Understanding Credit Scores in the 600-649 Range
A FICO credit score that hovers between 600 and 649 might be perceived as “fair” or potentially “poor” depending on the financial institution you engage with. This might make it trickier to secure some of the more attractive rewards-based credit cards, but don’t count yourself out just yet. The silver lining of having a score in this range is that there’s ample scope to enhance it.
In your quest to find the right card, we’ve put together a list of the top credit cards tailored for those with FICO scores between 600 and 649. Though these cards may not provide the perks seen with top-tier cards, they still offer meaningful rewards and benefits.
Top Picks for 600-649 FICO Scores
If you find your credit score between 600 and 649, the following cards might be worth exploring:
1. Petal 2 Visa Credit Card
Optimal for: Enhancing your credit score without fees and reaping rewards.
With its tagline of ‘All rewards, no fees,’ the Petal 2 Visa Credit Card stands true to its promise. It rewards users with up to 1.5% cash back and avoids all fees – no annual, foreign transaction, or late fees. The interest rates and credit limits show variability. The unique ‘Cash Score’ feature assesses eligibility based on income and expenses from recent bank statements.
- Issued by: WebBank, Member FDIC
- Key details:
- Annual fee: $0
- Credit Limit: Ranges from $300 to $10,000, contingent on credit score and other factors
- Reporting: Yes, to all three major credit bureaus
- Bonus: None
- Rewards: Tiered cash back with potential to earn up to 10% with specific merchants.
2. Discover it Secured
Optimal for: Establishing or re-establishing credit with cashback incentives.
The Discover it Secured card is perfect for those new to credit or looking to rebuild. It offers a refundable security deposit and a chance to upgrade to an unsecured account after a brief period.
- Key details:
- Annual fee: $0
- Credit Limit: Directly corresponds with security deposit amount (from $200 to $2,500)
- Reporting: Yes, to all three main credit bureaus
- Bonus: None
- Rewards: Variable cash back, with a 2X cashback match at year’s end.
3. Avant Credit Card
Optimal for: Boosting credit score without needing a security deposit.
The Avant Credit Card allows regular reviews to potentially elevate your credit limit. As it’s an unsecured card, it’s wise to clear the balance monthly to dodge high interest.
- Key details:
- Annual fee: Ranges between $0 and $59
- Credit Limit: Typically spans from $300 to $2,000
- Reporting: Yes, to all three chief credit bureaus
- Bonus & Rewards: None
4. Open Sky Secured Visa Card
Optimal for: Individuals at the lower spectrum of the 600-649 score, especially with major credit setbacks.
Open Sky does not mandate a credit check or bank account for approval. Its main catch is a $35 annual fee with no reward program.
- Key details:
- Annual fee: $35
- Credit Limit: Between $200 and $3,000, based on security deposit
- Reporting, Bonus, & Rewards: Standard reporting with no bonus or rewards.
5. Milestone Mastercard
Optimal for: Those below 650 aiming for an unsecured card.
The Milestone Mastercard is tailored for lower scores in the mentioned range, and doesn’t necessitate a security deposit.
- Key details:
- Annual fee: Varies between $35 and $99
- Credit Limit: Starts at $300
- Reporting: Yes, to all three prominent credit bureaus
- Bonus & Rewards: None
Frequently Asked Queries
Is a 600 credit score deemed low?
Yes, a 600 score isn’t seen as “good” or “average.” But it provides avenues to enhance and build credit with certain credit cards.
Is it feasible to secure a card with a 649 score?
Absolutely. A score of 649 isn’t dismal. Improving this score further can lead to cards with superior benefits.
Can I be approved with a 600 credit score?
Yes, some lenders specifically cater to lower credit scores. You’re likely to be eligible for a secured card.
What if I have zero credit history?
Several cards in this guide cater to those without credit. A secured card might be more accessible, but some unsecured cards might be available with higher fees.
How can my credit score be enhanced?
Prompt payments, keeping utilization under 30%, and timely monitoring of credit reports can positively impact scores.
Concluding Thoughts
Securing a credit card with a score between 600 and 649 is feasible. It’s paramount to select a card that aligns with your goals, primarily elevating your credit score. Remember, these cards are stepping stones to future financial opportunities. Utilizing them responsibly can open doors to better financial products down the line.
