Credit Cards for Fair Credit
If you’ve worked hard to build or rebuild your credit, you may be wondering what benefits you’ll gain by moving into the fair credit range. Alternatively, if you’ve recently had financial issues that negatively impacted your credit, you may be wondering what the consequences will be. CreditFast will give you a basic summary of what a fair credit score means. We’ll also give you information about credit cards for people with fair credit. Using a credit card for fair credit wisely should help you move from fair credit to good credit quickly. Once you do, even more options will be available to you.
What is a fair credit score?
A fair credit score is slightly higher than a poor credit score and slightly lower than a good credit score. There are many different models for determining your credit score. However, most models have a minimum of 300 and a maximum of 850. Consumers with credit scores between 650 and 679 are usually classified as having fair credit.
Why is my credit just fair?
You may be wondering why your credit score is classified as fair. If you’re new to credit or have chosen not to use credit for a while, your fair credit score is probably the result of your lack of credit history. Also, if you’re an experienced credit user, but have missed payments, used debt consolidation, declared bankruptcy, or used credit excessively in the past, this might be why you’re now in the fair credit range. If none of those situations describe you, run a free credit report and check for errors. If you find a mistake, call the credit bureau immediately to request corrections.
Is having fair credit a bad thing?
According to Experian, one of the three major American credit card bureaus, the average credit score in the United States is 673. Fair credit is actually average. It isn’t something that should make you feel ashamed. In fact, fair credit is often called average credit. You’ll have many more credit options than you would if your score was poor or bad. Fair credit will allow you some options for mortgaging a home and multiple options for financing a car. However, your interest rates for all credit will be higher than if you had good or excellent credit.
Are there credit cards for people with fair credit?
Yes, there are a number of good credit cards for average credit. Each credit card company defines credit score ranges they’ll consider for each card. Many give approval for fair credit. They also consider other factors, so a particular credit score is no guarantee that a company will approve you. To improve your chances, you’ll want to make sure that you’re applying for a card for people with fair credit. There’s no need to apply for cards that require good or excellent credit until you have built or rebuilt your credit up to that level.
Many credit cards for average credit charge no annual fee. This means you can build credit at no cost by being approved for one card, making small purchases, then paying off the balance each month. When you do, your credit card issuer will report your positive payment history to the credit bureaus. Over time, you’ll start to see your credit score increase until you’re in the good credit or excellent credit score range. Once that happens, you’ll be able to upgrade your card or apply for a new account. This will qualify you for more valuable rewards, lower APR rates, and other added benefits.
Top 2 Credit Card Offers for Fair Credit
The following two credit card offers will help you improve your credit score. If you have been rebuilding your credit using secured credit cards this may be the time to apply for a lower fee card. Fair credit card offers for average credit can help build a more positive credit history.
- Capital One® Platinum Credit Card (no annual fee)
- Blaze MasterCard® Credit Card (credit approval is easier if you are between bad and fair credit)
Advertiser Disclosure: CreditFast has reviewed the best credit cards for fair credit offers on the market. Some of the credit card offers are from our advertising partners. However, CreditFast has objectively reviewed the features and benefits of each credit card for people with fair credit. We have ranked the offers in the order of our editor’s recommendations.