Are you one of those people with a credit score of 640 and wondering which credit cards are suitable for you? Pretty decent, but maybe not stellar? Well, you're in the right place! In today's blog post, we cover everything you need to know about credit cards for 640 credit scores, along with some exciting offers and benefits. Take a step closer to responsible financial management and start building your credit today!
Credit Cards For 640 Table of Contents
What Does A 640 Credit Score Mean?
A credit score of 640 is considered to be a fair credit rating. With a 640 score, you may not have the best credit, but it's not the worst either. It's just on the cusp between fair and good credit. While you may not qualify for the best credit card offers out there, there are still plenty of options with reasonable interest rates and perks for someone in your position.
Credit Cards For Fair Credit
1. Capital One QuicksilverOne Cash Rewards Credit Card
- No annual fee
- 1.5% cash back on every purchase
- No foreign transaction fees
- Free access to CreditWise, a credit monitoring tool
- Automatic credit limit increase after 5 on-time payments within 10 months
2. Discover it Secured
- No annual fee
- 2% cash back on gas stations & restaurants purchases
- Unlimited 1% cash back on all other purchases
- Free FICO credit score access
- Automatic monthly reviews for possible credit line increases
3. Petal 2 "Cash Back, No Fees" Visa Credit Card
- No annual fees, late fees, or international fees
- 1-1.5% cash back on all purchases
- No credit score required to apply
- Free access to your credit score and budgeting tools
- Increases your cashback rate as your credit score improves
Credit Cards For 640 Example:
Let's say you're a young professional with a 640 credit score, and you want a credit card that rewards you for everyday purchases. You decide to apply for the Capital One QuicksilverOne Cash Rewards Credit Card. With this card, you get 1.5% cash back on all purchases, access to a credit monitoring tool, and a chance to increase your credit limit after making consistent on-time payments.
By paying your bills on time and maintaining a low balance, your credit score gradually improves, and you become eligible for better rewards cards. After six months of responsible credit usage, you notice your score has increased, and you now qualify for a better rewards card like the Chase Freedom Flex, which offers even more perks and cashback opportunities. Keep making smart financial decisions, and you'll continue improving your credit score!
We hope this article has helped you understand the available credit card options for a person with a 640 credit score. Keep in mind, consistency and responsible financial management are the key to improving your credit rating. Feel free to explore the options mentioned above and choose the credit card that best fits your needs. And remember, every small step you take today will pave the way to a better financial future.
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