Maria Adams, Credit Cards Moderator
@m_adams
Yes, you can get an unsecured credit card with a 500 credit score, though it’s probably not the best idea. It’s harder to get approved for such a card, and it typically involves high fees, high interest rates, and little spending power.
Unsecured credit cards for a 500 credit score are for people with bad credit, and they’re only recommended for emergencies. It’s much easier and cheaper to apply for a secured card.
Chip Lupo, Credit Card Writer
@CLoop
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 Bank® Platinum Visa® for Rebuilding Credit 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.
The downside of applying for an unsecured credit card with a 500 credit score is that a score of 500 is considered bad credit. So, if you are approved, you will likely end up with a card 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
- Credit One Bank® Platinum Visa® for Rebuilding Credit: Best for Credit Line Increases
- Milestone® Mastercard® - Less Than Perfect Credit Considered: Best for No Upfront Fees
- Indigo® Mastercard® for Less than Perfect Credit: Best for Pre-Approval
- Aspire® Credit Card: Best for Cash Back Rewards
- Fingerhut Credit Account: Best for No Annual Fee
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.
People also ask
What are the best credit cards for credit scores under 500?
The best credit cards for a credit score under 500 are secured credit cards.
These cards have annual fees as low as $0 and report monthly to the 3 major credit bureaus. Some of them even give rewards of 1% or more.
The best secured credit card is the Capital … read full answer
show lessWhat credit score is needed for an unsecured credit card?
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… read full answer
show lessWhat'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 (300) credit. It offers a $300 starting spending limit. And you can use it wherever Visa is accepted.
This isn’t your on… read full answer
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