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What Credit Card Can I Get With a 640 Credit Score?
Your credit score is an important factor that determines your creditworthiness and the type of credit cards you can qualify for. A credit score of 640 falls within the fair credit range, which means you may have some limitations when it comes to credit card options. However, there are still several credit cards available for individuals with a 640 credit score. In this article, we will explore the credit cards you can obtain with a 640 credit score and provide answers to some frequently asked questions regarding credit cards and credit scores.
Credit Cards for a 640 Credit Score:
1. Capital One Platinum Credit Card: This card is specifically designed for individuals with average credit. It offers no annual fee, fraud coverage, and access to a higher credit line after making your first five monthly payments on time.
2. Discover it Secured Credit Card: If you are looking to build or rebuild your credit, this secured credit card is a great option. It requires a security deposit, but it offers cashback rewards, no annual fee, and the potential to transition to an unsecured card after demonstrating responsible credit behavior.
3. Indigo Platinum Mastercard: This card is tailored for individuals with less-than-perfect credit scores. It provides the opportunity to establish credit history, and if used responsibly, you may be eligible for a credit limit increase after six months.
4. OpenSky Secured Visa Credit Card: With no credit check required, this secured credit card is an excellent choice for those who have limited or damaged credit. It reports to all three major credit bureaus, helping you rebuild your credit history.
5. Credit One Bank Platinum Visa: This card is designed for individuals with fair credit. It offers cashback rewards, including 1% on eligible gas, groceries, and mobile phone service purchases, and provides free online access to your credit score.
FAQs:
Q: Will applying for credit cards with a 640 credit score negatively impact my credit score?
A: Every time you apply for a credit card, a hard inquiry is generated, which can temporarily lower your credit score. However, the impact is usually minimal, and it can be offset by responsible credit card usage.
Q: Can I get a rewards credit card with a 640 credit score?
A: While it may be challenging to qualify for premium rewards credit cards with a 640 credit score, there are still options available. Some credit cards, such as the Discover it Secured Credit Card mentioned above, offer cashback rewards even for individuals with fair credit.
Q: How can I improve my credit score from 640 to a higher range?
A: To enhance your credit score, focus on making all your payments on time, keeping your credit utilization ratio low, and avoiding opening multiple new credit accounts. Over time, these responsible credit habits can help increase your credit score.
Q: What other factors besides credit score do credit card issuers consider?
A: Credit card issuers also assess your income, employment stability, and existing debt when evaluating credit card applications. These factors help determine your ability to manage additional credit.
Q: Are secured credit cards a good option for rebuilding credit?
A: Yes, secured credit cards are an excellent choice for rebuilding credit. By using a secured card responsibly and making timely payments, you can demonstrate to lenders that you can handle credit responsibly, which may eventually lead to an improved credit score.
In conclusion, while a credit score of 640 may limit your options, there are still credit cards available for individuals in this category. By choosing the right credit card and using it responsibly, you can build or improve your credit score over time. Remember to compare the features and benefits of different credit cards to find the one that best fits your needs and financial goals.
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