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How To Get Approved For $ 10,000 Visa Credit Card Even With A Bad Credit
In the credit industry, the larger line of credit you have established, the more credibility other institutions will be when it comes to approving you for other lines of credit. Today, even with bad credit, you can still get approved for a $ 10,000 visa credit card, thanks to the credit company called Petal.
Petal
Petal is a new Fintech company that is going against the grain when it comes to the credibility needed for the approval process for credit cards. It is an A-entry level credit card company, and it tends to be tailoring its process towards the GenX - Millennial group set. Like Grain, Petal is not only taking your personal credit history but also your banking history to determine if you are going to be pre-approved.
The card has two different tiers of cards known as petal 1 and petal 2.
Petal 1
Petal 1 has a $500- $5000 credit limit, and it's mainly for the lower level credit score applicants. It has no annual or international fees and its APRs are as high as 19.99% -30%. The card also has options to get cash like select merchants, old navy, Casper, etc.
Getting approved for the card is fairly easy. You can qualify for approval in a 550 range. However, it depends on your banking history. With this card, you cannot have any bankruptcies for 48 months and an inquiry that initially applied for the pre-approval.
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Your chance of approval is excellent
Petal 2
Petal 2 gives you a cashback of 1-1.5% on all offers. The minimum acceptance is $500 - $ 10,000 with its APRs being 12.99% - 27%. There are no transaction or late fees. It also has no inquiry.
You must have at least 3 months of active prior credit account. They tend to leas at least 90 days of active credit history with another creditor or merchant.
Petal is a new company that has taken away bureaus from the better business sites. It reports to all three credit bureaus, and this is an important factor to consider, especially when you are trying to start your credit building journey.
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