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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: WAYHOME studio/Shutterstock.com January 07, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Nicole Dieker has been a full-time freelance writer since 2012—and a personal finance enthusiast since 2004, when she graduated from college and, looking for financial guidance, found a battered copy of Your Money or Your Life at the public library. In addition to writing for Bankrate, her work has appeared on CreditCards.com, Vox, Lifehacker, Popular Science, The Penny Hoarder, The Simple Dollar and NBC News. Dieker spent five years as writer and editor for The Billfold, a personal finance blog where people had honest conversations about money. Dieker also teaches writing, freelancing and publishing classes and works one-on-one with authors as a developmental editor and copyeditor. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. What is a fair credit score? If you have fair credit, you might be wondering whether that’s a bad thing. The good news is that having fair credit is much better than having poor credit, in terms of the financial opportunities available to you. If you work on building your credit score until you have good or excellent credit, you’ll gain access to better credit cards, lower interest rates and more. What is fair credit? Is fair credit the same thing as average credit? What credit cards are available to people with fair credit, and how can you use those credit cards to improve your credit score? Let’s take a close look at what fair credit is, how it might affect your financial life and what you can do to go from fair credit to good credit. Is a fair credit score average
A fair credit score is sometimes referred to as “having average credit.” However, this only means that people with fair credit, which includes anyone with a FICO score between 580 and 669, fall in the middle of the credit score ranges. It does not mean that the average American has a fair credit score. Currently, FICO credit scores start at 300 points and run all the way to 850 points. In 2021, the was 716 points, which means that the average American had good credit, not fair credit. If you have fair credit, your credit score is neither good nor bad. It’s somewhere in between, which is why a fair credit score is often described as “average.” What is the range of credit scores
Every FICO credit score falls within one of five ranges: Excellent (sometimes called “Exceptional”), Very Good, Good, Fair and Poor. If you have a fair credit score, your credit score ranges between 580 and 669 points. You don’t have bad credit, but you don’t have great credit either. Here’s how the ranks credit scores: Exceptional: 800-850 Very Good: 740-799 Good: 670-739 Fair: 580-669 Poor: 300-579 Fair vs good credit
Fair credit and good credit are next to each other on the credit score scale, but your financial opportunities get significantly better once you pass the threshold of a 670 score. offer higher rewards, whether you’re hoping to earn points and perks on travel, dining or everyday spending. You’ll probably pay lower interest rates on your credit cards, too—and if you’re applying for a , a or a , you’ll likely have more options and better interest rates if you have good credit. People with fair credit are already better off financially than those with poor credit, but you shouldn’t stop there. If you have a fair credit score, one of the best things you can do for yourself is get that number into the good credit score range as quickly as possible. What cards can I apply for with fair credit
While many of the are only available to people with good or excellent credit, there are still many worthwhile . The , for example, is a that offers unlimited 1.5 percent cash back on all purchases. This card comes with a $39 , but it includes two key benefits: You can use to monitor and improve your credit score, and with responsible use you’ll be automatically considered for a higher credit line after six months of card ownership. You might also want to consider the , a cash back rewards card that is specifically designed to help you build your credit history and boost your credit score. When you apply for a , you put down a refundable security deposit in exchange for a line of credit. With the Discover it Secured Credit Card, your account will be reviewed after seven months to determine whether you qualify to get your security deposit back and upgrade to an unsecured line of credit. As you use your Discover it Secured Credit Card, you’ll earn 2 percent cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1%) and 1 percent cash back on all other purchases. Plus, you’ll get to reap the benefits of Discover’s Cashback Match program, which matches all the cash you earn in your first year as a cardholder. You can also view your free credit scorecard with your FICO Credit Score when you log into your Discover account or use the mobile app—so you can check your score regularly and watch it improve. How to improve fair credit
A fair credit score means you don’t have poor credit—but it also means you have a lot of room for improvement. If you want to , here’s our advice: Make all of your credit card payments on time. The largest factor impacting your credit score is your payment history, accounting for 35 percent, so avoid late payments whenever possible. If you , try to pay it off before it becomes 30 days past due. You’ll avoid late fees and penalty APRs, and your late payment won’t be reported to the . Keep your balances as low as possible. Your credit score is also largely based on your credit utilization—the amount of credit you’re using compared to the amount of credit available to you—as this makes up 30 percent of your score. By keeping your balances low or paying them off in full, you’ll decrease your credit utilization ratio and increase your credit score. Increase your available credit. Believe it or not, you can boost your credit score by or . If you have more credit available to you—and if you can avoid turning that new credit into new debt—your credit utilization ratio will go down and your credit score should go up. Check your credit reports for errors. According to a 2013 study, 5 percent of Americans had errors on at least one of their three credit reports—and inaccurate information could be dragging your credit score down. Check your Experian, Equifax and TransUnion credit reports regularly and . As you continue to use credit responsibly—by making on-time payments every month and paying off your balances as quickly as possible—you should see your credit score improve over time. In fact, depending on where you are in your credit-building journey, you could see significant improvement in . Improving your credit will give you access to better credit cards and lower interest rates, and your credit options will only continue to expand as your credit score continues to grow. SHARE: Nicole Dieker has been a full-time freelance writer since 2012—and a personal finance enthusiast since 2004, when she graduated from college and, looking for financial guidance, found a battered copy of Your Money or Your Life at the public library. In addition to writing for Bankrate, her work has appeared on CreditCards.com, Vox, Lifehacker, Popular Science, The Penny Hoarder, The Simple Dollar and NBC News. Dieker spent five years as writer and editor for The Billfold, a personal finance blog where people had honest conversations about money. Dieker also teaches writing, freelancing and publishing classes and works one-on-one with authors as a developmental editor and copyeditor. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Related Articles