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Articles » What Is A Good Credit Score | | What Is Considered A Good Credit Score For Getting A Credit Card? |
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It depends on the type of the card you are applying for and also on the credit card company. In this article you can find different card types available for various credit score levels.
Any Credit Score – Debit Card:
If you want just the card and do not want to carry a balance on it you can get a debit card . Since debit cards are prepaid (i.e. the money is taken directly out of the account linked to the card right after the charge is made), they are available to candidates with all credit score ranges, and banks don’t check your fico score when you apply for one.
Credit Score mid 400s to low 500s – Secured Credit Card:
In order to get approved for a secured credit card your credit score can be from mid 400s to low 500s and above. Usually these are the easiest cards to obtain because banks or credit card agency keeps your money in an account as collateral. Your credit line will be based on that. Actually secured credit cards are a good starting point if you want to establish credit and increase your fico score. Therefore, unless you have very bad credit or no money to put down as collateral, chances are you will get approved for a secured credit card. The important note to keep in mind about secured cards though, is that your chances of getting one increase greatly when you apply with a bank you already have accounts with.
Credit Score mid 500s to low 600s – Credit Cards with Bad Terms:
If you credit score is in mid 500 you might be able to get an unsecured credit card. You might not be able to get good terms such as a low APR or low fees, but you can get a small credit line and use it to develop or rebuild your credit in a short period of time and use that card as a stepping stone to apply for a better card. With some discipline and information it’s easy to increase your fico score in 6-12 months. You should boost your credit because companies offering credit cards to candidates with bad credit usually charge a lot in fees and interests which could put you in a bad financial situation in the long run.
Credit Score mid 600 and Up – Good Credit Cards:
If you want to find good deals with low APRs, no fees and good cash back offers, your score should be from 660 and up. These deals are not hard to find and you can use resources such as on-line search engines to find them.
Note: What you need to keep in mind regardless of which card you get, is that you need to make your monthly payments on time. Also keep an eye on your debt-to-credit-limit ratio of your cards and try to keep it below 35%.
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