Having a 618 credit score may give you some challenges when trying to apply for a credit card. However, it's not all doom and gloom as there are still opportunities for you to secure a credit card that suits your needs and supports your financial journey. In this article, we'll explore credit cards designed specifically for individuals with average credit scores, like yours, and help you learn how to utilize these cards to improve your score and expand your financial opportunities. Buckle up and let's dive in!
Credit Cards For 618 Credit Score Table of Contents
A 618 credit score – What does it mean?
A 618 credit score – What does it mean?
A credit score of 618 falls into the 'Fair' or 'Average' range, which typically lies between 580 and 669. Lenders evaluate your creditworthiness based on this score, and individuals with a 618 score may face higher interest rates and fees on loans or credit cards. However, there are credit card options specifically designed for people with fair credit scores, which can contribute to improving their financial situation when used correctly.
Credit Cards for 618 Credit Score
1. Capital One Platinum Credit Card
- No annual fee
- Access credit line increase after making your first five monthly payments on time
- Designed for individuals with fair credit
2. Discover it® Secured Credit Card
- Secured card with refundable deposit
- 2% cash back on restaurant and gas station (on up to $1,000 in combined purchases each quarter)
- 1% cash back on all other purchases
- No annual fee
- Automatic reviews for upgrading to an unsecured card
3. Credit One Bank® Visa® Credit Card
- 1% cash back on eligible purchases
- $0 fraud liability
- Automatic account review for credit line increases
- Annual fee varying from $0 to $99
Using Credit Cards Responsibly to Improve Your Credit Score
While obtaining a credit card tailored to your credit score is crucial, it's even more vital to use it responsibly to raise your score. Follow these practical guidelines to better manage your credit card:
1. Pay your bills on time
Lenders like to see a history of timely payments, so be sure to pay at least the minimum amount due on time each month.
2. Keep your credit utilization low
Try to use less than 30% of your total available credit. High credit utilization can negatively impact your credit score.
3. Monitor your credit reports
Regularly review your credit reports for accuracy, and dispute any errors or inaccuracies you find.
4. Limit new credit applications
Each hard inquiry on your credit report can temporarily lower your score, so avoid applying for multiple credit accounts within a short period.
Credit Cards For 618 Credit Score Example:
Let's assume Jenny has a credit score of 618. She decides to apply for the Discover it® Secured Credit Card. She deposits $300 to secure her credit card, which becomes her credit limit. Each month, Jenny spends around $200 on her card for necessities like groceries and gas, while ensuring she stays below the recommended 30% credit utilization.
At the end of every month, Jenny pays off her balance in full before the due date. Over time, her consistent, responsible use of the card reflects positively on her credit report, leading to a steady increase in her credit score. Eventually, Discover reviews her account and upgrades her to an unsecured card, returning her initial deposit.
With due diligence and responsible use, it's entirely possible for individuals with a 618 credit score to obtain and utilize credit cards to enhance their financial standing. Begin your journey towards better credit by researching the options mentioned above and make the right choice for your financial situation. Don't forget to share this article with others who might need help finding credit cards for average credit scores, and explore the plethora of personal finance advice Flik Eco has to offer.
