The best Bank of America credit card for bad credit is the Bank of America® Customized Cash Rewards 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 Custom Cash Secured 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.
Bank of America’s credit score requirement is bad credit or better, though it depends on the card. People with limited or no credit history can get the Bank of America Travel Rewards for Students, for example, and the Bank of America Custom Cash Secured Card is available to people with a bad credit score of 639 or lower. With a credit score of 700+, you can also get approved for cards like the Sonesta Credit Card and the Alaska Airlines Credit Card.… read full answer
Keep in mind that it’s best to wait to apply for a given card until you meet the credit score requirement. You can check your credit score for free on WalletHub.
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for a Bank of America credit card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.
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