How Soon Can You Get a Secured Credit Card?

Secured credit cards are much easier to get than regular credit cards because your credit history doesn't matter. When you apply for a traditional credit card, the issuer reviews your credit report and decides whether or not you meet the criteria for having an account. When you apply for a secured credit card, you open a bank account with money that will be used to secure the card. As long as you are willing to open an account, you can get a card.

Types

Issuers offer many types of secured credit cards. Even though you may want to get your secured credit card as quickly as possible, Bankrate says you should compare various cards to make sure you get the best deal. Look for a card with the lowest possible interest rate and annual fee. This will add time to the process of getting a secured card, but you will save money in the long run.

Funds

You will need to have funds available before you apply for your secured credit card. Most issuers let you choose the amount of your deposit, subject to a certain minimum. According to Bankrate, that amount may be as low as $300. Your credit limit will match the deposit, since the funds will be used to secure the account. Most banks allow you to transfer the funds from a checking or savings account or to send them via check or money order.

Application

Filling out an online application for a secured credit card should only take five to 10 minutes. You will need to provide personal information such as your name, address, phone number, email address, date of birth and Social Security number. However, you will not have to give any credit history.

Card

Generally, the longest part of the process of getting a secured credit card is waiting for the physical card to arrive. Even though your application will be approved immediately once you provide your information and security deposit, your new credit card must be sent to you. It generally arrives in the mail within a week or two.

Reporting

Once you get your secured credit card and begin using it, credit bureau reporting should begin immediately. If you use the card responsibly and make your payments on time, it will have a positive effect on your credit score. You are entitled to a free copy of your credit report from Equifax, Experian and TransUnion every year. To make sure your credit card information is being reported, get a copy of your credit reports after you have had your secured credit card for a few months.