Are you struggling to find a credit card due to a 520 credit score? Fear not! Believe it or not, there are unsecured credit cards available for people with low credit scores. In this Flik Eco blog post, we discuss unsecured credit cards for 520 credit score holders and provide valuable tips to help boost your financial confidence. Let's dive in and explore your options!
Unsecured Credit Cards For 520 Credit Score Table of Contents
What Does a 520 Credit Score Mean?
A 520 credit score is considered a low credit score and can be a significant barrier when applying for credit cards. Various factors may have caused your credit score to drop, such as late or missed payments, maxed-out credit cards, or a bankruptcy filing. Lenders may see you as a higher risk, leading to either denial of your credit card application or approval with high interest rates and fees.
Unsecured Credit Cards for 520 Credit Score
An unsecured credit card does not require a security deposit as collateral. While it may be challenging to find unsecured credit cards designed specifically for individuals with a 520 credit score, there are options available. Here are a few unsecured credit cards you may consider:
1. Credit One Bank® Unsecured Visa® with Cash Back Rewards
- Eligible for applicants with less-than-stellar credit
- 1% cash back rewards on eligible purchases
- Flexible payment dates and account alerts
- Annual fee: $0 - $99, based on creditworthiness
2. Indigo® Platinum Mastercard®
- Designed for individuals with past credit issues
- Custom card design with no additional cost
- Online account access and reporting to major credit bureaus
- Annual fee: $0 - $99, based on creditworthiness
3. Milestone® Gold Mastercard®
- Quick pre-qualification available with no impact on credit score
- Online account access and 24/7 customer support
- Reports to all three major credit bureaus
- Annual fee: $35 - $99, depending on creditworthiness
Unsecured Credit Cards For 520 Credit Score Example:
John, a 25-year-old student, has a 520 credit score due to a few missed payments. He is searching for an unsecured credit card to help improve his credit. After shopping around, he finds Credit One Bank® Unsecured Visa® with Cash Back Rewards. John gets approved and begins using his new card sensibly, paying off balances in full each month. Over time, his credit score improves, and he gains access to better credit options.
In conclusion, while a 520 credit score may limit your options, unsecured credit cards are still available. By using your new card responsibly and making timely payments, you can increase your credit score and open the door to a brighter financial future. Be sure to explore other Flik Eco guides to help you on your journey to better credit and personal finance. If you found this article helpful, don't forget to share it with friends and family who may also benefit from these tips!
