If you’re looking to get a credit card, even with bad credit, you’ve come to the right place. In this article, we’ll explore how to obtain a credit card with a credit limit of up to a thousand dollars, regardless of your credit history. The Oportun Visa Credit Card is a valuable option to consider, and we’ll walk you through the steps to secure it.
Introducing the Oportun Visa Credit Card
Before we dive into the details, let’s clarify some key points about this credit card:
- Unsecured Credit Card: The Oportun Visa Credit Card is unsecured, which means you don’t need to make a security deposit. This is particularly advantageous if your credit score is on the lower end, around 550-580.
- No Hard Inquiry for Pre-Qualification: When you apply for this card, you may receive a credit pull from either TransUnion or Equifax. However, you can pre-qualify without a hard inquiry. Visit their website to check if you pre-qualify.
- Annual Fee: The annual fee for this credit card can go up to $49. However, it’s worth noting that some applicants have reported obtaining the card through Credit Karma with no annual fee.
Benefits of the Oportun Visa Credit Card
While the Oportun Visa Credit Card may not offer traditional rewards, there are several advantages worth considering:
- Credit Limit Increase: Some cardholders have experienced significant credit limit increases with this card. For instance, starting with a $500 limit, they managed to double it to $1,000 within two months without even requesting it.
- Bank Account Connection: If you link your bank account to your credit card within the first month of signing up, Oportun will reward you with a $100 increase in your credit line. This helps them assess your financial stability and, if positive, grant you a higher credit limit.
- Reporting to All Three Credit Bureaus: Oportun reports your payment history to all three major credit bureaus, which is essential for improving your credit score. This card can be a valuable tool for building or rebuilding your credit history, making it a reliable solution for those seeking a credit card with bad credit.
- No Need for a Secured Credit Card: With the Oportun Visa Credit Card, you won’t need to go for a secured credit card and put down a security deposit. This is a significant advantage for those looking to establish credit without upfront costs.
Consider Other Credit Card Options
While the Oportun Visa Credit Card is a promising choice, it’s always a good idea to explore other credit card options. Two reputable credit card companies that offer pre-qualification without hard inquiries and allow you to check your credit score are Capital One and Discover.
- Capital One: Capital One offers a range of credit cards, including both secured and unsecured options. If you pre-qualify, you can choose the one that best suits your needs. After using a secured card responsibly for six months, Capital One may graduate it to an unsecured card.
- Discover: Discover is another issuer that provides pre-qualification without impacting your credit. They offer secured, cashback, and student credit cards. If you’re eligible for their student card and you’re a student, it’s a great way to start building your credit history, making it one of the best credit card options for students.
- Navy Federal Credit Union: Navy Federal offers secured and cashback credit cards with excellent terms. With responsible use of their secured card, you can see your credit limit increase significantly in just six months.
Conclusion
The Oportun Visa Credit Card is a valuable option for those with bad credit looking to establish or rebuild their credit history without a security deposit. However, don’t limit yourself to just one option. Explore various credit card opportunities, such as those offered by Capital One, Discover, and Navy Federal Credit Union, to find the best fit for your financial goals.
Frequently Asked Questions
Can I get the Oportun Visa Credit Card with a low credit score?
Yes, you can potentially obtain the Oportun Visa Credit Card with a credit score as low as 550-580. It is an unsecured credit card, meaning you don’t need to make a security deposit, which can be beneficial for those with bad credit.
Will applying for this credit card result in a hard credit inquiry?
No, the pre-qualification process for the Oportun Visa Credit Card typically does not involve a hard credit inquiry. You can check if you pre-qualify on their website without affecting your credit score.
What is the annual fee for the Oportun Visa Credit Card?
The annual fee for the Oportun Visa Credit Card can go up to $49. However, some applicants have reported being able to secure the card through Credit Karma with no annual fee.
Does the Oportun Visa Credit Card offer any rewards?
The Oportun Visa Credit Card does not offer traditional rewards like cashback or points. However, the primary advantage is the opportunity to build or rebuild your credit history, which can be a significant benefit for those with bad credit.
Are there other credit card options for people with bad credit?
Yes, there are other credit card options for individuals with bad credit. Credit card companies like Capital One, Discover, and Navy Federal Credit Union offer cards for those looking to establish or rebuild their credit. It’s advisable to explore multiple options and consider the terms and benefits of each card before making a decision.