Can you get denied for a secured credit card

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We may receive a commission when you click on links for products from our affiliate partners. Next, consider other ways to build credit. These could include: Credit builder loans: These "loans" require that you make monthly deposits into a savings account before you can get your money. Doing so builds your credit score and establishes good habits, but you have to be careful as many charge extra fees.

Become an authorized user: This option lets you "piggy-back" off of a friend or family member's good credit score by linking your credit report to theirs.

If something on your credit report led to a rejection, carefully look over your report for errors. You are entitled to one free credit report per year from each of the three major credit bureaus.

If you see any incorrect information, dispute the errors. You have a few options. Credit unions may offer several credit-building services. Share-secured loans function like secured credit cards you deposit money into a savings account and borrow against that money , while credit-builder loans are small loans that you can pay back in timely installments. Both options may help build your credit history. If your parent, spouse or partner is a responsible user of credit cards, they could help you build your own credit history.

They can add you as an authorized user of one of their credit cards, and the creditor will report on you both to the credit bureaus. Money you "borrow" isn't given directly to you. Instead, it's held on your behalf in a savings account while you repay the loan in monthly installments. Once you're done, the money is released to you — and your credit report shows a paid-off loan. Learn more about credit-builder loans.

No-credit-check secured cards. This can be a decent option if you've previously been denied a secured card, but have money for a security deposit.

Personal loans. These loans can be secured or unsecured. Unsecured loans don't require collateral, such as a car title, and generally have higher interest rates. The better your credit, the lower your rate is likely to be. Those with bad credit can expect to pay very high rates, if they can get a loan at all. Find out why were you denied for a secured card. Turn to your own bank or a credit union.

If you do not have a current personal report, Experian will provide a free copy when you submit the information requested. Additionally, you may obtain a free copy of your report once a week through April at AnnualCreditReport.

Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost. Learn more. Editorial Policy: The information contained in Ask Experian is for educational purposes only and is not legal advice.

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