When applying for a loan, you will think, “What credit score is good for credit card?” A credit score is an important consideration when applying for a credit card. We will give you a complete overview of what credit score is good for credit card in this article.
What is credit score?
Credit score is a number given to a person from 300 to 900 which reflects the persons creditworthiness. The higher the number the more reliable the person on paying his debt. The lender always looking for a person who has high credit score, because the probability of repaying debt is high for that person.
There are a number of factor which affect the credit score. The credit score evaluated on the basis of number of account opened, total loan taken, debt repayment history and some other factor.
The Fair Isaac Corp., now known as FICO, had created the famous credit score model in 1989, which is the most common method used today. There is another method known as VantageScore, developed by the Equifax, Experian, and TransUnion credit bureaus in 2006 to counter FICO.
FICO used the data from the three credit bureau firms the Equifax, Experian, and TransUnion. These three firm responsible for the creation of VantageScore, claimed that the later provide more accurate picture of credit rating.
FICO is the most popular credit rating right now having 90% market share but VantageScore is gaining is popularity nowadays. It has shown a growth of 20% annually since 2015 according to the consulting firm Oliver Wyman. From July 1, 2018, to June 30, 2019 More than 2,500 users used approximately 12.3 billion VantageScores among which the credit card issuer are in top followed by the banker.
The main different between the FICO and VantageScore is that, FICO takes the data from the three credit bureau and produces 3 number which varies slightly. But the VantageScore do it differently, it combines all the separate data and produces a single number.
How much credit score is good for credit card?
What FICO credit score is good for credit card?
A FICO credit score above 700 is considered as good credit score, while above 800 is considered as excellent credit score.
| 300-579 | POOR |
| 580-669 | FAIR |
| 670-739 | GOOD |
| 740 -799 | VERY GOOD |
| 800-850 | EXEPTIONAL |
What VantageScore is good for credit card?
The new VantageScore score range from 300 to 850.The good score according to VantageScore is 661 -780
| 300-499 | VERY POOR |
| 500-600 | POOR |
| 601-660 | FAIR |
| 661-780 | GOOD |
| 781-850 | EXELLENT |
what credit score is needed for a kohl’s credit card
The minimum credit score needed for the Kohl’s Credit Card is 640. This means that applicants for the Kohl’s Credit Card have a chance of being accepted if they have fair credit or better. Along with this credit score the are a number of factor which can affect your approval of credit card include the amount of debt you have, number of open account, status of your employment etc.
What credit score is needed for a Lowes credit card?
For a Lowe’s card, a FICO credit score of 620 is required. The Lowe’s Advantage Card and Lowe’s Business Cards operate in a similar manner. 620 or above is good score for you to issue the card.
What credit score is needed for tjmaxx credit card?
You will need a minimum 620 credit score for tjmaxx credit card. If you have a credit score above 620 you can issue a better flexible card such as the Chase Freedom Flex℠. With this card you don’t have to pay any annual fee.
What credit score is needed for a Sam’s credit card?
The Sam’s Club® Credit Card will ask for minimum credit score for 700. This credit score is a good credit score but this is the bare minimum requirement for Sam’s credit card along with other requirements.
What credit score is needed for a Macy’s Credit Card?
If you are aiming for issuing Macy’s American Express® Card then FICO credit score of 700 or more is sufficient. But they are issuing at 670 and most of applicant who has score of 600 or higher are also getting the approval.
What Credit Score is Needed for a Saks Credit Card?
If you have FICO credit score of 650 or above then there is high chance of getting approved by Saks credit card. They also consider other parameters for the issuing process like your current debt, your debt repaying history etc.
What credit score is needed for Academy Sports Credit card?
If you want to issue a Academy sports credit card then you should have a minimum credit score of 640. It will be easier for approval if you have more than 640 FICO score. Academy sport credit card is good for shopping for sport product and outdoor items.
What credit score is needed for Kay Jewelers credit card?
A credit score of 640 or more is require for the Kay Jewelers credit card. A person who has a good credit score can easily get approval for the credit card.
What credit score is needed for Forever 21 credit Card?
There is no specific credit score require for Forever 21 credit card , but we advice you to you should have good or excellent credit score before applying for the card.
what credit score is needed for a Walmart credit card ?
You at least need a credit score of 640 or more if want to approval for Walmart credit card. Additionally, eligibility for the Walmart® Store Card requires at least fair credit.
what credit score is needed for a chase credit card ?
To issue Chase Freedom Unlimited they required a credit score of 670 and more. But if you have credit score less than 670 then it doesn’t guarantee your rejection, there is a lot of other parameter which affect this process.
what credit score is needed for a target credit card ?
You can apply online or through mail for target credit card, if you have a credit score above 615 then there is high chances of approval of your application. But before applying make sure that you have at least a GOOD FICO credit score.
what credit score is needed for a southwest credit card?
If you are applying for southwest credit card then you need a FICO credit score of 670 to 700 which is considered as GOOD. But you should ensure that you have a credit score above 700. This doesn’t conform your eligibility because there is a lot of factor which affect this issuing process.
what credit score is needed for a Costco credit card?
Costco credit card is one of the credit card which is difficult to issue. It ask for 750 or more FICO score for the approval process, means you should have an excellent credit score. It also consider other parameters for the approval process such as your income, quantity of debt etc.
what credit score is needed for a best buy credit card?
In order to get approval for best buy credit card you need to fair to good FICO credit score. That means if you have a credit score of 640 or more then you have a chance of getting approval from best buy credit card.
On the final notes
In general you will need a FICO credit score of fair to good in order to get a credit card. This FICO score vary from 650 to 750. But try to improve your credit score before applying to any credit card, that will improve your chance to get an approval. Along with credit score there is also factors which can affect your approval process.
How to beat inflation and save money?
What credit score do you need to get approved for most credit cards?
In general you should have a FICO credit score of 700 above in order to get approved for most of credit card. But this doesn’t implies you will not get approved if you have a credit score of below 700.
What is the US average credit score?
In the US, the average credit score is 698 which is good credit score.
What is the max you should have on a credit card?
In order to away from suffering credit score you have to keep your credit utilisation under 30%, otherwise it will affect your credit score.
Do more credit cards mean a better credit score?
Maintaining a low credit utilisation rate is easier with many credit cards, which is beneficial for your credit scores.
What is a perfect credit score 2022?
The highest credit score you can achieve by increasing your FICO score is 850, so if you can get there, you have the ideal credit score in 2022.
Is it safe to get credit score online?
Yes, it is safe to get credit score online.
