Can I get a credit card with a 515 credit score?
With an 515 credit score, you're unlikely to get approved for a traditional credit card. Credit cards are unsecured forms of debt, so banks tend to be a bit more cautious compared to loans backed by specific assets, like mortgages and auto loans. Having said that, there are a couple of options.
A 515 credit score can be a sign of past credit difficulties or a lack of credit history. Whether you're looking for a personal loan, a mortgage or a credit card, credit scores in this range can make it challenging to get approved for unsecured credit, which doesn't require collateral or a security deposit.
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 515 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.
Credit Rating: 515 is considered a bad credit score. Borrowing Options: Most borrowing options are available, but the terms are unlikely to be attractive. For example, you could borrow a small amount with certain unsecured credit cards or a personal loan with no credit check, but the interest rate is likely to be high.
Card name | Annual fee | Security deposit |
---|---|---|
Capital One Platinum Secured Credit Card | $0 | $49 to $200 |
Petal® 1 “No Annual Fee” Visa® Credit card | $0 | None |
Discover it Secured® Secured Credit card | $0 | $200 |
Petal® 2 “Cash Back, No Fees” Visa® Credit card | $0 | None |
That likely means a score of at least 670 on the FICO scale and more than 660 on the VantageScore scale. FICO scores are the most widely used, but both scoring systems represent the risk you pose to lenders on a scale of 300 to 850. The higher the score, the lower the risk.
- Discover it® Secured Credit Card. ...
- Bank of America® Customized Cash Rewards Secured Credit Card * ...
- Navy FCU nRewards® Secured Credit Card * ...
- Petal® 1 “No Annual Fee” Visa® Credit Card * ...
- Credit One Bank® Platinum Visa® for Rebuilding Credit * ...
- Discover it® Student Cash Back.
- Make your payments on time. ...
- Set up autopay or calendar reminders. ...
- Don't open too many accounts at once. ...
- Get credit for paying monthly utility and cell phone bills on time. ...
- Request a credit report and dispute any credit report errors. ...
- Pay attention to your credit utilization rate.
Twenty-four percent have a FICO® Score between 750 and 799, making the "very good" bracket. Data source: FICO (2022). Nearly half of Americans score between 750 and 850, in the very good to exceptional range, while less than 25% of Americans have a score between 300 and 649, the poor to fair credit score range.
You'll typically need a credit score of 620 to finance a home purchase. However, some lenders may offer mortgage loans to borrowers with scores as low as 500. Whether you qualify for a specific loan type also depends on personal factors like your debt-to-income ratio (DTI), loan-to-value ratio (LTV) and income.
How can I raise my credit score 200 points in 30 days?
- Be a Responsible Payer. ...
- Limit your Loan and Credit Card Applications. ...
- Lower your Credit Utilisation Rate. ...
- Raise Dispute for Inaccuracies in your Credit Report. ...
- Do not Close Old Accounts.
On-time payments
The best way to get your credit score over 800 comes down to paying your bills on time every month, even if it is making the minimum payment due. According to LendingTree's analysis of 100,000 credit reports, 100% of borrowers with a credit score of 800 or higher paid their bills on time, every time.
Paying bills consistently and on time is the single best thing you can do to promote a good credit score. This can account for more than a third (35%) of your FICO® Score. Length of credit history. All other things being equal, a longer credit history will tend to yield a higher credit score than a shorter history.
The minimum credit score needed to get most Discover credit cards is 700 or above. There are a few Discover cards for which there's no minimum credit score requirement, such as the Discover it® Secured Credit Card which you can get with a bad credit score (below 640).
First Progress Platinum Elite Secured Mastercard: The First Progress Platinum Elite Secured Mastercard requires no credit history or minimum credit score for approval. Your security deposit is refundable, and the card is accepted nationwide. 4.
Some of the easiest unsecured cards to get approved for are the Indigo® Mastercard®, Mission Lane Visa® Credit Card and Milestone® Mastercard®. While these cards are geared toward people with bad credit and have easy approval odds, they tend to charge high fees and interest, which can make building credit costly.
Bottom Line. If your FICO or VantageScore credit score is approximately 670 or higher, you have a history of on-time payments for at least the last year and you haven't declared bankruptcy or defaulted on a loan within five years, you have very good odds of being approved for at least one of Capital One's Venture cards ...
Most Chase credit cards are intended for consumers with good to excellent credit scores (FICO® Score of 670 or higher). A score above 700 is even better and gives you a strong chance at approval.
The Chase Sapphire Preferred® Card isn't a credit card for everyone — you'll need to have good to excellent credit to have a chance at getting approved. We recommend having a FICO score of at least 690 before applying for this card. If you need to wait a bit and work on your credit, it's a good idea to do that.
Credit Card Company | Lets You Check for Pre-approved Offers? | Min. Credit Required |
---|---|---|
Chase | Yes | Good |
Citibank | Yes | Limited |
Discover | Yes | Bad |
PNC | No | Excellent |
How do I get a credit card if no one will approve me?
You can still get approved for a credit card without a credit history. In fact, there are credit cards designed for people with no credit, such as secured cards and student cards. You'll want to pay attention to features like fees and interest rates when shopping for your first credit card.
The best credit card overall is the Wells Fargo Active Cash® Card because it gives 2% cash rewards on all purchases and has a $0 annual fee. For comparison purposes, the average cash rewards card gives about 1% back. Cardholders can also get an initial bonus of $200 cash rewards after spending $500 in...
- Review Your Credit Report. ...
- Pay Your Bills on Time. ...
- Ask for Late Payment Forgiveness. ...
- Keep Credit Card Balances Low. ...
- Keep Old Credit Cards Active. ...
- Become an Authorized User. ...
- Consider a Credit Builder Loan. ...
- Take Out a Secured Credit Card.
How Long Does It Take to Fix Credit? The good news is that when your score is low, each positive change you make is likely to have a significant impact. For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use.
- Lower your credit utilization rate.
- Ask for late payment forgiveness.
- Dispute inaccurate information on your credit reports.
- Add utility and phone payments to your credit report.
- Check and understand your credit score.
- The bottom line about building credit fast.