Is There A Credit Card For A 550 Credit Score?

A very common question that I get asked frequently is whether it’s possible to get credit cards with bad credit. This of course depends on a variety of factors, including how bad your credit score actually is. Getting an unsecured card probably won’t be possible unless you have a score that’s in a certain range – probably above 650.

Those who have a score that’s lower than that still have quite a few options. The options aren’t quite as good but they will still allow you to build credit which gets you closer to getting a card that has better terms.

For example, those who have a 550 credit score or anything under 650 for that matter can build credit via two reasonable options: secured credit cards and prepaid credit cards. These cards often have a small amount of fees associated with them but can be used to build credit.

I personally used a few secured cards to build my credit after I ruined it and it was very effective for me. Sure there was some cost involved (I think my activation fee was $75) but it was a very useful credit building vehicle. Would I do it again? Absolutely.

If you find yourself in a situation where you can’t get unsecured cards, you should certainly give one of those options a shot. Secured cards are the better option as the fees are generally lower. It will take you a year or so to increase your credit to the point where you can get a regular line of credit but that’s a small price to pay considering how much it costs to take out loans when you have a low credit score.

If you’re unfamiliar with how credit works, you should take a look at our credit score explanation.

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Tags: 550 credit score, Credit, Credit Cards, prepaid credit cards, secured credit cards, unsecured credit cards