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What Credit Cards Can I Get with 580 Score? (Best Options)

  • A 580 credit score limits your options mainly to secured credit cards and a few unsecured ones.
  • Cards like OpenSky® Plus Secured Visa® and Credit One Bank® Platinum Visa® can help you rebuild your credit.
  • Contact The Credit Pros for a personalized evaluation of your credit report to potentially improve your score and gain access to better credit options.

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With a 580 credit score, you mainly have access to secured credit cards and a few unsecured options. Cards like the OpenSky® Plus Secured Visa® and Capital One Platinum Secured Credit Card approve more easily, while the Credit One Bank® Platinum Visa® gives you cash back. These cards help you rebuild your credit, making it easier to qualify for better options as your score boosts.

To increase your chances, reach out to The Credit Pros. We evaluate your 3-bureau credit report to help you understand your unique situation. With no-pressure guidance, we create tailored strategies for you, from the best secured credit cards for a 580 score to vital tips for responsible use. Take action now to seize control of your credit journey today!

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    What Credit Cards Can I Get With A 580 Credit Score?

    You can get certain credit cards with a 580 credit score, but your options are limited. Generally, you will qualify for secured credit cards, which are designed for those with bad credit. Here are some of the best options:

    • OpenSky® Plus Secured Visa® Credit Card: This card doesn't check your credit score for approval. You need a minimum deposit of $300, which is refundable. It has a $0 annual fee and reports to credit bureaus.

    • Credit One Bank® Platinum Visa® for Rebuilding Credit: You get cash back rewards on specific purchases. This card has a minimal annual fee and is accessible to those with low credit scores.

    • Capital One Platinum Secured Credit Card: This card requires a deposit but features no annual fee. It’s a good choice for building credit over time.

    • Discover it® Secured Credit Card: You earn rewards like 2% cash back at gas stations and restaurants. No annual fee is required, and it also reports to credit bureaus.

    These secured cards are generally easier to acquire. You can compare offers on platforms like WalletHub to find the best fit for your needs. The gist of it: focus on secured cards to build your credit, and as your score improves, consider moving towards unsecured options.

    Best Secured Credit Cards For A 580 Credit Score

    For individuals with a 580 credit score, secured credit cards are often your best option to rebuild credit. Here are the best secured credit cards suited for this score:

    • Discover it® Secured Credit Card: This card has no annual fee and offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. You also get unlimited 1% cash back on all other purchases. Discover matches all cash back earned in the first year, doubling your rewards.

    • Capital One Platinum Secured Credit Card: This card has a low minimum deposit requirement. You can build your credit with responsible use and there's no annual fee. You have the potential to get your deposit back and transition to an unsecured card after a review period.

    • Credit One Bank® Platinum Visa® for Rebuilding Credit: This card offers 1% cash back on eligible purchases, including groceries and gas. It comes with an annual fee that starts at $0 for the first year but may rise to $99 afterward.

    You should always check the card’s terms and conditions, as some secured credit cards might carry hidden fees or high-interest rates. These options report your payment activity to major credit bureaus, which is crucial for improving your credit score over time.

    At the end of the day, choosing the right secured card can help you rebuild your credit and pave the way for better financial opportunities.

    Unsecured Credit Cards For Fair Credit: Options And Criteria

    Unsecured credit cards for fair credit are designed for you if your credit score is between 580 and 669. These cards don't require a cash deposit like secured cards but often come with higher fees and interest rates due to the increased risk for issuers.

    When selecting a card, look for ones with manageable fees and useful terms. Consider these options:

    • Citi Double Cash Card: You earn 1% cash back on purchases and another 1% when you pay, with no annual fee.
    • Capital One Platinum Credit Card: Ideal for building credit with no annual fee, though it doesn't offer rewards.
    • Petal® 2 Visa® Credit Card: No annual fee and provides 1% cash back, increasing to 1.5% after a year of timely payments.

    You should review each card's approval criteria to improve your chances of acceptance. Check for cards specifically tailored for fair credit and pay attention to any potential fees.

    To build your score over time, keep your credit utilization low and pay your bills on time. This practice helps you manage costs and positions you better for future credit applications.

    Lastly, by choosing the right card and maintaining good financial habits, you can steadily improve your credit score and secure better credit options in the future.

    How To Choose The Right Credit Card For A 580 Credit Score

    To choose the right credit card for a 580 credit score, you should focus on a few key factors. First, look for secured credit cards. These cards require a refundable security deposit, which reduces the lender's risk, making approval easier for you. You will often find lower fees and an opportunity to rebuild your credit.

    Next, evaluate the annual fees and interest rates. Cards for lower scores may charge higher interest, so compare options to find manageable terms. You should also look for cards that offer cashback rewards or benefits, even if they are basic, as this can add value to your spending.

    It’s essential to assess how you intend to use the card. Will you use it for balance transfers, or do you want to earn rewards? Identifying your goals helps you in making the best selection.

    Lastly, read the approval requirements carefully. Some cards have specific criteria for applicants with a fair credit score like yours. Research multiple cards to increase your chances of qualifying.

