Tired of searching for the perfect credit card when you're floating around that 650 credit score? Fret not, we've got your back! In this Flik Eco guide, we'll help you explore some of the best credit cards for people with a 650 credit score and empower you to make well-informed decisions that'll inch you closer to financial stability.
Credit Cards For 650 Table of Contents
Understanding Your 650 Credit Score
A 650 credit score is classified as "fair" on the credit score spectrum. Achieving a higher credit score could unlock better opportunities for lower interest rates and better credit card offers. Sensible card usage and setting achievable financial goals can significantly improve your chances of boosting your credit score.
Credit Cards for 650 Credit Scores: What to Expect
When your credit score is in the fair range, you can expect to be eligible for credit cards with moderate interest rates and limited rewards programs. However, you still have several options available to you. Consider the following options when you're on the hunt for a credit card tailored to your 650 credit score:
1. Secured Credit Cards
- Help you build or rebuild credit
- Deposit acts as collateral and determines credit limit
- Some may offer the opportunity to graduate to unsecured cards
2. Retail Credit Cards
- Approved with lower credit scores
- Higher interest rates, but offer store rewards and discounts
- Use responsibly to improve credit score
3. Entry-Level Rewards Cards
- Simple rewards programs, such as cashback or points
- May have an annual fee and higher interest rates
- Look for cards with no annual fees and modest rewards
Top Credit Card Picks for 650 Credit Scores
If you're eager to rebuild your credit, the following cards are some of the best options available with a 650 credit score:
1. Discover it® Secured
- No annual fee and cashback on purchases
- Matches cashback earned at the end of the first year
- Deposit determines credit limit, refunded after responsible usage
2. Capital One® Platinum Credit Card
- No annual fee
- Access to a higher credit line after making payments on time
- Benefit from free credit monitoring and insight into your credit score
3. Target REDcard Credit Card
- 5% off Target purchases and free shipping on online orders
- No annual fee
- Beware of high interest rates and low credit limits
Credit Cards For 650 Example:
Imagine you've decided to apply for the Discover it® Secured credit card. After getting approved, you're diligent about making timely payments and maintaining a low balance. At the end of your first year, you're not only rewarded with a cashback match from Discover, but you've also managed to improve your credit score by 50 points. This improvement unlocks a world of new and better credit card options with lower interest rates and more appealing rewards programs. You're now well on your way to achieving financial milestones like securing an affordable mortgage or leasing the car of your dreams.
Navigating the world of credit cards with a 650 credit score doesn't have to be a chore. By carefully reviewing your options and selecting a card that works best for your specific financial goals, you can gradually improve your credit score and open the door to better borrowing opportunities. Remember to keep an eye on your credit report, utilize your card responsibly, and make timely payments—all of which will help you boost your credit score.
We're confident you'll get closer to your financial goals by following the guidance provided in this guide. Don't forget to share and explore other Flik Eco articles to help you navigate the world of personal finance, investing, and more!