Are you looking to improve your financial life and take advantage of the benefits that credit cards can offer, but you're unsure about your chances with a 655 credit score? You've come to the right place! In this Flik Eco blog post, we'll explore the best credit card options for those with a 655 credit score, demystifying the application process, and highlighting the advantages of each card. So, buckle up, and let's get started on our quest to find the ideal credit card for your unique situation, empowering you to make informed decisions about your financial future.
Credit Cards For 655 Credit Score Table of Contents
What Does a 655 Credit Score Mean?
A credit score is a numerical representation of your creditworthiness, and a 655 falls right around the "fair" category, according to FICO. This score means that your credit history has some blemishes, but you're by no means shut out of the world of credit cards. Here's a breakdown of some key points you need to know about a 655 credit score:
- It's a step below "good" credit scores (670-739) and considered "near prime."
- With careful credit management, you can steadily improve your credit score over time.
- You may be eligible for credit cards with rewards and competitive interest rates but possibly not the industry's best offers.
Finding the Right Credit Card for a 655 Credit Score
When searching for the perfect credit card, the key is to look for cards that cater to those with fair credit scores. Here are our top three picks designed for people in your credit range:
1. Capital One QuicksilverOne Cash Rewards
- Offers unlimited 1.5% cash back on all purchases.
- An annual fee of $39.
- Regular access to Creditwise, allowing you to monitor your credit score and track your progress.
- No foreign transaction fees.
2. Discover it Secured Credit Card
- A secured card requiring a security deposit, which then becomes your credit limit.
- 2% cash back on gas stations and restaurants, up to $1,000 per quarter, and unlimited 1% cash back on all other purchases.
- No annual fee.
- With responsible use, you can transition to an unsecured card after eight months.
3. Petal 2 Visa Credit Card
- A unique alternative geared towards those with no credit or fair credit.
- No annual fee and no security deposit required.
- Cash back on all purchases, ranging from 1% to 1.5% depending on on-time monthly payment history.
- Considers your income, expenses, and savings for approval rather than solely relying on your credit score.
Credit Cards For 655 Credit Score Example:
Let's say you have a 655 credit score, and you're passionate about traveling. You may consider applying for the Capital One QuicksilverOne Cash Rewards credit card, with its unlimited 1.5% cash back on all purchases and no foreign transaction fees. Let's say you spend approximately $1,000 per month on this card, which would translate to $180 in cash-back rewards per year. Subtract the $39 annual fee, and you're left with $141 in rewards. Just keep in mind that it's essential to pay off your balance in full each month to avoid paying interest, as this credit card may have a higher APR than cards for those with excellent credit.
Navigating the credit card landscape with a 655 credit score might feel overwhelming at first, but remember that you have options! With responsible credit management and the right card for your needs, you can start building a better credit score and enjoy the benefits that come with it.
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