Have you ever wondered what kind of credit card options are available for someone with a 670 credit score? You're in the right place! In this Flik Eco article, we will explore the best credit cards for a 670 credit score, helping you turn your financial situation around and take your credit game to the next level.
Credit Cards For 670 Credit Score Table of Contents
Understand Your Credit Score
Before diving into specific credit card recommendations, it's important to understand what a 670 credit score means and why it matters. A credit score is a numerical representation of your creditworthiness, calculated based on factors such as payment history, credit utilization, and length of credit history. Scores typically range from 300 (very poor) to 850 (excellent), with 670 falling into the 'fair' category.
Having a 670 credit score means you've likely had some past credit issues, but with careful management, you can work your way towards a better score. And by choosing the right credit card and using it responsibly, you can do just that.
Best Credit Card Options for a 670 Credit Score
1. Secured Credit Cards
These cards require a security deposit, which serves as collateral, reducing the risk for the card issuer. Secured credit cards are a great option if you're looking to build or rebuild your credit. Some secured cards that may work for you include:
- Discover It Secured: No annual fee, cashback rewards, and a chance to upgrade to an unsecured card.
- Capital One Platinum Secured: No annual fee, and an opportunity to increase your credit line after responsibly using the card.
2. Unsecured Credit Cards for Fair Credit
Unsecured cards don't require a security deposit and usually have higher credit limits than secured cards. Some unsecured card options for a 670 credit score include:
- Capital One QuicksilverOne: Features a cashback program, has an annual fee of $39, and an opportunity to increase your credit line after responsible use.
- Avant Credit Card: Has a no annual fee option, suitable for those looking to improve their credit score without secured card limitations.
Key Factors to Consider When Choosing a Credit Card
When selecting a credit card, keep the following factors in mind:
Annual Percentage Rate (APR)
This is the interest rate you'll pay if you carry a balance on your card. Finding a credit card with a low APR can help lower your overall costs if you occasionally carry a balance.
Some credit cards charge annual fees, while others do not. Be sure to weigh the benefits of the card against the cost of the annual fee before applying.
Many credit cards offer rewards programs, such as cashback, points, or miles. Look for a card that offers rewards you can use and value, without being tempted to overspend to chase rewards.
Credit Cards For 670 Credit Score Example:
Imagine you have a 670 credit score and decide to apply for the Capital One QuicksilverOne. You get approved with a credit limit of $1,000 and start using the card responsibly – paying your bills on time and keeping your credit utilization low.
Over the next year, you make on-time payments and watch your credit score steadily improve. Capital One increases your credit limit, and you're eventually able to qualify for a credit card with better terms, lower APR, and no annual fee.
We hope this article has provided useful information on credit cards for a 670 credit score. The journey to better credit starts with responsible credit card use, and you can definitely make progress with the right card in your wallet. Be sure to explore other Flik Eco guides for more personal finance and investing tips, and don't hesitate to share this article with your friends and family who might be in a similar credit situation. Remember, it's never too late to start improving your credit score!