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Fair / Average Credit

There are many average credit cards available out there for consumers who have less than perfect credit. If you have fair or average credit, you still have a relatively good chance of being approved for credit cards. The major differences between average and fair credit card specifics are the interest rate, approval limits and the income necessary to obtain approval.

Credit cards for people with average credit are often targeted at consumers who have made mistakes in the past, but wish to rebuild their credit ratings. These types of cards can help people with average credit turn improve their credit ratings if payments are made on time and balances are not exceeded. To find credit cards for fair credit, you can inquire at your bank or do some research online. As with all credit cards, credit cards for average credit can negatively affect your FICO (Fair Isaac Corporation) if your application is denied.

FICO scores range from 300 to 850. To qualify for fair credit cards, your score should be somewhere in the mid-600s. However, it is always best to ask the creditor before applying to be sure your creditworthiness is up to their standards. With average credit, you might also have better luck applying for credit at a credit union, especially if you are a member in good standing. Oftentimes credit unions are able to look at the bigger picture when it comes to your overall financial situation and ability to pay back debts.

Credit cards for people with fair credit often include low or 0% APR introductory offers. Be wary of these offers and read the fine print. If your credit is only average, that interest rate could jump significantly at the end of the introductory period. Credit cards for fair credit consumers offer many of the rewards that other credit cards do. You can receive cash back on purchases, points toward travel or shopping and the option to donate a percentage of your spending to charities of your choice. As with other credit cards, average credit card rewards differ based on the issuer and the type of card you choose.