The best credit card for someone with a 350 credit score is the OpenSky® Plus Secured Visa® Credit Card. This card is an excellent option because it is specifically designed for individuals looking to build or rebuild their credit, and it has features that make it highly accessible even with a very low credit score.
Why the OpenSky® Plus Secured Visa® Credit Card is Ideal for a 350 Credit Score
Secured credit cards are often the most viable option for those with poor or no credit history. They require a refundable security deposit, which typically sets your credit limit. This deposit acts as collateral, reducing the risk for the issuer and making approval more likely. The OpenSky® Plus Secured Visa® Credit Card stands out for several key reasons:
- No Credit Check Required: One of the biggest advantages of this card is that it does not perform a credit check during the application process. This means your current low credit score will not be a barrier to approval, making it accessible when many other cards would deny your application.
- $0 Annual Fee: Unlike some other secured cards that charge annual fees, the OpenSky® Plus Secured Visa® Credit Card has no annual fee. This helps you save money while you work on improving your credit.
- Reports to All Major Credit Bureaus: To effectively build your credit score, it's crucial that your credit activity is reported to the major credit bureaus. The OpenSky® Plus Secured Visa® Credit Card reports your payment history to all three primary credit bureaus (Equifax, Experian, and TransUnion) on a monthly basis. Consistent, on-time payments will be reflected on your credit report, helping to establish a positive credit history over time.
Key Features Summary
For a quick overview, here are the standout features of the OpenSky® Plus Secured Visa® Credit Card:
| Feature | Details |
|---|---|
| Credit Check Required | No |
| Annual Fee | $0 |
| Credit Reporting | Reports monthly to Equifax, Experian, and TransUnion |
| Card Type | Secured Visa® |
| Purpose | Building/Rebuilding Credit |
How Secured Credit Cards Help Build Credit
Using a secured credit card responsibly is one of the most effective ways to improve a low credit score. Here’s how it works:
- Deposit and Limit: You provide a security deposit, which usually becomes your credit limit. For example, a $200 deposit would typically give you a $200 credit limit.
- Make Purchases: Use the card for small, manageable purchases you can easily pay off.
- Pay On Time: Make sure to pay your balance in full and on time every month. Payment history is the most significant factor in your credit score.
- Keep Utilization Low: Try to keep your credit utilization (the amount of credit you use compared to your total limit) below 30%. For a $200 limit, this means keeping your balance under $60.
- Consistent Reporting: As the OpenSky® Plus Secured Visa® Credit Card reports your activity monthly, consistent responsible use will gradually reflect positively on your credit report, leading to an improved score over time.
By diligently managing a secured credit card like the OpenSky® Plus Secured Visa® Credit Card, you can lay a strong foundation for a healthier financial future.
