Having a 584 credit score can feel like a significant burden when it comes to getting approved for a credit card. However, don't despair! There's a variety of credit cards available specifically for people with lower credit scores. In this article, we'll explore the best options for credit cards for a 584 credit score, how to improve your credit, and tips for managing your credit card responsibly.
Credit Cards For 584 Credit Score Table of Contents
Understanding Your 584 Credit Score
Understanding Your 584 Credit Score
A 584 credit score falls within the "fair" credit range, which spans from 580 to 669. While not necessarily in the "poor" range, it's important to understand that a fair credit score might limit your options for credit cards, as well as the terms and benefits you can receive. However, there are still credit cards available that cater to individuals with fair credit scores.
Best Credit Cards for a 584 Credit Score
Before applying for any credit card, it's essential to understand the different types available and choose one that best fits your needs and goals. Here are some credit cards designed specifically for those with fair credit:
1. Secured Credit Cards
Secured credit cards are designed for people with low credit scores to help them build or repair their credit. These cards require a security deposit, usually equal to the credit limit. As you make on-time payments, your credit score will improve, eventually allowing you to qualify for better credit cards with higher credit limits and better rewards.
2. Retail Store Credit Cards
Retail store credit cards are easier to get approved for, even with a 584 credit score. These cards often come with rewards and discounts at specific retailers, but they typically have higher interest rates and lower credit limits than other cards. Be cautious when using these cards, as excessive spending can lead to increased debt and a lower credit score.
3. Credit Cards with Co-Signers
If you have a friend or family member with a good credit score, they may be willing to co-sign your credit card application. This helps you get approved for a card with better terms and can allow you to build your credit history as long as you make on-time payments. Keep in mind, though, that the co-signer is also responsible for any debt you accumulate on the card.
Improving Your Credit Score
While there are credit cards available for those with a 584 credit score, it's important to work on improving your credit to qualify for better terms and rewards. Here are some tips to help raise your credit score:
- Pay your bills on time
- Keep your credit card balances low
- Avoid hard inquiries by limiting credit card applications
- Dispute any errors on your credit reports
- Have a mix of credit types (e.g., revolving and installment credit)
Credit Cards For 584 Credit Score Example:
Jane has a credit score of 584 and wants a credit card. She chooses to apply for a secured credit card that requires a $200 deposit, which represents her credit limit. Jane makes sure to pay her bill on time and keeps her balance low. After a year of responsible credit card use, her credit score has improved to 650, and she can now apply for an unsecured credit card with better terms and rewards.
A 584 credit score doesn't have to hold you back from obtaining a credit card. By researching your options, making responsible financial decisions, and working to improve your credit score, you can eventually qualify for cards with better rewards and benefits. Share this article with friends and check out other guides on Flik Eco for more personal finance and investing tips to help you achieve your financial goals.
