Credit cards are available if you don’t have collateral or don’t want to use your property as collateral for a loan. Many are guaranteed to be approved. Quite a few people are now dealing with credit problems. Not so long ago, almost anyone with a pulse could be Guaranteed approval secured credit card. Those days, for better or worse, are gone. Unsecured credit cards with guaranteed approval are hard, if not impossible, to find.

Currently, to get an unsecured card, you need to have a fairly strong credit history. Loan requirements have increased significantly since the recession hit us hard. Many economists agree that this is the worst shape our economy has been in since the Great Recession. There are some definite options.

Protected Credit Cards

With, the cardholder deposits a certain amount of money and then can get to a line of credit equal to or greater than that amount. Essentially, secured cards are for people with bad credit who would like to work on improving it, as well as people who have no credit and would like to establish a strong credit score.

Be sure to read the full terms of any offer you may be interested in. You want to define fees and make sure you make payments on time. The money you initially deposit acts as collateral, so as long as you pay on time, that money won’t be affected.

Prepaid Credit Cards

Prepaid credit cards and debit cards are the same things. They are linked to the checking account you are depositing money into. After that, you will access all the funds available in your account. The advantage here is that you will never be charged any interest because you are not given a loan and are using your own money.

While you won’t build a credit history using prepaid or debit cards, you will enjoy many of the benefits that credit cards offer. They are secure compared to cash and more convenient than writing checks. You can also use them wherever credit card transactions are processed.


Banks and financial institutions were hit hard during the recession. Getting approved for a loan in the next few years will be easier, but it will still be quite difficult for the foreseeable future. Another reason you no longer see guaranteed approval for unsecured credit cards is that unemployment is relatively high. In good times, credit flows easily, but in bad times it becomes difficult.