With a credit score of 560, there are limited options for credit cards, but a few secured cards and cards for bad credit can help you start building credit back up over time.
As a 560 score is classified as “bad” credit, the cards you can qualify for will have higher APRs and less favorable terms compared to those with good credit.
However, using them responsibly by paying on time and keeping balances low can significantly help improve your score.
Table of Contents
Some of the best credit cards for a 560 score include:
Bank of America® Unlimited Cash Rewards Secured Credit Card:
| Feature | Description |
|---|---|
| Rewards | Earn unlimited 1.5% cash back on all purchases |
| Annual Fee | No annual fee |
| Credit Limit | Minimum security deposit of $300 required |
| Foreign Transaction Fees | Charges foreign transaction fees on purchases made overseas |
| Recommended Credit Score | Not specified, likely fair to poor credit |
| Verdict | The Bank of America® Unlimited Cash Rewards Secured Credit Card offers a solid 1.5% unlimited cash back on all purchases, making it a great option for those looking to build credit while earning rewards. However, it charges foreign transaction fees and has no additional benefits. It is recommended for those with fair to poor credit who want to maximize reward leverage. |
OpenSky® Secured Visa® Credit Card:
| Feature | Description |
|---|---|
| Rewards | No rewards program |
| Annual Fee | $35 annual fee |
| Credit Limit | Minimum security deposit of $200 required |
| Foreign Transaction Fees | No foreign transaction fees |
| Additional Benefits | None |
| Recommended Credit Score | Not specified, likely fair to poor credit |
| Verdict | The OpenSky® Secured Visa® Credit Card has a low minimum security deposit requirement of $200, but charges an annual fee of $35. It does not offer any rewards program or additional benefits. It is recommended for those with fair to poor credit who want to establish or rebuild their credit. It is a good option for those who do not plan to use the card for foreign transactions. |
Credit One Bank® Platinum Visa® for Rebuilding Credit:
| Feature | Description |
|---|---|
| Rewards | 1% cash back on eligible purchases, including gas, groceries, and mobile phone, internet, cable and satellite TV services |
| Annual Fee | $75 for the first year, $99 thereafter |
| Credit Limit | Unsecured credit line, no security deposit required |
| Foreign Transaction Fees | 3% foreign transaction fee |
| Recommended Credit Score | 300-670 |
| Verdict | The Credit One Bank® Platinum Visa® for Rebuilding Credit is an unsecured credit card that offers 1% cash back on eligible purchases, including gas, groceries, and mobile phone, internet, cable and satellite TV services. It has an annual fee of $75 for the first year, $99 thereafter, and charges a 3% foreign transaction fee. It is recommended for those with poor credit or no credit who want to establish or rebuild their credit without the need for a security deposit. It is a good option for those who want to earn cash back on everyday purchases. |
Capital One Quicksilver Secured Cash Rewards Credit Card:
| Feature | Description |
|---|---|
| Rewards | 1.5% cash back on all purchases, 5% cash back on hotel and rental car bookings made through Capital One Travel |
| Annual Fee | No annual fee |
| Credit Limit | Minimum security deposit of $200 required |
| Foreign Transaction Fees | No foreign transaction fees |
| Additional Benefits | Emergency card services, 0 fraud liability |
| Recommended Credit Score | Fair credit |
| Verdict | The Capital One Quicksilver Secured Cash Rewards Credit Card is a good option for those with a credit score of 560 who want to earn rewards while building their credit. It offers 1.5% cash back on all purchases and 5% cash back on hotel and rental car bookings made through Capital One Travel, with no annual fee or foreign transaction fees. It requires a minimum security deposit of $200 to open an account, and offers additional benefits such as emergency card services and 0 fraud liability. It is recommended for those with fair credit who want to earn cash back on everyday purchases while building their credit. |
If used properly, these types of secured and bad credit cards can be valuable tools to help you rebuild credit from a 560 score.
Here are Some key tips to improve Credit Score:
•Pay on time: Payment history is the biggest factor in your credit score. Make at least the minimum on time every time.
•Keep low balances: Aim for 30% or less of your credit limit. This shows you can responsibly manage debt.
•Don’t apply for too many new cards quickly: New applications can lower your score slightly. Only apply for a new card once your score starts improving.
•Check your reports: Regularly check your Equifax, Experian, and TransUnion credit reports to ensure there are no errors. Dispute them to get your score corrected.
•Re-apply for better cards: Once your score improves to at least 600-650, you’ll qualify for less restrictive cards. Re-apply and move on to unsecured options.
•Bepatient through the process: Improving from a 560 score takes time and responsible credit management. Stay committed to the process, and your score will continue rising.
Conclusion
In summary, while options are limited with a 560 score, secured and subprime credit cards can provide an opportunity to start building credit back when used properly.
Make all payments on time, keep low balances, don’t apply for too many new cards quickly, monitor your reports for errors, and be patient.
If you demonstrate responsible financial habits over 6-12 months, your score will improve significantly, and more mainstream credit card options will become available to you.
The road to credit recovery may not happen overnight, but with discipline, it is absolutely possible to improve your score and financial situation over time. Keep working at it, and don’t get discouraged easily.
Stay focused on progress, not perfection. If you have any other questions or want more suggestions, feel free to ask. I’m happy to provide more guidance on your credit journey.