    Finally, for more insights on the best secured credit cards for a 580 credit score, check out our section on that topic later in the article.

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    Approval Requirements For Credit Cards With A 580 Score

    To get approved for credit cards with a 580 credit score, you typically face specific requirements. You have fewer options because lenders see a score in this range as "fair" or "poor." Here's what you need to know:

    • Secured Credit Cards: You should consider a secured credit card. This requires a cash deposit, which acts as collateral and sets your credit limit. If you don't pay your bill, the issuer uses your deposit.

    • Higher Interest Rates: Expect higher interest rates if approved. Lenders charge more because they see you as a higher risk.

    • Limited Credit Limit: You might start with a low credit limit. Lenders often provide smaller amounts to reduce their risk.

    • Payment History: You need a history of on-time payments. A rocky payment history can hinder your approval chances.

    • Application Strategy: Apply selectively. Numerous applications can hurt your credit score, so target cards you're likely to qualify for.

    Lenders may also consider your income and overall financial profile, not just your credit score. You should check your credit report regularly to see where you stand and identify areas to improve.

    Big picture, aim for secured cards, expect higher rates, manage your applications wisely, and keep an eye on your payment history and credit report.

    Easiest Credit Cards To Get With A 580 Credit Score

    If you have a 580 credit score, you can still get credit cards, mainly secured ones and a few unsecured options. These are some of the easiest credit cards to get with a 580 credit score - credit score:

    • OpenSky® Plus Secured Visa® Credit Card: This card does not check your credit score. It has no annual fee and reports to credit bureaus, which helps you build your score. You need at least a $300 refundable deposit.

    • Credit One Bank® Platinum Visa®: This unsecured card is for rebuilding credit. You earn 1% cash back on eligible purchases but pay a $75 annual fee for the first year, which increases later.

    • Capital One Quicksilver Secured Cash Rewards Credit Card: You must provide a security deposit, but you can earn cash back on purchases, helping you build credit while earning rewards.

    • Capital One Platinum Secured Credit Card: This secured card helps you build credit without an annual fee.

    To apply, you need a U.S. mailing address and proof of identity. Secured cards are your best bet to improve your credit score with a 580 rating.

    Overall, opting for secured cards like these can help you rebuild your credit score while providing manageable credit options.

    Benefits Of Secured Credit Cards For Low Credit Scores

    Secured credit cards are excellent tools for you if you have a low credit score. They offer several significant benefits that can help improve your creditworthiness.

    • Build Your Credit: Secured cards report to credit bureaus, which means your responsible use helps establish or rebuild your credit history. Each on-time payment boosts your credit score.

    • Easier Approval: You can qualify for a secured credit card more easily than for an unsecured card. The cash deposit you provide as collateral lowers the lender's risk.

    • Control Spending: Your credit limit typically matches your deposit, helping you manage your spending and avoid accumulating debt.

    • Potential Path to Unsecured Cards: Using a secured card responsibly may lead to opportunities for transitioning to an unsecured card. Lenders look favorably upon the responsible management of a secured credit card.

    • Affordable and Accessible: Secured credit cards often have low deposit requirements, making them accessible even for those on a tight budget.

    As a final point, using secured credit cards effectively sets you on a path to better financial health and opens doors to other credit options suited for your credit score.

    Credit Building Strategies Using Cards For A 580 Credit Score

    To build your credit using cards with a 580 credit score, you should consider several effective strategies. Start by applying for a secured credit card. This card requires a cash deposit that acts as your credit limit. Using it responsibly helps you establish a positive payment history, which is crucial for improving your score.

    You should aim to keep your credit utilization below 30%, ideally around 1-10%. This means if your credit limit is $300, you should only use $30 or less. Pay off the balance in full each month to avoid interest charges and ensure timely payment reporting to credit bureaus.

    Another option is becoming an authorized user on a responsible person's credit card. This allows you to benefit from their positive credit habits without being the primary account holder. Ensure they pay on time and keep their balance low.

    Consider using your card for small, regular purchases that you can easily pay off. This builds a habit of regular credit use and payments without accumulating debt.

    Lastly, be aware of any fees associated with your card, such as annual fees or foreign transaction fees. Choose cards with minimal costs to maximize your benefits.

    To put it simply, to improve your credit score, you should use a secured card responsibly, keep your usage low, and ensure timely payments.

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    Common Fees Associated With Credit Cards For 580 Scores

    When you have a credit score of 580, typical fees associated with credit cards can include:

    • Annual Fees: Many credit cards for lower scores charge annual fees, ranging from $0 to over $99. For example, the OpenSky® Plus Secured Visa® Credit Card features no annual fee.

    • APR (Annual Percentage Rate): Expect higher APRs, often exceeding 28%. This means you'll pay more in interest if you carry a balance.

    • Foreign Transaction Fees: Some cards add fees for transactions made outside the U.S., usually around 1% to 3%.

    • Late Payment Fees: Missing a payment can lead to fees around $35 and increased interest rates.

    • Cash Advance Fees: If you take out a cash advance, expect fees typically around 3% to 5% of the amount withdrawn, plus a higher APR for cash advances.

