The easiest unsecured credit cards to get generally work best for minor emergencies. You will only receive a small amount of spending power, after all.
Unsecured credit cards for people with bad credit also tend to be very expensive, charging lots of fees and high interest rates. So, if you don’t need a small emergency loan, the best course of action is to improve your credit inexpensively with a secured card. Secured cards are cheaper than unsecured cards, build credit just as effectively, and offer the closest thing you’ll find to guaranteed approval.
While you still have bad credit (which I did at one time), you are going to have to pay a fee to get an unsecured card. And I paid those fees. I never, even with my 537 credit score - never had a secured card.
I went with the cards for bad credit, with fees and high interest, and very low limits. I charged, and immediately paid them off. It is now two years later, and I have any card that I want - and a 749 credit score. I would never get a secured card - the unsecured are too easy to get. The high fees are your cost of rebuilding your credit... just my two cents worth.
You don't have a lot of options there, but I think the Fingerhut credit card is pretty easy to get approved for. And Credit One Bank also had a couple of unsecured credit cards for people with poor credit.
Yes, you can get an unsecured credit card with a 500 credit score, but you will likely end up with high fees, high interest rates, and a low credit limit. The best unsecured credit card to get with a 500 credit score is the Credit One Visa card.
The Credit One Visa offers a $300 starting credit limit, the potential for automatic credit line increases, and an annual fee of $75 intro 1st yr, $99 after. Cardholders earn rewards on select purchases, too.… read full answer
Still, the odds of getting approved for a decent unsecured credit card are higher with a credit score of at least 640. And the higher your credit score is, the better your chances of getting an unsecured card with good terms will be.
Unsecured Credit Cards to Get with a 500 Credit Score
While Credit One Visa may be the best unsecured credit card for people with a 500 credit score, it’s still not the most attractive option overall. People with bad credit who are in the market for a credit card should look into applying for a secured card instead. Most secured cards come with $0 annual fees, and some cards, such as the Bank of America® Customized Cash Rewards Secured Credit Card, give rewards on purchases.
Secured cards are also easier to get than unsecured cards because you’ll have to pay a security deposit, usually $200 at a minimum, to open the account. The amount of your deposit determines your credit limit in most cases, and you can increase your limit by adding more money to your deposit. Your deposit is fully refundable when you close the account in good standing.
An unsecured credit card is one that does not require a security deposit or any other collateral to open the account. In addition, rebuilding credit generally means you have a credit score of less than 640. In that case, most unsecured cards that you may qualify for will be costly.… read full answer
What you should know before getting an unsecured card for rebuilding credit:
An unsecured credit card is typically not the most cost-effective way to rebuild credit. Because you’re considered a high credit risk, your options are very limited. In addition, your spending power will be greatly reduced by numerous fees and high interest charges.
A better option to rebuild credit would be to open a secured credit card account. Your odds of approval will be greater because you’ll be setting your own credit limit with a refundable security deposit, usually starting at $200.
Secured cards tend not to have one-time and monthly fees, so they end up costing you less in the long run. You’ll also get your deposit back in full when you close your account with no unpaid balance.
You need a credit score of 550 or higher to get an unsecured credit card. The higher your credit score is, the more unsecured credit card offers will be available and the better your chances of getting approved will be.
Best Unsecured Credit Cards for a 550 Credit Score
For people with bad credit who are set on getting an unsecured card, remember that unsecured credit cards for bad credit do not require a security deposit to open an account. As such, they typically come with low credit limits, high fees and high interest rates.
Citibank... Secured Credit Card. No Fee. Got it with 550. Now at 599 after a month!
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