The best Bank of America credit card for bad credit is the Bank of America® Customized Cash Rewards Secured Credit Card because it offers 1 - 3% cash back, depending on the type of purchase. This card also has a $0 annual fee. The Bank of America Custom Cash Secured Card requires a $200+ security deposit.
The credit limit is equal the amount of the deposit, and the maximum deposit is $5,000. The security deposit is fully refundable after closing the account with no balance. BofA may even refund the deposit after 12+ months of on-time payments. 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 your Bank of America secured card responsibly over time, you may be able to qualify for a 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.
One of the best credit cards 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… read full answer (Equifax, Experian and TransUnion) every month, which is your ticket to a better credit score. And a $35 annual fee isn’t too much to pay for that.
However, 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, though, 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 Bank of America credit score requirement is 750 or higher for the best Bank of America credit card offers, though other options are available for people with lower scores. It is possible to get approved for a credit card from Bank of America with limited credit history or a bad credit score, for example.… 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 also 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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