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Getting a Business Credit Card with Fair Credit

What is Fair Credit?

Fair credit is generally considered to be a credit score of 630 to 689. If you have fair credit, your credit score may have taken a hit from missed payments, high balances on credit cards, or even a bankruptcy. While having fair credit can make it difficult to get approved for some types of credit, it is still possible to get a business credit card.

Types of Business Credit Cards for Fair Credit

The most common type of business credit cards for those with fair credit are secured cards. These cards require a security deposit to open, but the deposit will be refunded if you close the account in good standing. The amount of the deposit is usually equal to the amount of your credit limit, so these cards are great for building your credit score.

Another type of card available to those with fair credit are unsecured cards. These cards don't require a security deposit, but will have higher interest rates and lower credit limits than secured cards. While these cards don't require a deposit, they are often more expensive in the long run.

Finding the Right Card for You

When looking for a business credit card with fair credit, it's important to compare different cards to find the one that best meets your needs. Look for cards that offer a low interest rate, no annual fee, and rewards or cash back programs that can help you save money on everyday purchases.

Tips for Building Your Credit Score

If you're looking to improve your credit score, here are a few tips to get you started:

Pay your bills on time: Paying your bills on time is one of the best ways to build a positive credit history.
Pay down your credit card balances: High credit card balances can hurt your credit score, so try to pay down your balances as quickly as possible.
Keep your credit utilization ratio low: Your credit utilization ratio is the amount of credit you use compared to your overall credit limit. Aim to keep your credit utilization ratio at 30% or lower.
Check your credit report regularly: Checking your credit report regularly can help you spot errors and ensure that your credit score is accurate.

Conclusion

Getting a business credit card with fair credit can be a great way to build your credit score and save money on everyday purchases. Be sure to shop around to find the right card for you and follow the tips above to help improve your credit score.