Are you looking for a credit card with a 620 credit score? Chances are; you might not essentially get the top cards in the market. However, this does not mean that your score is badly off not to warrant any good credit card out there. With this kind of credit score, trust that you will get better cards than those designed for consumers with poor credit. Generally, a credit score of 620 is normally deemed as fair.
Here, you might get the much-needed financing although not as ideal as that offered by prime credit cards. The good news is that you can manage your credit wisely and boost your credit score in the long run. This article will outline how you can get credit cards 620 credit score and some of the cards that you should apply for therein.
How Can I Get Credit Cards With 620 Credit Score?
Regardless of your credit score, you can be sure that you will get the much-needed financing to cater for emergency expenses and so on. That said, if you have a credit score of 620, you can get a credit card that will help you finance your projects. Although you might not get a lot of credit like that offered by prime cards, at least, you will be somewhere. Here is the process that you should follow when applying for a credit card with a 620 credit score:
1. Determine your credit score
To start with, your FICO credit score normally provides the credit card companies information regarding your creditworthiness. From your payment history to your credit mix and new credit, there are many factors that affect your creditworthiness. In most cases, it ranges from 300 to 850. If yours is 620, it normally deemed as fair credit. Therefore, you can apply for a credit card with fair credit and get a card that will help you to finance all your projects at home.
2. Gather all the information you need to apply
Your credit card company of choice will require to know some finer details about you. These details include; your name, current address, Social Security Number, date of birth and contact details. Also, they will be keen to note specific financial data such as your levels of income among others. You should have this information at your fingertips.
3. Visit the website of your credit card company
With all the above-mentioned details, the time is ripe for you to make your application online. As you apply, ensure that you fill in the right details to increase your chances of approval. Any information that is not adding up might lead to credit denial. If this is not the case, the credit company might require you to give them more time to review your application.
4. Submit your application
Once you have filled in all the necessary information, you can now submit your application. It is always imperative to countercheck everything just to ensure that there are no errors or discrepancies. If everything is okay, you can submit your application online.
This mode of submission is most preferred because you can easily compare multiple offers from many issuers out there. As a result, you are likely to choose the credit card that comes with more rewards and rates.
5. Wait for the approval decision
The credit card company has to review your application before giving you a response. In most cases, you might get an approval decision almost immediately. Such is usually the case when you submit the application online.
However, if you applied by mail or phone, you might have to wait a little bit longer before getting an approval decision. Those with fair to bad credit have to wait for a period of two weeks before they get the approval decision from the credit card company.
Which Credit Cards Can I Get With a 620 Credit Score?
As we speak, there are many credit cards that you can apply for and get much-needed financing if you have a 620 credit score. Some of these credit cards include the following:
1. Capital One Quick silver One Cash Rewards Credit Card
To start with, you qualify for this credit card if you have ever defaulted on a loan in the past 5 years. Better still, if you have been trying to build your credit in less than 3 years, you still qualify for this card. You will note that this card comes with an annual fee of $39. However, you will be able to earn unlimited 1.5% cashback on all purchases.
Although the above-mentioned credit card does not come with a sign-up bonus, you will note that its cashback is relatively good if you have fair credit. It is imperative to note that you can earn a higher credit line within a period of 6 months. Therefore, you won’t have to pay any foreign transaction fees with this card.
2. Petal 1 “No Annual Fee” Visa Credit Card
The above-mentioned credit card is a new-age credit card. This is because it comes with different features compared to traditional cards. For instance, you can be able to see if you are pre-approved before you make your final submission of your application.
Once you are approved, you can be sure that you will be granted a credit limit of $500 to $5000 depending on your creditworthiness. Generally, this card focuses more on your entire financial picture rather than your credit score in order to award you some credit.
Besides this, it is important to note that this card has no annual or foreign transaction fees. However, you can expect to incur the typical late and returned payment fees. Also, you do not need to have a security deposit for you to qualify for this card. Therefore, it is ideal even when you have a fair credit score such as 620.
It also allows you to earn up to 10% cashback at selected merchants in case you use the card to make purchases. Finally, it reports your account history to all 3 major credit bureaus in the US. Therefore, you will be able to build your credit profile and increase your chances of qualifying for prime credit cards in the future.
3. Credit One Bank Unsecured Visa with Cash Back Rewards
With this card, you can be sure that you will enjoy some peace of mind as it comes with a $0 fraud liability. Once you qualify for this card, you will receive a competitive APR and no annual fee as well as 1% cashback rewards on all your purchases.
