Are you struggling to find the right credit card for your 670 credit score? Worry not! In this Flik Eco article, we're going to break down the best credit card options for those with a fair credit score. By the end of this guide, you'll be equipped with the knowledge to find a credit card that suits your needs and can help improve your credit. Let's dive in!
Credit Cards For 670 Score Table of Contents
Understanding Your 670 Credit Score
A 670 credit score is considered "fair" on the FICO scale, which ranges from 300 to 850. While not horrible, a fair credit score can limit your options in terms of credit cards and interest rates. However, there are still some great credit card options for those with a 670 score that can help improve your credit.
Credit Card Options for a 670 Credit Score
While your selection may be limited, there are still great credit cards available for those with a 670 credit score. Below are some popular suggestions.
Secured Credit Cards
Secured credit cards are designed for people looking to rebuild or improve their credit. When you sign up for a secured card, you are required to provide a cash deposit, which serves as collateral and determines your credit limit. This allows lenders to feel more comfortable approving your application, even with a lower score.
- Discover it Secured: This card offers 2% cash back at gas stations and restaurants and 1% cash back on all other purchases. Plus, after seven months, Discover will review your account to see if it can return your security deposit, transitioning you to an unsecured card.
- Capital One Platinum Secured: With this card, your credit line could increase after making the first five monthly payments on time. Additionally, it has no annual fee.
Unsecured Credit Cards
If you prefer an unsecured credit card, there are still options available for those with a 670 credit score. Approval will depend on additional factors, such as your income and current debt level.
- Petal 1 “No Annual Fee” Visa Credit Card: This card offers 2-10% cash back at select merchants, along with no annual fee, foreign transaction fees, or late fees. It also uses alternative data, such as your banking history, for approval.
- Capital One QuicksilverOne: For a $39 annual fee, you can earn 1.5% cash back on all purchases. Capital One may increase your credit line in as little as six months with responsible use.
How to Improve Your Chances of Approval
Aside from selecting a suitable card, there are additional steps you can take to improve your chances of approval.
- Check for pre-approval offers: Many banks and credit card issuers offer online pre-approval tools that will not affect your credit score. Pre-approval gives you a better idea of your chances before submitting a formal application.
- Pay down existing debt: Lowering your credit utilization ratio can improve your credit score and make you a more attractive borrower.
- Be cautious of applying for too many cards: Each new application can temporarily lower your credit score, so only apply for the cards you have the best chance of being approved for.
Credit Cards For 670 Score Example:
Imagine you've got a 670 credit score and are looking for a new credit card to improve your credit. Based on your research in this article, you decide on the Discover it Secured card, considering its cash back rewards and opportunity to transition to an unsecured card.
You submit your application after checking your pre-approval status and are delighted to be approved for the card. Over the next several months, you make all of your payments on time and keep your credit utilization low. At the end of the seventh month, Discover reviews your account and returns your security deposit, transitioning you to an unsecured card. Your responsible use has not only improved your credit score but has also granted you access to better financial opportunities.
Now that you know the best credit card options for a 670 credit score, it's time to take action! Apply for a card that suits your needs and make a conscious effort to improve your credit. Share this guide with friends and family and explore Flik Eco's other personal finance resources to become a master of your financial life.