Has anyone had any luck opening a credit card with a Credit Score of 500?

I don't think it's against the subs policy to inquire just about the company name. I just need an idea of who might accept the score and allow me to open an account.

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mf-TOM-HANK t1_iyf1yy8 wrote on November 30, 2022 at 10:26 PM

Put up a couple hundred to open a secured card. After a year or so (I think) you'll get your deposit back.

iheartatari t1_iyf449b wrote on November 30, 2022 at 10:41 PM

I agree with the secured card. Check with your bank if you have an account. They should be able to open one for you and just transfer the money. You’ll get it back after a year or so and it’ll just be a credit card. Just remember to pay off your balance completely every month.

pernicuslex OP t1_iyf6bgd wrote on November 30, 2022 at 10:57 PM

This is a good solution for the long run. Do they extend the limits after 6 months? That's what I was seeing. Either way I do need an emergency card while I build savings up so I might do this regardless.

iheartatari t1_iyf6muq wrote on November 30, 2022 at 10:59 PM

That’s why I recommend going through your bank. You can also open a savings account just for the card. I think the terms and limits vary by bank.

pernicuslex OP t1_iyf72ph wrote on November 30, 2022 at 11:02 PM

I might look into that.

ElvisDumbledore t1_iyf0h52 wrote on November 30, 2022 at 10:15 PM

I downloaded a popular credit checking app that I had seen like a million ads for and it recommended several secured cards. I was able to get a secured card from a major credit card company with a credit score of around 500. They would have allowed me to deposit up to $1,000 but I only did $200.

pernicuslex OP t1_iyf5uoj wrote on November 30, 2022 at 10:54 PM

That is all that I am able to get as well. The issue is I am trying to get approved for the card so I can purchase a car. So I need money that I don't have, and it's my understanding that you can't get a balance higher than what you deposit, so it's essentially the same amount of money, just taken out of a card (or at least from my understanding).

$1,200 Max. I just need an A to B car. So even a card with $2 limit would be perfect.

u/mf-TOM-HANK