What Is a Fair Credit Score?
Fair credit is defined by FICO which is the most popular credit scoring company. Fair credit score would be a 580 to a 669 or if you’re looking at vantage score the other big credit scoring company is a 601 to 660. Now if you’re interested in what goes into your credit score or how to improve your credit score or the difference between vantage score and FICO we have all sorts of guides
Now before you go out and apply for a credit card you should pull a new copy of your credit report and check up on your credit score so the first thing is your credit report. This is the information that will feed into your credit score so if there’s an error on your credit report that’ll show up in your credit score.
As far as looking at your credit score you want to make sure that you are indeed in that fair range. So check up on your credit score to make sure you don’t have poor credit. And when you apply for a credit card you want to make sure that that particular credit card is designed for somebody with your credit profile. It’s not always easy to do that. But after reading this article you will be able to make the right choice before choosing or applying for a credit card.
After going through this complete guide, you can know if it’s in your strike zone or if it’s a credit card that you shouldn’t apply for. But you certainly want to make sure that you’re looking at credit cards that are for your credit profile. In this article, we’re covering credit cards for people with fair credit.
How do you find the best credit card when you have fair credit?
There are a few things to keep in mind, though, before you begin your search. First, know your credit score. These cards are typically available for people with credit scores between 640 and 700. Then, sort based on fees. The best cards for people with fair credit have very low annual fees or none at all. Then, when you’re looking at interest rates, it’s usually going to be a range of numbers instead of a set number.
Just know that when you have fair credit, you’ll probably get approved for one of those rates at the upper end of that range. And the other thing to expect is lower credit limits. Typically, these types of credit cards for people with fair credit have lower spending limits of around 300 to 2000 dollars. And a lot of people also wonder, after you get this new credit card, how long is it going to take for your credit score to improve?
That’s going to depend on your situation and what causes you to have fair credit in the first place. But as long as you’re paying on time and as long as you’re staying well below that spending limit, you should see some type of improvement within eighteen months. So now that you have all of those things to keep in mind, you’re ready to start browsing cards for people with fair credit and find the best one for you.
- This card has a zero-dollar annual fee means it’s not costing you anything to keep in your wallet. and it also comes with zero-dollar fraud liability. And what that means is that if somebody steals your credit card or maybe they write down the card number and they use it without your authorization, essentially if there are any fraudulent charges on the card. If you find those and report them on time, you won’t be out of any money with this card. And that’s why a lot of people say it’s actually safer actually to spend with a credit card than a debit card. that’s part of the reason that it generally is safer to spend with a credit card versus a debit card.
- On top of that in addition to zero-dollar fraud liability, the card does not charge any foreign transaction fees. If you do find yourself outside the U.S., you can use this card normally, just like you would inside the US. and you don’t incur a three percent foreign transaction fee in the process.
- Now one thing you want to be mindful of, particularly if you have a limited credit history, is the credit limit on your new credit card. Now with this card, you’re likely to have a smaller credit limit to start, but you can be automatically considered for a credit limit increase after six on-time monthly payments. And what’s nice about that is that if you can get a higher credit limit, you want it for a couple of reasons.
- One reason is that having a higher credit limit provides you with more of a buffer, and more cushion. So it means that on a day-to-day basis, you’re less likely to approach your credit limit or even try to exceed it. On top of that, your credit limit can impact your credit score not directly but through something that’s called credit utilization.
- Credit utilization, or your credit utilization rate, is the current balance on the card divided by your credit limit on a card. So just mathematically, if you want a lower utilization rate, which you do, it would be a positive sign for your credit score. If you have a higher credit limit, it makes it easier to keep your utilization rate lower. So if you can be considered for a credit limit increase, if you can get it you want to get it for a couple of different reasons. Credit utilization has a major impact on your credit score.
- And speaking of your credit score, Capital One also provides you free access to see your credit score and to see how it progresses over time. So it’s nice with this card because you know a big reason you’re getting it is to build credit over time. and they provide you with the tools to make sure you’re on track, but that’s about it. For the credit card like I said, it is a very basic credit card. It is a great option though.
Here are some key points as follows:
- Designed for individuals with fair or average credit.
- No annual fee.
- Automatic credit line reviews for potential increases after six months.
- Reports to all three major credit bureaus.
- No foreign transaction fees.
