Build it credit card requirements vary depending on the specific product, but generally fall into a few key areas. Some credit builder cards, like the Self secured Credit Card or the Current Build Card, have no credit check and are designed to be accessible even to those with limited or poor credit histories[1][3]. These cards may have high approval rates and fast applications, focusing on other factors to determine eligibility.
Common requirements for most credit-building credit cards include:
- Proof of identity: You typically need to provide your full legal name, a Social Security number or ITIN, age verification (at least 18), and a U.S. address[7][8].
- Income verification: Lenders want to make sure you’ll be able to afford payments, so you may be asked to supply your gross annual income and employment status[2][8].
- Employment details: Information about your job history or source of income is often required[2].
- Housing costs: Some issuers ask for your monthly rent or mortgage costs to evaluate your debt-to-income ratio[8].
- Security deposit (for secured cards): Most credit builder cards are secured and require a refundable deposit, usually starting at $200, to set your credit limit. This serves as collateral in case you miss payments[5][7].
Credit builder cards like the Current Build Card and Self Card do not require a credit check and use the money you add to your account as your spending limit, making them accessible even if you have no credit history[1][3]. Other secured cards, such as Discover’s Secured Card, require a cash deposit and typically review your ability to pay and the information on your application, but may not have a minimum credit score requirement[7].
Other important considerations include:
- Application accuracy: All information provided must be complete and correct[2].
- Existing banking relationship: Having an account at the bank or credit union can help your application[2].
- Age requirements: You must be at least 18 to apply[7].
There are also unsecured cards aimed at people with no credit, but these often require at least fair credit or a verified income[2][4].
References
- [1] Credit Builder: Build Credit & Add to Your Savings with Self
- [2] How to Get Approved for a Credit Card
- [3] Build credit while you bank – Current
- [4] Credit Card Approval: What Factors Matter?
- [5] How to Build Your Credit at 18 | Desert Financial
- [7] Discover Secured Credit Card | Build Your Credit History
- [8] How to Increase Your Approval Odds for a Credit Card
Leave a Reply