If you think that having a credit score of 650 means you can't qualify for high limit credit cards, think again! Whether you're looking to consolidate debt, finance a major purchase, or simply improve your credit score, a high limit credit card can go a long way in helping you achieve your goals. In this guide, we'll explore the world of credit cards for those with a 650 credit score and present you with some of your best options to secure that high credit limit you're after.
High Limit Credit Cards For 650 Credit Score Table of Contents
Understanding Your 650 Credit Score
A credit score of 650 is considered "fair" by most credit bureaus and financial institutions. With such a score, you may face limitations when it comes to loan approvals, interest rates, and credit card limits. However, there are still credit card options available for individuals in this category. They may not have the most favorable terms, but they can serve as a stepping stone towards improving your credit score and financial situation.
High Limit Credit Card Options for 650 Credit Score
1. Capital One QuicksilverOne Cash Rewards Credit Card
- 1.5% cashback on every purchase
- No rotating categories or signup bonuses
- $39 annual fee
- Access to a higher credit line after making the first five on-time payments
While not specifically designed for those with a 650 credit score, the Capital One QuicksilverOne Cash Rewards Credit Card offers flexibility in terms of credit limits and could potentially lead to a higher limit due to the credit line increase feature. Plus, the card offers a simple and straightforward cashback rewards program.
2. Credit One Bank Platinum Visa
- 1% cashback on eligible purchases
- Automatically reviews your account for credit line increases
- Annual fee ranges from $0 to $99, depending on the cardholder's creditworthiness
- EMV chip technology for added security
The Credit One Bank Platinum Visa is another option for individuals with a credit score in the 650 range. Although the credit limit may not start as high as other cards, the automatic reviews for credit line increases give you the opportunity to grow your limit over time.
3. Discover it Secured Card
- 2% cashback at gas stations and restaurants (up to $1,000 in purchases each quarter) and 1% cashback on all other purchases
- Refundable security deposit required to establish credit limit
- No annual fee
- Automatic account reviews for the possibility of transitioning to an unsecured card
While the Discover it Secured Card is a secured credit card, it offers cardholders the opportunity to establish a high credit limit through their refundable security deposit. Plus, this card offers cashback rewards and the possibility of graduation to an unsecured card.
High Limit Credit Cards For 650 Credit Score Example:
Joe, a 28-year-old marketing professional, has a credit score of 650. He's looking to get a high limit credit card to help him purchase some essential furniture for his new apartment. After researching his options, Joe decides to apply for the Capital One QuicksilverOne Cash Rewards Credit Card. He gets approved with an initial credit limit of $3,000, which will cover the cost of the furniture he wants. Plus, after five on-time payments, Joe is promised a credit line increase, helping his credit score grow even further. With the 1.5% cashback rewards, Joe is also able to save money on his purchases while building his credit score.
Now that you're aware of the high limit credit card options available for a 650 credit score, it's time to make the move! Consider your financial needs and goals, and select the card that works best for you. Keep in mind that by using your card responsibly and making on-time payments, you'll be on the path to improving your credit score and financial future. Don't forget to share this guide with others who could benefit from these high limit credit card options. Stay tuned to Flik Eco for more informative and engaging guides that can help demystify personal finance for millennials.