- Fraud coverage with $0 liability for unauthorized charges.
- Compatible with mobile wallets for contactless payments.
- Access to Capital One CreditWise® for free credit monitoring.
- Straightforward terms with no hidden fees.
- Easy account management through the Capital One mobile app.
Petal® 2 “Cash Back, No Fees” Visa® Credit Card is an unsecured credit card, meaning there is no security deposit required upfront. If you have less than perfect credit, one of the better ways to get access to a credit card if you don’t already have one is to get a secured credit card, which requires a secure deposit upfront this particular card does not require that. Also, if you do go to apply for this card, you can see if you’re pre-approved within minutes without impacting your credit score, which is a good thing.
If you want to make sure that you have a good chance of being approved for the card before you go through with that application process. and if you’re worried about getting approved for the card, the company has a system that can look at non-traditional information like your income and even maybe your bill payment history to see if you qualify. This card has a zero-dollar annual fee so it won’t cost you anything to keep it in your wallet year to year.
Let’s have a look on some key points of Petal® 2 “Cash Back, No Fees” Visa® Credit Card according to fair credit:
- No annual fees, late fees, or foreign transaction fees.
- Earn 1%–1.5% cashback on eligible purchases.
- Up to 10% cashback with select merchants.
- Reports to all three major credit bureaus to help build credit.
- Credit limits range from $300 to $10,000 based on financial history.
- Does not require a credit score for approval; uses cash flow underwriting.
- Variable APR ranges from competitive rates based on creditworthiness.
- Ideal for individuals with fair or limited credit.
- Mobile app for budgeting and expense tracking.
- Encourages responsible credit use with increased cashback over time.
Mission Lane is a company that serves mostly the bad credit market people who are trying to rebuild their credit from a choppy past. they also get up into the sort of fair credit market.
Here are some key features that you should know about:
- Designed for individuals with fair or rebuilding credit.
- Reports to all three major credit bureaus to build credit history.
- No hidden fees; transparent terms.
- Credit limit increases are possible with responsible use.
- Quick and easy pre-qualification with no impact on credit score.
- Competitive APR for fair credit category.
- No security deposit is required.
- Mobile app for account management and payment tracking.
- Fraud protection is included for secure transactions.
- Flexible payment options to avoid late fees.
This credit card gave 20% cash back on all transactions. With this tiny company at the time called Uber, they were offering this as a marketing tactic.The Quicksilver is one of the few good cards that you can get with low to no credit. The main feature of the Quicksilver is you can have an unlimited 1.5 percent cash back on all features purchases. This is pretty good especially when you are considering that this might be one of the best credit cards for fair credit you can get.
- Unlimited 1.5% cash back on all purchases.
- Designed for individuals with fair or average credit.
- $39 annual fee.
- Automatic credit line reviews for potential increases.
- No foreign transaction fees.
- Access to Capital One CreditWise® for credit monitoring.
- Reports to all three major credit bureaus to help build credit.
- Fraud coverage and $0 liability for unauthorized charges.
- Compatible with mobile wallets for contactless payments.
- Easy account management through the Capital One mobile app
The Destiny Credit Card doesn’t require a security deposit.It may be tempting to apply. The Destiny Credit Card reports how you use it to three major credit bureaus, that should help to build your credit score.
- Designed for individuals with fair or poor credit.
- Fixed $700 credit limit.
- No security deposit is required.
- Reports to all three major credit bureaus to help build credit.
- Prequalification is available with no impact on credit score.
- Monthly or annual fees are based on the card terms.
- Fraud protection with $0 liability for unauthorized charges.
- Acceptance wherever Mastercard is accepted.
- Simple online account management tools.
- Focused on credit-building with responsible use.
Conclusion:
In conclusion, finding the best credit card for fair credit can be a significant step toward improving your financial health and building a stronger credit profile. The right card offers not only opportunities to earn rewards or enjoy useful perks but also helps you establish responsible credit habits. Whether you prioritize cashback, low fees, or access to tools for monitoring and building credit, there’s a card tailored to your needs. As you explore options like the Capital One Platinum, Petal® 2, or Mission Lane Visa® Credit Card, focus on features that align with your financial goals. By using these cards wisely, paying on time, and keeping your balances low, you’ll be well on your way to better credit and greater financial opportunities in the future.