While there is no such thing as a credit card that offers guaranteed approval, some cards will have more lenient requirements. Secured cards, for instance, require a refundable security deposit that generally acts as your credit limit. That reduces risk for credit card issuers and allows them to approve more applicants than they would for most unsecured credit card offers.
The best credit card for a 640 credit score is the Capital One Platinum Credit Card because it has a $0 annual fee and reports monthly to the three major credit bureaus. A 640 credit score is fair credit, and people with fair credit usually have good approval odds for starter credit cards such as Capital One Platinum.… read full answer
If you want the best approval odds with a credit score of 640, a secured credit card is the best choice. One of the best secured cards for a 640 credit score is the Discover it® Secured Credit Card because it has good rewards. You’ll have to put down a $200 security deposit, but it’s fully refundable.
Your chances for a $5,000 limit credit card with guaranteed approval are higher if you apply for a secured credit card that allows you to deposit $5,000. The deposit usually acts as your spending limit, which prevents you from spending more than you can afford to repay. Secured cards aren’t completely guaranteed-approval, but that’s the closest you’ll get to guaranteed.… read full answer
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 … read full answermajor credit bureaus (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.
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