What is the best Bank of America credit card for bad credit?

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.

The best credit cards for a 550 score:

• OpenSky® Secured Visa® Credit Card
• Discover it® Secured Credit Card
• Credit One Bank® Platinum Visa® with Cash Back Rewards
• Secured Mastercard® from Capital One
• Milestone® Mastercard® - Less Than Perfect Credit Considered

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.

The credit score needed for Bank of America credit card approval ranges from bad credit for the Bank of America® Cash Back Secured Credit Card to excellent credit for the Bank of America® Customized Cash Rewards credit card. Applicants need excellent credit to get most Bank of America rewards credit cards. But there are three BofA student credit cards available to young people with limited or no credit. And a few BofA credit cards co-branded with companies like the … read full answerAlaska Airlines Credit Card and the Major League Baseball® (MLB) Credit Card require good credit.

Still, the minimum credit score needed for Bank of America credit card approval is only one factor in the decision. Bank of America will also consider employment status, income, debt level, age, number of open accounts, monthly rent or mortgage payments and more.

While there are clearly lots of Bank of America credit card options for good and excellent credit, the choices are sparse for people with lower scores. In that case, cards from other issuers, such as Capital One and Discover, may be more helpful. For bad credit, the Secured Mastercard® from Capital One and the Discover it® Secured Credit Card card are great options.