What Credit Cards Accept 650 Credit Score?
Credit scores play a crucial role when it comes to financial matters. Whether you’re applying for a loan, mortgage, or credit card, your credit score is often the determining factor for approval and interest rates. If you have a credit score of 650, you may be wondering what credit cards are available to you. While a score of 650 is considered average, it is still possible to find credit cards that cater to this range. In this article, we will explore some credit card options for individuals with a credit score of 650 and provide answers to frequently asked questions.
Credit Cards for 650 Credit Score:
1. Capital One QuicksilverOne Cash Rewards Credit Card: This credit card offers cashback rewards and is designed for individuals with average credit. It provides 1.5% cashback on all purchases with no limit, making it an attractive option for everyday spending.
2. Discover it Secured Credit Card: If you’re looking to build or rebuild your credit, this secured credit card is an excellent choice. It requires a security deposit, but it offers cashback rewards, flexible payment options, and the opportunity to upgrade to an unsecured card in the future.
3. Credit One Bank Platinum Visa: This credit card is specifically designed for individuals with fair credit. It offers cashback rewards on eligible purchases, and regular credit line reviews may lead to credit limit increases.
4. OpenSky Secured Visa Credit Card: This secured credit card does not require a credit check, making it accessible to individuals with a credit score of 650. It helps build credit when used responsibly and provides flexibility in choosing your credit limit.
5. Petal 2 Visa Credit Card: This credit card is suitable for individuals with limited or fair credit history. It does not require a security deposit and offers cashback rewards. The Petal 2 Visa Credit Card also provides credit education tools to help you improve your financial knowledge.
1. Can I get approved for a credit card with a 650 credit score?
Yes, a credit score of 650 is considered average, and many credit card issuers offer options for individuals within this range. However, keep in mind that approval and interest rates may vary depending on other factors such as income and credit history.
2. Will applying for multiple credit cards with a 650 credit score negatively impact my credit?
Applying for multiple credit cards within a short period can have a temporary negative impact on your credit score. Each application generates a hard inquiry, which may lower your score by a few points. However, this impact is usually minimal and will recover over time.
3. Should I opt for a secured credit card with a 650 credit score?
Secured credit cards are an excellent option for individuals with fair or poor credit scores as they provide an opportunity to build or rebuild credit. However, if you have a score of 650, you may also qualify for unsecured credit cards, which do not require a security deposit.
4. How can I improve my credit score from 650?
To improve your credit score, make sure to pay your bills on time, keep credit card balances low, and avoid opening unnecessary new accounts. Regularly reviewing your credit report for errors and disputing any inaccuracies can also help improve your credit score over time.
5. How long does it take to increase my credit score from 650?
The time it takes to increase your credit score from 650 depends on several factors, such as the extent of negative information on your credit report and your financial habits moving forward. With responsible credit management, it is possible to see significant improvements within a year or two.
In conclusion, having a credit score of 650 does not limit your options for credit cards. Several credit card issuers offer products specifically designed for individuals with average credit. By exploring these options and using credit responsibly, you can continue to build and improve your credit score over time. Remember to compare the terms and benefits of different credit cards to find the one that best suits your needs and financial goals.