Financial institutions pass out credit cards after considering your credit score. In many cases, you will get a credit card if your credit score is 740 or higher. However, you will still get consideration for a credit card from some financial institutions with a credit score of 650. You can still get a credit card with no annual fees and will come with reasonable interest rates.
Many people struggle to get credit cards because they do not have a solid credit card score. Waiting to build your credit might take longer and you may need to look for the best credit cards for 650 credit score when you need to get a credit card. It would be best if you considered looking at financial institutions that will consider you when you have a credit score that is lower or fair.
- The 5 Best Credit Card For 650 Credit Score
- What To Look For When Choosing A Credit Card For 650 Credit Score? – Buying Guide
- How To Improve Your Credit Card Score?
The 5 Best Credit Card For 650 Credit Score
With so many credit card companies available in the market today, it might be challenging to get the right one for you. In this review, we will provide you with the best credit card especially if you do not have great credit.
1) QuicksilverOne from Capital One Credit Card
If you like getting rewards, this is an excellent credit card for you. It is widespread and comes with a rewards program that is beneficial so that you will receive more when you are using the card. With every purchase you make using this card, you will earn 1.5% back, so you will not need to track the different purchase categories.
When you have good credit behavior, this credit card will give you rewards and increase your limit if you make the first five monthly payments on time. You can increase your limit faster and have a higher chance of getting more rewards using this credit card.
- $39 annual fee
- Rewards program
2) Journey Student Rewards from Capital One
Most students might struggle getting a credit card because they have might not have a good credit score. However, they still deserve to get a credit card they can use to make essential purchases. This is why capital one has a credit card meant for students.
With this card, you will get cashback rewards and a chance to build your credit card score. It has no foreign transactions fees for students studying abroad, and it does not attract an annual fee.
- No foreign transaction fees
- No annual fee
- Cashback rewards
3) Surge Mastercard
No matter the type of credit you have, you can apply for this credit card. You will get free access to vantage when you sign up for e-statements, and you can get an initial credit limit of $300 to $1000. The credit limit you get will be subject to available credit, and you can also see if you are pre-qualified without any impact on your credit score.
This is one of the best credit cards for 650 credit score because it is relatively easy to apply for, and the application process is fast. You can get a quick approval if you are struggling to get accepted for credit cards. It is accepted anywhere, so you can use it to make purchases online and also in person.
- Monthly reports
- Free access to vantage
- Initial limit of $300 – $3000
4) Reflex MasterCard
You can check if you qualify for a credit card in many financial institutions, but it might affect your credit score. The reflex MasterCard will allow you to check if you are qualified without impacting your credit score. A monthly report to three major credit card bureaus is provided, and you can sign up for e-statements and get free access to your vantage.
This credit card gives you access to a personal Trans union credit score, and you can apply for the card and get results in seconds. When you apply for the credit card, you will receive an initial credit limit, and this card gives you $300 to $1000 subject to the available credit when you are applying.
- e- statements
- healthy credit line
- access to trans union score
5) Chase Slate Card
With the chase slate credit card, you can raise your rate fast because your credit score will go up when the intro period ends. You will not need to worry about annual fees, and it also offers you a $0 introductory balance.
If you have an existing card, you can transfer the credit card debt without paying any transfer fee. Within the first 60 days that you open your account, you can transfer the balance and the credit card debt from your existing card.
- No annual fee
- Promotional rate on new purchases
- $0 introductory balance for transfers
What To Look For When Choosing A Credit Card For 650 Credit Score? – Buying Guide
When you decide to apply for a credit card, you need to carefully consider several factors so that you get the right one for you. The following are some significant factors you need to look at before choosing the credit card company you want to use.
Check the charges that you will incur when you are applying for the credit card. The costs include any monthly or yearly payments so that you can be sure that you will afford them. There are also interest fees when you are using the credit card, and you need to ensure they are not so high so that you can repay the card fast.
