The best credit cards for a 600 credit score are secured cards because they offer easy approval and are often much less expensive than unsecured credit cards for bad credit. Secured credit cards require a security deposit, and the card’s credit limit is equal to the amount of the deposit. This deposit is fully refundable when you close your account with a $0 balance.
If you’re not sure where to start looking for secured credit cards for a 600 credit score, WalletHub has picked out a few examples of popular offers.
I agree, secured cards are best for a 600 credit score. Discover it Secured has a $0 annual fee and gives 1%-2% cash back on purchases. It requires a $200 security deposit to open the account and set the credit limit. The Capital One Secured Mastercard also has a $0 annual fee. The required deposit is $49, $99 or $200, based on creditworthiness. But no matter what your deposit is, you’re always guaranteed at least a $200 credit limit.
If you pay your secured card’s bill on time for a few months, you’ll improve to the fair credit range, which starts at 640, in no time. Then you’ll be able to qualify for cards with slightly better terms, including store cards for your favorite retailers.
A credit score of 620 is considered “bad,” so you likely won’t be able to qualify for a credit card with many benefits. Your primary focus should be improving your credit, so your best option is to apply for a secured credit card. You will need to provide a security deposit, which will typically double as your credit line and will be refunded to you when you close your account, as long as you do not have an outstanding balance. And, because of this deposit that reduces the issuer’s risk, your approval chances are high. You can find the best offers for you here. Good luck!… read full answer
The best credit card for a 550 credit score is the OpenSky Secured Visa 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. The OpenSky Secured 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 Card is 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 non-chapter 7 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 One Bank® Visa® Credit Card
Capital One® Secured Mastercard®
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.
Get the Fingerhut credit card if you're looking for an unsecured one (it has pretty harsh APRs, though). Try Discover it Secured or Capital One Secured if you're looking for a well-balanced card and an issuer with a good reputation.
Start with Capital One Platinum, $300 limit. If you use the card pay on your bill twice a month and never max it out. After 6 months with excellent payment history and nothing new negative on credit report you will probably get an increase to $500. After 12 months you can apply for the Capital One quick silver which usually comes with a little higher limit but also has a little higher Interest also. I had low 400s credit score and after a year in half of steady excellent payments my middle score is 721 now. Make a plan and stick to it and anyone can improve their credit score.
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