Having a 570 credit score can feel like you're stuck in a financial rut, but don't lose hope. There are still credit card options available that can help you improve your credit score, while enjoying some benefits. In this Flik Eco guide, we'll dive deep into the world of credit cards for 570 credit score and offer actionable tips to improve your financial status.
Understanding The Credit Score Range
A credit score is a numerical value that lenders use to assess your creditworthiness. It ranges from 300-850, with a higher score indicating better credit. Scores below 579 are considered as poor credit, while 580-669 is fair credit. In this scenario, a credit score of 570 means you might have had late payments, missed payments, or other unfavorable credit history.
Credit Cards For 570 Credit Score: Secured vs Unsecured
For someone with a 570 credit score, both secured and unsecured credit cards can be options. Here's what you need to know about each type.
Secured Credit Cards
- Requires a security deposit
- Lower credit limits
- Good for building or rebuilding credit
- Usually have annual fees
- Fewer rewards and perks
Unsecured Credit Cards
- No security deposit needed
- Higher credit limits
- Better for maintaining good credit
- May have annual fees, depending on the card
- More rewards and perks
Top Credit Cards For 570 Credit Score
Here's a list of some credit cards you may be able to qualify for if you have a 570 credit score:
Capital One Platinum Secured Credit Card
As a secured card, the Capital One Platinum requires a refundable minimum security deposit of $49, $99, or $200 based on your creditworthiness. It offers an initial credit line of $200 or higher, depending on your deposit amount. This card has no annual fee and offers access to a higher credit limit after 6 months of on-time payments.
Discover it® Secured
With the Discover it® Secured card, you'll be required to provide a minimum security deposit of $200 to determine your credit limit. This card offers cash back rewards, with 2% cashback at gas stations and restaurants, and 1% on all other purchases. There's no annual fee, and Discover will review your account to potentially transition to an unsecured card after several months of on-time payments.
Credit One Bank® Visa® for Rebuilding Credit
This unsecured credit card is designed for people with less-than-perfect credit. It offers 1% cash back on eligible purchases, customizable account alerts, and monthly progress reports to track your credit-building progress. The annual fee for this card ranges from $0 to $95, depending on your creditworthiness.
Credit Cards For 570 Credit Score Example:
Let's say you decide to apply for the Discover it® Secured card. You provide a $200 security deposit and set-up automatic payments to avoid any late fees. Within a year, you consistently pay your balance in full and on time, and Discover decides to transition your account to an unsecured card. Your credit score starts to improve, as you continue to use the card responsibly, and you may even qualify for credit limit increases. With hard work and dedication, your financial situation drastically improves.
A 570 credit score might feel like an insurmountable barrier when it comes to getting a credit card, but it doesn't have to be that way. By exploring options such as secured and unsecured credit cards and being diligent about using those cards responsibly, you can pave a path towards better credit. Remember, Flik Eco is here to help with insightful money management tips and relatable advice at every step of your financial journey. Be sure to share this article with anyone who might need it and explore our other guides to make the most of your finances.
