Looking for credit cards for people with fair credit? That’s a wise move! Most people only look for credit score specific cards when they have exceptionally low or high credit scores. But the fact is, the middle ground has its own set of concerns as well, and we can help you find the best credit card for your situation.
What Is “Fair Credit” Exactly?
“Fair credit” is normally considered to be a FICO Score of between 580 and 669, though exact standards may sometimes change. The FICO scoring system has five levels: poor, fair, good, very good, and exceptional. Now, good is around average and lets you do pretty well as far as getting a decent loan and the like in most instances.
Poor or bad credit doesn’t exclude you from getting a credit card, but it may mean paying relatively high APR and fee rates or even having to start off with a secured credit card. Much like installment loans for fair credit, options still exist regardless of where you sit in the credit rating range.
Fair credit is that level just above poor. It’s where your credit score is recovering but not quite there yet. You shouldn’t have to stay under the strictures of poor credit just because you haven’t reached great credit yet. There are credit cards that find that fair-credit niche – you just have to know how to look for them.
What To Look For In Credit Cards For People With Fair Credit
Credit cards for people with fair credit can have significant advantages over bad credit cards. First of all, it’s much easier to find a card that is unsecured and that has no annual fee. That alone is a huge benefit.
Next, you should be able to find a card with a lower APR and lower fees than you, perhaps, had while your credit was still “poor.” You may still not have ideal interest rates, just as you may not have amazing interest rates when applying for personal loans with no credit check, but any improvement should certainly be taken advantage of.
Also, look for free credit score monitoring where you can conveniently check your credit score from the card company’s website when logged in. And you should not have to undergo a credit check to get approved for the card.
The biggest benefit that continues to lag behind those with “good” or better credit is that of credit limit. But you can compare offers till you find a card with a sufficiently high limit and with the possibility of rapid credit-ceiling hikes. For example, some fair credit credit cards up your credit limit after making 5 to 10 on-time payments.
Finally, don’t overlook cash-back rewards. With fair credit, you can almost always get at least some kind of cashback or other rewards system built into your new card. It’s more a matter of comparing what percentage cashback you get or on which items and other details.
Here’s How To Locate Your Best Card Fast!
You want to get the best deal that exists for your new credit card. You have outlined some must-have and should-have features for your new card. Now what? How is it possible to take those guidelines and quickly, conveniently match them up against hundreds of credit card offers till you are sure you’ve found your very best offer?
Well, it wouldn’t be possible except for online search tools like those provided by Bonsai Finance. Instead of dozens of hours spent hunched over a keyboard, while squinting to read the fine print on Web page after Web page, you just enter your search criteria in an orderly fashion and click a button. If you’re looking for a travel credit card for fair credit, or a cash-back offer, we can help you find the best one.
Even if you took the time to search one website at a time and wrote everything down for careful comparison, you couldn’t be sure your pool of options was sufficiently large. With Bonsai, you compare hundreds of offers rapid-pace without any chance of human error.
Any job can be done more efficiently with the right tools – and Bonsai makes finding credit cards for people with fair credit as efficient as possible. Here are some other articles you might find helpful:
What are the most valuable attributes of top credit cards?
Is a FingerHut credit card a good option for bad credit?
Is the My premier credit card worth your time to apply?
Your guide to store credit cards for bad credit