What Credit Cards Can I Get With a 590 Score?

A 590 credit score presents challenges, but access to credit is not out of reach. This article clarifies what a 590 credit score signifies and guides individuals toward suitable credit card options. Understanding your credit standing is the first step in making informed financial decisions and improving credit health. By exploring specific credit cards and strategies for responsible use, you can build a stronger financial future.

Credit Score Context

A 590 credit score typically places an individual within the “fair” or “subprime” credit range, depending on the scoring model. For instance, the FICO scoring model classifies scores between 580 and 669 as “fair,” while some VantageScore models consider 590 to be in the “subprime” category (300-600). This score suggests negative factors in your credit history, such as past late payments, high credit card balances, or a limited credit history.

Lenders generally view a 590 credit score as indicating higher risk. This can result in fewer credit card offers and less favorable terms like higher interest rates and annual fees. Despite these challenges, it is still possible to obtain credit cards designed for this credit tier, which can serve as tools for credit improvement.

Credit Card Options

For individuals with a 590 credit score, several credit card options exist to help build or rebuild credit. Secured credit cards are a common choice, requiring a security deposit that typically serves as the credit limit. This deposit reduces risk for the issuer, making these cards more accessible. With consistent, responsible use, the deposit may be returned, and the account could potentially transition to an unsecured card.

Unsecured credit cards are also available, though they often come with higher interest rates and annual fees due to increased risk. Examples of these “subprime” or “credit builder” cards include the Capital One Platinum Credit Card, which offers a path to a higher credit limit with responsible use, or cards from issuers like Credit One Bank, which might provide cash back rewards despite higher fees.

Beyond credit cards, credit builder loans can serve as a complementary tool. Unlike traditional loans where funds are received upfront, a credit builder loan involves making regular payments to a lender. These payments are held in a savings account or Certificate of Deposit (CD) and reported to credit bureaus. Once the loan term is complete (often 12 to 24 months for amounts between $500 and $3,000), the accumulated funds, minus interest and fees, are released to the borrower. This process establishes a positive payment history, a significant factor in credit scoring.

Another avenue for credit improvement is becoming an authorized user on another person’s well-managed credit card account. This involves being added to an existing account, allowing your credit report to reflect the primary cardholder’s positive payment history and low credit utilization, provided the issuer reports authorized user activity. However, the authorized user is not legally responsible for the debt, and if the primary user mismanages the account, it could negatively impact your credit score.

Application Process for These Cards

Applying for credit cards designed for individuals with a 590 credit score involves providing specific personal and financial information. You will typically need to furnish:
Your full legal name, current address, and date of birth.
Your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
Income details, including your gross annual income and employment status, as lenders assess your ability to repay debt.
For secured cards, bank account information to facilitate the security deposit.

Applications are commonly submitted through online portals on the issuer’s website, or at bank branches. Before finalizing an application, thoroughly review the terms and conditions. Pay close attention to the Annual Percentage Rate (APR), any annual fees, late payment fees, and for secured cards, the required security deposit amount. Understanding these details helps prevent unexpected costs and ensures the card aligns with your financial goals.

After submission, the approval timeline can vary. Some online applications may provide an immediate decision, while others might require a few days or weeks for review. If approved, the card will be mailed to your address, typically within 7-10 business days. If denied, the issuer will send an adverse action notice explaining the reasons.

Building Credit with New Cards

Once you obtain a credit card, responsible usage is paramount to improving your 590 credit score. Making on-time payments is the most significant factor, accounting for about 35% of your FICO score. Consistently paying at least the minimum amount due, and ideally the full statement balance, by the due date demonstrates reliable financial behavior. Even a single late payment reported after 30 days can negatively impact your score and remain on your credit report for up to seven years.

Another important factor is your credit utilization ratio, which is the amount of credit you are using compared to your total available credit. It is recommended to keep this ratio below 30% to positively influence your score. A lower percentage, even in the single digits, is considered optimal for higher scores. For example, if you have a $1,000 credit limit, aiming to keep your balance below $300 is beneficial. Regularly paying down balances, even multiple times within a billing cycle, can help maintain low utilization.

The length of your credit history also contributes to your credit score, with older accounts generally being more favorable. Keeping your new credit card accounts open and active for longer periods can contribute positively to your overall credit profile. Regularly monitoring your credit reports from Experian, Equifax, and TransUnion allows you to track progress and identify inaccuracies that might affect your score.