You might be able to get a credit card with a 547, but you might not want to due to the potential for higher interest rates and fees. Checking your score with the other credit bureaus might also help you make a more informed decision because FICO scores are calculated with different formulas, so one score might be higher and might help you get a card with more favorable terms.
Terms of Card
Most lenders consider a score of 547 a subprime credit score. Because 547 is usually considered a bad score, the terms of a credit card that you can acquire will most likely be unfavorable, such as a high interest rate and monthly fees. You may also have to secure the card with your own funds. Check with your bank about getting a secured or unsecured credit card. Finance Globe and Credit Karma are two companies that link credit card offers with a person's credit score.
Obtaining approval for a credit card does not only rely on your credit score. Your length of employment, income and assets are other relevant factors.
Improving your credit score can help you get better rates. Start by pulling a credit report and making corrections to any mistakes. Paying bills on time and paying down debt also makes a vast improvement. Open new accounts as you need them.
Samantha Kemp is a lawyer for a general practice firm. She has been writing professionally since 2009. Her articles focus on legal issues, personal finance, business and education. Kemp acquired her JD from the University of Arkansas School of Law. She also has degrees in economics and business and teaching.