The best Bank of America credit card for bad credit is the Bank of America® Cash Back Secured Credit Card because it is designed for applicants with credit scores below 640. This Bank of America card also comes with a $0 annual fee and reports account activity to all three of the major credit bureaus.
Most other Bank of America credit cards require at least limited-to-excellent credit for approval. But there are some options for people with lower scores to work with.
If you use the Bank of America® Cash Back Secured Credit Card responsibly over time, you may be able to qualify for a Bank of America credit card with more attractive terms. Responsible card use means establishing a history of on-time payments and not maxing out the card’s credit limit.
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.
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.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.