Yes, you can get a credit card if you have fair credit. The best credit cards for people with fair credit scores of 640-699 come with $0 annual fees, rewards of at least 1% back on purchases and monthly credit-bureau reporting, making it easy to build credit and save money. There are plenty of cards to choose from, so check out WalletHub’s editors’ picks for the best credit cards for fair credit to find the best one for you.
When you have fair credit, getting the right credit card can be a key step to building a good or excellent credit score. You also have to use that card responsibly, by paying the bill on time every month and not maxing out your credit limit. You can check out WalletHub to get custom credit improvement advice to help you along the way.
To choose the best credit card for fair credit, compare credit card offers known to accept applicants with fair credit scores of 640-699 based on the cards’ annual fees as well as their rewards or interest rates, depending on whether you plan to pay the monthly bills in full. Rewards are more important if you pay in full. Low rates are more important if you’re going to carry a balance from month to month because interest charges will actually accrue in that case.… read full answer
In addition to the card terms that figure to cost or save you the most money, you should also consider where each card can be used. Many credit cards for people with fair credit are store credit cards, which can only be used at affiliated retailers.
How to Choose the Best Credit Card for Fair Credit in 4 Steps
Look for credits cards that accept applicants with fair credit. Narrowing down your card options to credit cards that you are likely to qualify for based on your credit score helps you avoid wasting time applying for cards you won’t get. You can get a jump start by taking a look at WalletHub’s recommendations for the best credit cards for fair credit.
Compare annual fees. All else being equal, a card with a lower annual fee is better. Fortunately, there are many no annual fee credit cards for fair credit to choose from. That said, you shouldn’t disregard a card with an annual fee as it may make up for the cost with rewards.
Compare rewards or interest rates. If you plan on paying your balance in full every month, you can focus on comparing rewards. Interest charges won’t apply in that case. However, if you plan on carrying a balance, a card with a low interest rate will save you money on interest charges. You should compare credit cards to find the best one that will save you the most money.
Consider where the card can be used. A lot of credit cards that accept people with fair credit are store cards that only allow you to use the card within their affiliated stores or on their store’s website. If you don’t want to limit where your card can be used, there are still non-affiliated credit cards for fair credit, too. Once you have your credit card, you can use it to improve your credit score. A good credit score can open up more credit card options with lower interest rates and better rewards than credit cards for fair credit.
There is no minimum credit score needed to get a credit card. Some credit card companies don’t even check applicants’ credit history, so it’s certainly possible to get a credit card even if you have a very low credit score or no credit score at all.
But there is a difference between getting approved for a credit card in general and getting one of the better offers.… read full answer
The credit score needed for credit card approval ultimately depends on which specific card you want to get. Most of the time, credit card companies have a credit score tier they’re looking for, and applicants will need a score in the required tier (or higher) for a good chance of approval. The tiers are bad, fair, good and excellent.
The thing is, credit cards require scores that are a bit higher than the traditional minimum for each tier in the overall credit score range, according to WalletHub’s research. So for each credit tier, you can see a “traditional” score range and a “WalletHub recommended” score range below.
Here is the credit score needed for a credit card at each level:
One way to estimate your credit card approval odds is to check for pre-approval. Many major issuers will allow you to check for free. It won’t hurt your credit score. And you’ll get a pretty good idea of your chances. Plus, if you’re not sure what your score is yet, you can check your latest credit score for free on WalletHub. You’ll also get personalized credit card recommendations with high approval odds.
Just remember that having a qualifying credit score does not guarantee credit card approval. The credit card application process takes many other factors into account. Payment history, existing debt and income play big roles, too.
The best credit card for fair to good credit is the Upgrade Cash Rewards Visa® because it has a $0 annual fee and gives 1.5% cash back on all purchases, as you pay for them. Cardholders can also get a $200 initial bonus after opening a Rewards Checking account and making 3 debit card transactions. The card’s minimum credit score requirement is 640, which is the start of the fair-credit range, and its terms are good enough to compete with cards that require good credit.… read full answer
In general, paying your credit card bill on time every month is a great way to build your credit and move your way up from fair to good credit. Below, you can check out the best credit cards for people who currently have fair credit as well as the best options for after you’ve built a good score.
You will have different credit card options available to you when you have fair or average credit compared to good credit. Make sure to check your credit score for free on WalletHub to see where you stand before applying, then continue to check to keep up with your progress as your score improves.
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