There are two kinds of credit cards for a 550 score: 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 card for a 550 score is the OpenSky Secured Visa. There’s no credit check when you apply, so approval is almost guaranteed. You just need at least $200 for a security deposit and enough income to make monthly payments. It 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.
The Discover it Secured Card is another great 550 credit score credit card. It has no 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. If you’re looking for a card with no deposit, the Credit One Bank Platinum Visa for Rebuilding Credit is the best you’re going to do. But it has an annual fee of up to $99. And it’s probably a bit stingier with approval than secured cards. In particular, you may run into issues if your monthly income isn’t at least a couple hundred dollars higher than your expenses. So consider all your options.
Here are the best credit cards for a 550 score:
- OpenSky® Secured Visa® Credit Card
- Discover it® Secured
- Credit One Bank® Platinum Visa® for Rebuilding Credit
- Capital One® Secured Mastercard®
- Milestone® Mastercard® - Bad 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.
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