It’s going to be difficult to get an unsecured credit card with a $1,000 credit limit when you have bad credit. Most unsecured credit cards for bad credit start out with low limits in the $200-$300 range.
Some store credit cards, such as the Fingerhut Credit Account, will start out with a low credit limit but could increase your credit limit after you make a few on-time, above-minimum payments. You can get approved for a Fingerhut Credit Account with bad credit, and it has a $0 annual fee.
But many unsecured credit cards for bad credit also come with high annual, one-time, and monthly fees – it’s rarely worth all the money you spend just to keep the account open. That said, if you’re not in need of emergency money, and your focus is more on building your credit, get a secured credit card. Your limit on a secured card is as high as your initial deposit in most cases.
The only way to get a credit card for bad credit with a $1,000 limit is to place a $1,000 security deposit on a secured credit card. The top secured credit cards are the Capital One Secured, BofA Secured, Citi Secured and Discover it Secured cards.
If a security deposit is not an option, a decent unsecured card is the Credit One Bank Visa. It starts you out with a limit of at least $300, but there's no guarantee you’ll ever see a $1,000 credit limit. Plus, the annual fee and interest rates are high. Not an attractive option in my opinion.
Most people with high credit scores looking for high-limit credit cards want $10,000+. That’s not going to be possible with credit cards for bad credit, unless you place a deposit of $10,000+ too.… read full answer
You can aim for a limit of a few hundred dollars with poor credit. But just getting approved usually is the biggest priority for people with bad scores.
With secured cards, you have to put down a security deposit. This security deposit then acts as your credit line. Secured credit cards are a popular choice for individuals with bad credit since it’s easy to get approved. In addition to easier approval, secured cards usually have lower fees as well. Most secured cards have $0 annual fees, and even those that charge more usually don’t go above $39.
In general, you likely won’t get a very high credit limit with bad credit. However, these cards are a great place to start and you can always request a credit limit increase once you’ve had your account open for at least six months.
The easiest credit card to get with bad credit is the OpenSky® Secured Visa® Credit Card because there’s no credit check required for approval. As long as you have a U.S. mailing address, proof of your identity and some income, you can get an OpenSky. It has an annual fee of $35 and requires a refundable deposit of at least $200 to “secure” the credit line. The deposit amount becomes your credit limit.… read full answer
If you’re looking for an unsecured credit card for bad credit, one of the easiest to get is the Fingerhut Credit Account. It’s a store credit card, meaning you can’t use it for anything but Fingerhut purchases. That said, the Fingerhut online store has a wide range of merchandise for sale, and the Fingerhut Credit Account will report to credit bureaus and build your credit in the process. It has a $0 annual fee.
You should be wary of credit card companies that offer unsecured credit cards to people with bad credit though. They can give you an unsecured line of credit, but most come with big fees and high interest rates. Unless you need an emergency loan, it’s better to get a secured credit card and build up your score enough to qualify for a good unsecured card.
The best credit card for a 550 credit score is the OpenSky® Secured Visa® Credit Card. There’s no credit check when you apply, so approval is almost guaranteed. You just need $200 for a refundable security deposit and enough income to make monthly payments. This card also reports to all three major credit bureaus every month, which is your ticket to a better credit score. And a $35 annual fee isn’t too much to pay for that.… read full answer
The Discover it® Secured Credit Cardis another great 550 credit score credit card. It has a $0 annual fee and actually rewards you for making purchases. A 550 credit score won’t keep you from getting approved either. But a pending bankruptcy will.
Those aren’t the only credit cards you can get with a 550 credit score. In fact, there are two kinds of credit cards for people at that credit level: Secured credit cards and unsecured credit cards for bad credit. A 550 credit score is within the bad credit range, unfortunately. Bad credit goes from 300 to 639. But picking the right 550 credit score credit card and using it responsibly could help you improve your score to “fair” territory within 12-18 months.
Before applying for a card, make sure to check out its terms and conditions, or a FAQ page if there is one, just to make sure you fit the criteria for eligibility. You can also try getting pre-approved for a credit card. It won’t hurt your credit, and it will give you a good idea of your odds if you decide to apply.
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