Many credit card companies offer rewards when you use a credit card to make it attractive to apply for it. This can be in the form of cashback for purchases and many others. Check the type of rewards available when you use the card so that you can benefit from them. Some cards will give you loyalty points depending on the amount you spend, and it can be in particular stores.
- Minimum Repayment
You will need to repay an amount if you do not pay off the balance each month. In most cases, you need to pay 3% or a certain minimum amount, whichever will be higher in most companies. You need to ensure that the minimum repayment will be affordable for you because you need to keep improving your credit score even as you continue using your credit card.
How To Improve Your Credit Card Score?
Your credit score is crucial to your financial health because it tells lenders about your credibility and how responsible you are about your finances. To get approval for different credit cards and loans, you need to show that you can pay your debts. If you have a higher credit score, you have a better chance of getting a higher loan or getting a higher limit on your credit card when you apply for one.
1. Pay Bills On Time
Your payment history dramatically impacts your credit score, and you need to get a handle on your bills to have a higher score. No matter how old the debt is, it will reflect on your financial health and affect your score. If you have been paying your bills on time, you have a better chance of getting higher limits when applying for a credit card.
You can easily keep track of your monthly bills by setting alerts so that when you have a bill, you need to pay. If you keep forgetting to pay the bills, you should also consider making bill-paying automated from your bank account. If you charge your monthly bill payments on your credit card, you can pay the entire balance every month to avoid interest.
2. Check Your Credit Reports
You need to know what is working and what is not working for you so that you can make changes to improve your credit. A credit report provides you with your credit history to ensure you check how you are doing. You can pull a copy from major credit bureaus and review the information on what is hurting or helping your score. This way, in the future, you can continue with the good and make changes to what is hurting you.
Credit history will show you missed payments, late payments, credit card balances, older credit accounts, and many more. You can also dispute anything that does not seem right to have them removed from your file so that they do not continue to hurt your score.
3. Deal With Any Delinquencies
Close down any old credit cards you are not using because no matter how long you have had an account, it will affect your score. You need to ensure you appear responsible to lenders so that you can get a higher limit. If there is any balance on other cards, you need to close the credit card. Old accounts that stay open will also help your credit score if you lower the available credit and increase the utilization ratio.
Resolve any delinquencies by paying off the late and missed payments. If you do this, you will improve your payment history as you go forward. Pay off the collections and charge-offs, and remember that a negative account will remain on your record for a long time.
4. Consolidate Your Debts
Outstanding debts can hurt and sometimes even help your credit score. If you consolidate the loan from a bank or credit union and pay them off, you will have a better chance of getting a lower interest rate on loans. This means that you can pay your debts much faster in the future and continue improving your credit score.
Whenever you are transferring your balances, you should also consider the transfer fees. Take multiple cards credit card balances and pay off with a transfer credit card.
5. Monitor Your Progress With A Credit Track
As you continue using your accounts and credit cards, your credit score will keep changing. You must keep monitoring your score and make any changes as soon as you can. To improve your score, you should take care of anything that is hurting your score. The credit scores are updated monthly, so it is easy to keep track of your scores. Any new account you open will also be available when you check the scores.
6. Avoid New Credits
Inquiries for new credits can affect your credit score because credit card companies will check if you can get preapproved offers. Ensure that you make a soft inquiry because it will not affect your credit score. A hard search includes applications for a mortgage, credit card, and motor vehicle loan. They can impact your credit score in a short period because they have more considerable risk.
It might not be easy for you to get a credit card from financial institutions with a low credit score. Even though you may need a credit card, you need to ensure that you get one from the right financial institution. It is not enough to get a credit card; you also need to ensure that you raise your score so that you have a higher limit.
When applying for the best credit cards for 650 credit score, you need to carefully look at the fee and payment terms. You should have a credit card that you can easily afford to pay. When you pay back on time, you will raise your credit score and get a higher limit in the future.