620 Credit Score: How to Get a Secured Credit Card

Let’s talk about something real: your credit score is 620. In today’s economic climate—with inflation squeezing budgets, interest rates climbing, and the lingering financial disruption from the global pandemic—that three-digit number can feel like a heavy weight. You’re not in the “bad” credit zone, but you’re also not where you want to be. Lenders see you as a “subprime” borrower, which means getting approved for a traditional credit card with a decent limit and a low APR feels nearly impossible.

But here’s the powerful truth: a 620 credit score isn’t a life sentence. It’s a starting point. It’s a signal that you’re ready to rebuild, and one of the most effective tools for that journey is a secured credit card. This isn’t about getting into more debt; it’s about leveraging a financial tool to rewrite your story and build a foundation of stability in an uncertain world.

Why a 620 Credit Score Puts You in a Tough Spot

To understand the way out, you first need to understand where you are. A 620 FICO® Score sits right at the border between "Fair" and "Poor." It’s a purgatory where you’re often denied the financial products that could help you improve.

The Economic Squeeze: Inflation and Your Credit

We’re all feeling the pinch. Rising costs for groceries, gas, and housing mean more people are relying on credit just to make ends meet. This increased credit utilization (the ratio of your balances to your limits) can quickly lower your score. An unexpected medical bill or a car repair can max out a card, sending your score plummeting from the high 600s down to 620. You’re not alone in this. Millions of Americans are in the same boat, navigating an economy that makes it easy to stumble and hard to get back up.

The "Subprime" Label and Its Consequences

When lenders see a 620, they see risk. To mitigate that risk, they either deny applications outright or offer terms that are, frankly, predatory. We’re talking about unsecured credit cards with low limits, astronomical annual fees, and APRs that can exceed 30%. These cards are designed to profit from your situation, not to help you escape it. Using one can often feel like taking one step forward and two steps back, especially if you carry a balance.

Your Financial Lifeline: The Secured Credit Card

This is where the secured credit card enters the picture, not as a symbol of limitation, but as a tool of empowerment.

What Exactly is a Secured Credit Card?

A secured credit card is fundamentally different from a traditional unsecured card. With an unsecured card, a bank lends you money based on your creditworthiness. A secured card requires you to provide a cash security deposit upfront. This deposit typically becomes your credit limit. If you put down a $500 deposit, your credit limit is $500.

The bank holds this deposit as collateral. It significantly reduces their risk, which is why they are far more willing to approve applicants with poor or limited credit history. It’s not a fee; it’s a refundable security deposit. If you close your account in good standing, you get that money back.

How a Secured Card Builds Credit from a 620

This is the magic part. A secured card functions just like a regular credit card. Your activity is reported to the three major credit bureaus—Equifax, Experian, and TransUnion—every single month. This means you have a powerful opportunity to build a new, positive credit history right on top of your old one. By using the card responsibly, you directly influence the key factors that make up your FICO score: - Payment History (35%): The most critical factor. On-time payments are an absolute must. - Credit Utilization (30%): This is where strategy comes in. You want to use a small portion of your limit, not max it out. - Length of Credit History (15%): The card helps you establish a new, active account that ages over time. - New Credit (10%) and Credit Mix (10%): Adding a new type of revolving credit can positively diversify your profile.

A Step-by-Step Guide to Getting Your Secured Card

Getting a secured card with a 620 score is a straightforward process, but it requires careful planning.

Step 1: Check Your Credit Report for Errors

Before you do anything, pull your credit reports from AnnualCreditReport.com. With a score of 620, it’s crucial to ensure there are no errors dragging you down. Look for late payments that were actually on time, accounts you didn’t open, or outdated negative items. Disputing and removing even one error can give your score a quick boost.

Step 2: Research and Choose the Right Card

Not all secured cards are created equal. Your goal is to find one that helps you, not hurts you. Avoid cards with high fees. Look for these key features: - Low or No Annual Fee: Some great options have annual fees under $50, and a few have none at all. - Graduation Policy: The best feature a secured card can offer is a path to an unsecured card. After 6-12 months of responsible use, the issuer may refund your deposit and convert your account to a traditional unsecured card, often with a higher limit. - Reports to All Three Bureaus: This is non-negotiable. Confirm the issuer reports to Equifax, Experian, and TransUnion. Some of the top contenders include the Discover it® Secured Card (which offers cashback and a clear graduation path) and the Capital One Platinum Secured Credit Card (which may offer a higher limit than your deposit for some applicants).

Step 3: Apply and Fund Your Security Deposit

Once you’ve chosen your card, complete the application online. You’ll need to provide personal and financial details. With a 620 score, your approval odds are very high. Upon approval, you’ll need to transfer the funds for your security deposit. This is usually done via a bank account transfer. Choose a deposit amount that is meaningful enough to give you a usable credit limit but is also an amount you can comfortably part with for 12+ months.

Best Practices: Turning a Secured Card into a 700+ Score

Getting the card is only half the battle. Using it wisely is what will transform your credit.

The Golden Rules: On-Time Payments and Low Utilization

• Pay On Time, Every Time: Set up autopay for the minimum payment at the very least. Your goal is a perfect payment history. Even one 30-day late payment can undo months of progress.
• Keep Your Balance Low: This is the most common mistake. Do not spend up to your limit. The goal is to show you can use credit responsibly. For the best impact on your score, experts recommend using less than 30% of your limit, and ideally below 10%. If your limit is $500, try not to put more than $150 on the card in any billing cycle, and pay it down before the statement closing date.

Treat It Like a Debit Card, Not Free Money

The psychology of spending is crucial. Only charge expenses you already have the cash to cover. A great strategy is to use the card for one small, recurring bill—like your streaming subscription or gym membership—and then set up autopay to pay the full balance from your checking account each month. This creates a "set-it-and-forget-it" system that builds credit automatically without tempting you to overspend.

Monitor Your Progress and Patience

Sign up for a free credit monitoring service to track your VantageScore or a provided FICO score. You won’t see changes overnight, but after 4-6 months of impeccable use, you should start to see a consistent upward trend. This is the reward for your discipline. After 8-12 months, your responsible behavior will have likely lifted your score well out of the 620 range. This is when you should contact your issuer to ask about "graduating" to an unsecured product and getting your deposit back.

The journey from a 620 credit score to financial confidence is a marathon, not a sprint. In a world full of economic uncertainty, taking control of your credit is one of the most powerful acts of self-care and empowerment you can undertake. A secured credit card is the proven vehicle for that journey. It provides the structure, opportunity, and tangible results needed to not just rebuild a number, but to rebuild your future.