Unlike other cards, you will be able to choose your payment due date. However, terms apply. With the Credit One Bank mobile app, you will be able to access your account on-the-go. Besides this, you will not miss any update regarding your account as it comes with customizable texts and email alerts.
When it comes to the interest rates, this card has one of the lowest interest rates starting as low as 20.24%. Better still, since it offers a 1% cashback on all the purchases, you can be sure to get value for money.
4. Capital One Spark Classic for Business
Cardholders here are eligible to earn unlimited 1% cashback on all their spending. The good news is that the cashback earnings are normally processed immediately, thereby giving you ample time to enjoy your rewards.
Besides this the card comes with no annual fee and therefore, you will not have to worry about maintenance costs. Other benefits that you are likely to enjoy here include $0 fraud liability and security alerts. In addition, you will get additional employee cards at no additional costs. Finally, the card does not charge any foreign transaction fees and allows you to pick your own monthly statement due date.
5. Milestone Gold MasterCard
If you are looking for an unsecured credit card, the above-mentioned card is the best option for you. It also comes with a minimum $300 credit for all those who qualify. Generally, it is ideal for those people with a credit score of 620 and can help you rebuild your credit score in the long run.
This is usually the case because it normally reports to all three credit bureaus in the US. If you are able to make your payments in time, you can be sure that you will be able to move to the next credit score bracket in the near future.
6. Indigo Platinum MasterCard
Have you ever had a bankruptcy in the past? If this has ever happened to you, your credit score might have been hurt and this might have hindered you from qualifying for prime credit cards. However, the good news is the Indigo Platinum Master card is there for you.
Once you qualify for this credit card, you can be sure that you will enjoy a minimum credit of $300. However, you should brace yourself for the annual fee which can be as high as $99. Since it is an unsecured line, you do not have to provide a security deposit in order to qualify for it.
How To Choose a Credit Card For Fair Credit?
As you purpose to choose any of the above-mentioned credit cards, there are some considerations that you should make. They include:
1. Ensure that it reports to the major credit bureaus
Your credit card of choice should report to the three major credit bureaus in the US Equifax, TransUnion and Experian. This way, you will be able to build your credit score in the long run and thereby increase your chances of qualifying for prime cards.
2. Check the fees charged
Different credit cards normally charge different fees. Some will come with high annual fees while others will have relatively lower annual fees. If you are rational enough, you should go for the one that charges the lowest fees. Better still, if you come across a card that does not charge any fees, go for it as you will get value for money. Besides this, the card should earn you rewards anytime you make purchases. The more rewards you get the better the card.
3. Free access to how your account is fairing
Since you are aiming at improving your credit score, you should have free access to your account anytime you want. Some cards come with apps that help monitor the progress of accounts from time to time. The more access you have to your account, the better. This way, you will be able to plan your budgeting and so on.
4. An eventual upgrade path
No one would like to remain in the fair credit score forever. Therefore, you should look for a card that offers a route to improved terms. Generally, the card should enable you to gain access to higher credit in the long run.
A good example is the Deserve EDU MasterCard for students which offers you the possibility to upgrade to the Deserve Pro MasterCard. With the latter option, you will be able to get more rewards and save more. Generally, you do not have to switch accounts, as you can be promoted to the next level with the same card number with no loss of credit history whatsoever.
What Should You Avoid With Credit Cards For Fair Credit?
If you are using a credit card for fair credit, there are several things that you should put at bay. They include:
1. Avoid carrying a balance
To start with, you will note that interest rates on credit cards for fair credit normally tend to be high. Under normal circumstances, you would want to pay your bills in full on a monthly basis in order to avoid paying high interest which might eat into any rewards you might have earned in the past. Therefore, you should try to avoid making minimum payments. This way, you will keep the debt longer and this can ultimately hurt your credit score.
2. Avoid making late payments
When making your regularly scheduled payments, you should do so without failure. In fact, you should pay them in good time so that you can remain on the good books of the credit card company. Remember that if you make payments, you might be charged an extra late payment fee and this might hurt your credit score.
3. Don’t overlook cards available at this level
Although you might not be eligible for high-end credit cards, there are good cards that are available at this level. More importantly, you should check the rewards that come with a particular card. Besides this, check the upgrade paths and presence of 0% introductory APR periods.
Having a credit score of 620 should not hinder you from getting the much-needed financing. Although you might not be eligible for prime cards that come with the higher credit limit, all is not lost as you can still get cards that will still work well for you.
Consider the above-mentioned credit cards 620 credit score and you will not regret them. More importantly, make the above-mentioned considerations and you will get value for your money. These credit cards are truly incredible.