Can I get a credit card with a score of 542?
Credit Cards with a 542 Credit Score
A credit score of about 700+ will likely qualify you for just about any credit card, including those with cash back rewards, lower annual percentage rates (APRs) and more. However, there are plenty of cards you can get with a score lower than this (more on that later).
There is no official “lowest score” that card issuers will accept because whether you get approved for a card depends on a variety of factors, not just your credit score.
One of the best credit cards for a 550 credit score is the OpenSky® Plus Secured Visa® Credit Card because it has a $0 annual fee and there's no credit check when you apply, so approval is almost guaranteed.
- Best for students: Discover it® Student Cash Back.
- Best for no annual fee: Citi Double Cash® Card.
- Best secured credit card: Discover it® Secured Credit Card.
- Best for cash back: U.S. Bank Cash+® Visa® Secured Card.
- Best for no credit: Petal® 2 “Cash Back, No Fees” Visa® Credit Card.
- Best Overall: Credit One Bank® Platinum Visa® for Rebuilding Credit.
- Build Credit: Milestone® Mastercard®
- No Upfront Fees: Indigo® Mastercard® for Less than Perfect Credit.
- Rates & FeesHigh Approval Odds: Total Visa® Card.
Your approval odds for the Capital One Venture X Card are best if your credit score is 740 or higher. Keep in mind, that other factors go into your application as well, including your income and relationship with Capital One.
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.
It may be possible to get a credit card – but your chances of approval are low. This is because an Experian Credit Score of 560 or below is considered very poor. Also, remember that every credit application you make will temporarily reduce your score.
The best store credit cards for bad credit are the Montgomery Ward Credit Account and the Amazon Secured Credit Card. Both of these store credit cards accept applicants with bad credit scores, have $0 annual fees, and report to the major credit bureaus.
What kind of loan can I get with a 540 credit score?
| Type of Credit | Do You Qualify? |
|---|---|
| Secured Credit Card | YES |
| Home Loan | YES (FHA Loan) |
| Unsecured Credit Card | MAYBE |
| Auto Loan | NO |
Highlights: Most negative information generally stays on credit reports for 7 years. Bankruptcy stays on your Equifax credit report for 7 to 10 years, depending on the bankruptcy type. Closed accounts paid as agreed stay on your Equifax credit report for up to 10 years.
With an 540 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.
You can get a Discover credit card with any credit score or even no credit history at all. Discover has credit card options to fit every consumer. If you have bad credit or no credit history, you could get a secured card with Discover.
You need a credit score of 640 or higher to get a Walmart credit card. This means you are eligible if you have fair credit or better, but factors such as your income, existing debt load, recent credit inquiries, employment status, and housing status will also impact your chances.
Consider a secured credit card
A secured credit card requires that cardholders put down a deposit, which acts as collateral if they're ever unable to make payments. The Discover it® Secured Credit Card is one such option, requiring a security deposit of $200.
- Capital One.
- Chase.
- American Express.
- Citi Bank.
- Discover.
- Bank of America.
- Top credit cards you can use instantly after approval.
- Chase Sapphire Preferred® Card.
- Blue Cash Preferred® Card from American Express.
- Citi Custom Cash® Card.
- Capital One Venture Rewards Credit Card.
- U.S. Bank Cash+® Visa Signature® Card.
Some of the easiest unsecured cards to get approved for are the Indigo® Mastercard®, Mission Lane Visa® Credit Card and Milestone® Mastercard®.
| Card name | Credit score |
|---|---|
| Applied Bank® Secured Visa® Gold Preferred® Credit Card | Bad, None |
| OpenSky® Secured Visa® Credit Card | Fair, Poor, Bad, No Credit |
| Capital One Quicksilver Secured Cash Rewards Credit Card | Limited, Bad |
| Capital One Platinum Secured Credit Card | Limited, Bad |
Can I get an unsecured credit card with a 550 credit score?
Yes, it's possible to get an unsecured credit card with bad credit, including a score of 550. Yet the higher your score, the better the options available to you — especially in terms of rewards rates, interest rates and annual fees.
Applying for a credit card online is often the quickest option. You could get a near-instant answer to your application. And if you're approved, some lenders may give you a virtual card number to start using straight away.
According to anecdotal reports, the card's credit limit can be as low as $750 and as high as $10,000. However, Capital One does not list a minimum or maximum credit limit in the card's terms and conditions. If you want to aim for a higher credit limit, there are a number of areas you should focus on improving.
Capital One online applications often get a response in as few as 60 seconds. If your application is delayed, you can scroll up to learn a few reasons why.
In most cases, you need at least good credit to get approved for an American Express card, which FICO typically defines as a score of 670 or higher. Other banks also issue American Express cards.
