What credit score is needed for an unsecured credit card? This question is about Unsecured Credit Cards

What credit score is needed for an unsecured credit card?

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This question is about Unsecured Credit Cards

Chip Lupo, Credit Card Writer

@CLoop • 04/12/21 This answer was first published on 04/09/21 and it was last updated on 04/12/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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For most unsecured credit cards you will need a credit score of 550-650, though it’s possible to get approved for an unsecured card with a lower score or even no credit score. For example, some of the best beginner and student cards are unsecured and will approve applicants with little or no credit.

If your credit score is below the 550 to 650 threshold needed to get a good unsecured card, you’d be much better off applying for a secured card such as the Discover it® Secured Credit Card or the Capital One Platinum Secured Credit Card. They’re easier to get than unsecured cards because you’re putting up your own money, typically a minimum deposit of $200, to secure the account.

For people with bad credit who are set on getting an unsecured card, two of the best options are the Credit One Bank® Platinum Visa® for Rebuilding Credit (cash back on select purchases) and the Indigo® Mastercard® for Less than Perfect Credit (no upfront fees). Remember, 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.

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Frankie Solomon, WalletHub Analyst

@frankie.solo • 09/26/18 This answer was first published on 09/21/18 and it was last updated on 09/26/18.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The minimum credit score for unsecured cards for bad credit is around 500. You can get approved with a really low credit score, but you'll also have to live with lower credit limits, high annual fees and high APR rates.

Honestly, I'd say a secured card is probably a smarter alternative.

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People also ask

What's the easiest unsecured credit card to get approved for?

One of the easiest unsecured cards to get approved for is the Credit One Bank® Platinum Visa® for Rebuilding Credit. You can get approved for it even with bad credit. This card offers a $300 starting spending limit. And you can use it wherever Visa is accepted.

Easiest Unsecured Credit Cards to Get Approved For

Bad Credit: Credit One Bank® Platinum Visa® for Rebuilding Credit
No Credit: Capital One Platinum Credit Card
Students: Journey Student Rewards from Capital One
Small Business: Capital One Spark Classic for Business

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.… read full answer

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.

To learn more, check out WalletHub's complete list of the year’s easiest credit cards to get approved for.

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Can I get an unsecured credit card with a 500 credit score?

Yes, you can get an unsecured credit card with a 500 credit score. The best unsecured credit card to get with a 500 credit score is the Credit One Visa card because it 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

The downside of applying for an unsecured credit card with a 500 credit score is that you will likely end up with high fees, high interest rates, and a low credit limit. 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

Best for Credit Line Increases: Credit One Bank® Platinum Visa® for Rebuilding CreditLearn Moreon issuer's website
Best for No Upfront Fees: Milestone® Mastercard® - Less Than Perfect Credit ConsideredLearn Moreon issuer's website
Best for Pre-Approval: Indigo® Mastercard® for Less than Perfect CreditLearn Moreon issuer's website

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.

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