn't how credit cards are supposed to be used, though. Cash advances may be convenient, but they come at a steep price: not only do you pay a fee of about 5% upfront, you'll be hit with steep penalties and interest charges if you can't cover the repayments in coming billing cycles.

A personal or payday loan is a much better option. These are actually easier to apply for successfully than most guaranteed-approval credit cards with $1000 limits for bad credit, thanks to companies like USBadCreditLoans that specialize in matching lending companies to people in need of a loan.

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How to Increase My Credit Limit?

Banks usually allow only a small credit line for bad-credit customers at first. After four to six months, you can try applying for a higher limit. Whether you're successful depends on a few factors:

  • Has your credit score increased since you got the credit card?
  • Have you been paying down your debts overall?
  • Are you making more money, or maybe spending less?
  • Have you been good about making your credit card payments on time?

In other words, the best way to get a higher limit on your credit card is simply to spend responsibly for about half a year. In particular, you should pay at least the minimum shown on your credit card statement each and every month.

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