    You should read the terms carefully before selecting a card, as these fees can impact your overall costs. In short, understanding common fees helps you make informed decisions about which credit card suits your financial needs.

    Initial Deposits Needed For Secured Cards With A 580 Credit Score

    If you have a credit score of 580, you usually need an initial deposit of at least $200 to secure a credit card. This deposit becomes your credit limit; for instance, a $200 deposit means a $200 limit. Some cards, like the Capital One Platinum Secured Credit Card, might let you qualify for a $200 credit line with a lower deposit of $49 or $99.

    Deposit limits can vary widely among issuers. For example, the Discover it® Secured Credit Card allows deposits up to $2,500. You should assess your financial situation carefully to decide how much to deposit, ensuring you keep enough funds for emergencies while establishing a usable credit line.

    Remember, the deposit is refundable if you upgrade to an unsecured card or close the account in good standing. To finish, start with the minimum deposit if you're working on building your emergency fund.

    How To Use A Credit Card Responsibly To Improve Score?

    To use a credit card responsibly and improve your credit score, you should follow these steps:

    • Pay your balance in full each month. This avoids interest charges and builds a positive payment history, which hugely impacts your credit score.

    • Keep your credit utilization below 30%. This ratio of your balance to your credit limit shows you manage credit responsibly when kept low.

    • Set up automatic payments or reminders. This helps you avoid late fees and negative score impacts by ensuring timely payments.

    • Use your card regularly for small purchases. This displays your ability to manage credit effectively.

    • Monitor your credit report and score consistently. Regular checking lets you catch inaccuracies early, giving you control over your credit health.

    As your credit score improves, consider requesting a credit limit increase, but only if you can continue to spend responsibly. If you're starting, a secured credit card is an excellent option for building credit.

    In essence, by paying your balance in full, keeping your utilization low, setting up reminders, using your card for small purchases, and monitoring your report, you can steadily boost your credit score and gain access to better credit opportunities.

    Rewards Programs For Credit Cards With A 580 Score

    If you have a credit score of 580, you can still find rewards programs for credit cards, although the options might be limited. You won't access the best rewards cards, but a few cards offer earnings even for lower scores.

    1. Discover it® Secured Credit Card: You can earn 2% cash back at restaurants and gas stations on your first $1,000 spent each quarter. Plus, you get 1% on all other purchases, and Discover matches all cash back earned at the end of your first year.

    2. Capital One QuicksilverOne Cash Rewards Credit Card: This card offers 1.5% cash back on every purchase. It has a modest annual fee and can increase your credit limit after six on-time payments.

    3. OpenSky® Plus Secured Visa® Credit Card: This secured card doesn't require a credit check for approval. You’ll need to make an initial deposit, but it reports to credit bureaus.

    To maximize your rewards, use your card for regular expenses like groceries or gas and pay your balance in full each month to avoid high-interest charges.

    To wrap up, focus on building a positive payment history. This will qualify you for better rewards cards over time, giving you access to more valuable programs as your score improves.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Impact Of A 580 Credit Score On Loan And Credit Card Approval

    The impact of a 580 credit score on loan and credit card approval is significant. With a score in this range, you are considered a subprime borrower, making it harder for you to qualify for loans and credit cards. Lenders view a score of 580 as high risk, often leading to strict approval requirements.

    For loans, like mortgages, lenders generally prefer scores of 620 or higher. You may struggle to secure a conventional loan, and if you do qualify, expect higher interest rates and less favorable terms.

    When it comes to credit cards, some issuers might approve your application. However, your options will be limited to basic or secured credit cards, often with higher interest rates and lower credit limits.

    To improve your chances, focus on raising your credit score:
    • Make on-time payments.
    • Reduce your debt.
    • Monitor and correct any inaccuracies on your credit report.

    On the whole, improving your credit score will open more options for loans and credit cards with better terms.

    Steps To Rebuild Credit After Getting A Card With A 580 Score

    To rebuild your credit after getting a card with a 580 score, follow these steps:

    First, check your credit report. You need to understand what affects your score. Get a free copy from Experian or AnnualCreditReport.com. Look for errors or overdue accounts.

    Next, make payments on time. Always pay your bills on time. Set reminders or use automatic payments. This is crucial for improving your score.

    Lower your credit utilization. Keep your credit card balances below 30% of your limit. For example, if your card has a $1,000 limit, try to stay under $300.

    Pay down debts. Focus on paying down high balances. If you have multiple credit cards, tackle the one with the highest interest first.

    Use credit responsibly. If you get a new credit card, use it for small purchases and pay it off each month. This builds a positive payment history.

    Avoid new hard inquiries. Don't apply for too many new credit cards at once, as this can lower your score.

    Keep old accounts open. Do not close old credit cards. Keeping them open helps your credit history length, which is a factor in your score.

    Monitor your progress. Regularly check your credit score to see improvements. Use tools that let you track your score easily.

    Consider secured credit cards. These can help you build credit with responsible use while requiring a deposit.

    Bottom line, by checking your credit report, making timely payments, keeping low balances, and using credit wisely, you can steadily rebuild your credit after getting a card with a 580 score.

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