What's the lowest credit score to get a credit card?
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.
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).
For credit cards, 750 is the required minimum CIBIL score. Your credit card application can be declined if you have a credit score of less than 750. Determining your CIBIL score in India is thus advised before applying for a credit card.
Tips to work on your 500 credit score
Apply for a secured credit card. They are easier to qualify for because they require you to place a cash deposit. Get a credit-builder loan or a secured loan, which allows you to build credit and savings at the same time.
Yes, many cards are available to people with a 600 credit score. While you probably won't get approved for a top-tier card, you can almost certainly get a modest, unsecured credit card.
- OpenSky® Plus Secured Visa® Credit Card.
- Chime Secured Credit Builder Visa® Credit Card.
- Petal® 2 "Cash Back, No Fees" Visa® Credit Card.
- Mission Lane Visa® Credit Card.
- Discover it® Student Chrome.
- Self Visa® Secured Card.
- Grow Credit Mastercard.
Nearly all lenders in the US, including Discover, use a FICO® Score among other information when they make their credit decisions, and they have for more than 20 years. We think that everyone should be informed about their credit so that they can avoid surprises.
A credit limit of $500 to $1,000 is average for a first credit card, but it may be higher if you have, say, a history of on-time car payments on your credit file.
- Rates & Fees. Upgrade Cash Rewards Visa®
- American Express Optima® Credit Card *
- Total Visa® Card.
- Self Visa® Credit Card.
- Prosper® Card *
- Credit One Bank® Platinum Visa® for Rebuilding Credit *
- Milestone Mastercard® – $700 Credit Limit.
The best unsecured credit card to get with a 500 credit score is the Credit One Visa card. This card offers a $300 starting credit limit, the potential for automatic credit line increases, and an annual fee of $75 intro 1st yr, $99 after. Cardholders earn rewards on select purchases, too.
What can a 550 credit score get you?
Credit Rating: 550 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.
Maria Adams, Credit Cards Moderator
No, you cannot get an American Express credit card with a 600 credit score, which is considered bad credit. Most Amex credit cards require a credit score of 700 or better for high chances of approval. This means you need to have at least good credit to get an Amex credit card.
As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.
I agree, secured cards are best for a 600 credit score. The Discover it® Secured Credit Card has a $0 annual fee and gives 1 - 2% cash back on purchases. It requires a $200 security deposit to open the account and set the credit limit. The Capital One Platinum Secured Credit Card also has a $0 annual fee.
| Credit Card | Annual Fee |
|---|---|
| Kotak 811 #Dream Different Credit Card | Nil |
| SBI SimplySAVE Credit Card | Rs. 499 |
| Axis Bank Insta Easy Credit Card | Nil |
Some additional cards that offer instant approval: Discover it® Secured Credit Card. OpenSky® Secured Visa® Credit Card. Costco Anywhere Visa® Card by Citi.
| Credit Card Company | Lets You Check for Pre-approved Offers? | Min. Credit Required |
|---|---|---|
| Capital One | Yes | Bad |
| Chase | Yes | Good |
| Citibank | Yes | Limited |
| Discover | Yes | Bad |
While some issuers offer cards designed for those with less-than-stellar credit scores, American Express does not offer any subprime or secured cards. 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.
How soon can you see improvement? The length of time it will take to improve your credit scores depends on your unique financial situation. At the earliest, you may see a change between 30 and 45 days after you have taken steps to positively impact your credit reports.
In general, your chances of being approved for a $5,000 limit credit card are best if you apply for a secured credit card that allows you to deposit $5,000. The deposit acts as your spending limit, which prevents you from spending more than you can afford to repay.
What is a good first credit line?
Many starter credit cards have credit limit ranges between $200 and $1,000. In that case, you could consider a limit of $500 or more to be a fairly good starting limit. However, the best credit limit for your first card is one that you can pay back on time each month as you spend with your card.
A $1,500 credit limit is good if you have fair to good credit, as it is well above the lowest limits on the market but still far below the highest. The average credit card limit overall is around $13,000. You typically need good or excellent credit, a high income and little to no existing debt to get a limit that high.
If you're looking for a card that requires a smaller deposit, you might want to consider the Capital One Platinum Secured Credit Card (see rates and fees). If you qualify for the low $49 or $99 deposits, you'll still receive a $200 credit limit.
| Unsecured credit card | Best for |
|---|---|
| Mission Lane Visa® Credit Card | No credit check |
| Avant Credit Card | Limited credit |
| Capital One QuicksilverOne Cash Rewards Credit Card | Travel |
| Prosper® Card | Low annual fee |
If you have too many recent credit applications or missed payments on your credit report, you may not be approved. Your credit utilization ratio is too high. Your credit utilization ratio, or how much credit card debt you have compared to your available credit, is something that factors into your credit score.
