Title: What Credit Card Can I Get With a 650 Score?
Your credit score plays a crucial role in determining your financial health and eligibility for various credit opportunities. If you have a credit score of 650, you may be wondering what credit card options are available to you. While a score of 650 is considered fair, it may limit your choices compared to those with excellent credit. However, there are still credit card options that cater to individuals in this credit score range. In this article, we will explore the credit cards you can get with a 650 score and provide answers to some frequently asked questions.
Credit Card Options for a 650 Score:
1. Capital One QuicksilverOne Cash Rewards Credit Card:
– This card is designed for individuals with average credit scores.
– Offers 1.5% cash back on all purchases.
– Provides credit limit increases after making on-time payments for the first five months.
– Requires an annual fee, but no foreign transaction fees are applicable.
2. Discover it Secured Credit Card:
– Ideal for individuals looking to build or rebuild their credit.
– Requires a security deposit, which becomes the credit line.
– Offers cash back rewards, with 2% cash back on gas stations and restaurants up to a certain limit.
– After eight months of responsible card use, you may be eligible for an upgrade to an unsecured card.
3. OpenSky Secured Visa Credit Card:
– Suitable for individuals with poor or limited credit history.
– Doesn’t require a credit check for approval.
– Provides an opportunity to rebuild credit through responsible usage and on-time payments.
– Requires a refundable security deposit as collateral.
4. Credit One Bank Platinum Visa:
– Geared towards individuals with fair credit.
– Offers cash back rewards on eligible purchases.
– Provides free access to credit score tracking.
– May have an annual fee and higher interest rates.
5. Indigo Platinum Mastercard:
– Designed for individuals with less than perfect credit.
– No security deposit required.
– Offers pre-qualification without impacting your credit score.
– Provides fraud protection and online account access.
Q1. Will applying for multiple credit cards with my 650 score negatively impact my credit?
A1. Applying for multiple credit cards can result in hard inquiries, which may temporarily lower your credit score. It’s advisable to research and choose a card that best fits your needs before applying.
Q2. Can I still qualify for rewards credit cards with a 650 score?
A2. While rewards credit cards typically require higher credit scores, some options, like the Capital One QuicksilverOne Cash Rewards Credit Card, offer cash back rewards even with a fair credit score.
Q3. How can I improve my credit score to become eligible for better credit cards?
A3. To improve your credit score, focus on paying bills on time, keeping credit card balances low, and minimizing new credit applications. Over time, responsible credit habits can boost your score.
Q4. Are there any credit cards specifically designed for students with a 650 score?
A4. Yes, many credit cards cater to students with limited credit history. Examples include the Discover it Student Cash Back and the Journey Student Rewards from Capital One.
Although a credit score of 650 may limit your credit card options, there are still choices available to you. By exploring credit cards designed for individuals with fair or limited credit, you can begin building a positive credit history and work towards improving your credit score. Remember to compare terms, fees, and rewards to find the card that best fits your needs and financial goals.