If you are looking to add another credit card to your wallet, you will need to meet specific requirements to get approved.
In most cases, the less debt you have, the higher the chances you have of getting approved for a credit card. Also, as long as you have always made timely payments, getting approved will be easy.
If you’re looking for a credit card today, one of the most important factors for approval is your credit score. But how high is high enough? Read on to learn more.
The Credit Score Mystery (and Paradox)
When you apply for a credit card, whether online or in the bank, you have zero ideas about what credit score they need for you to get approved. For instance, if your score is 670 (which is good considering it’s above average), it won’t matter if the card you are applying for needs a credit score of 700 or above.
Most people who apply for credit cards are denied, and the more you are denied, the more your credit score is negatively affected. So, knowing the credit score expectation before applying is wise. For example, if you plan to apply with Chase or Bank of America, be sure to have at least a 750 credit score or above.
Cards Requiring Credit Scores of 750
Depending on your credit score, here are some cards you can get with different credit scores. For instance, if your score is 750 or better, you can get a hold of the following.
Chase Sapphire Preferred® Credit Card
This is one of the best travel cards on the market offering 2x points on all travel purchases and 3x points on dining. You can earn 5x the points when you redeem travel through Chase Unlimited Rewards.
Wells Fargo Cash Wise Visa® Credit Card
This is another great credit card that offers perks in almost all categories. This includes a $200 cash rewards bonus when you spend $500 in your first three months. You also get 2% cash rewards on purchases, plus so many other perks.
Cards Requiring Credit Scores of 700
Getting a FICO score of at least 700 is not easy, but it is doable. All you have to do is at least have used the card for three months with no record of late payments. Here are some of the cards within that category.
Capital One® Venture® Rewards Credit Card
This card offers a 75,000-mile bonus when you spend $5,000 in your first three months of account opening. You also get 2x miles earned for every $1 spent on purchases and 5x back on hotel and rental car purchases made with Capital One Travel.
Discover it® Cash Back Credit Card
This card matches all the cashback earned in the first year while offering 0% APR on balance transfers and purchases within your first 14 months. You will also get 5% cashback on different selected categories each quarter, and so many other benefits.
Conclusion
If you are starting to use credit or recovering from missed or late payments, this means your score is in the mid-600s. With this score, it will be pretty hard to get approved. Check for cards that are open to accepting people with poor or no credit limit and use them to improve your credit score over time.