What score do you need for a credit card?

Your creditworthiness is how you present yourself to lenders. It determines the types of credit cards you can qualify for and the type of terms you get with your card.

But that doesn’t mean that there is only Credit cards for people with good credit. There are credit cards for all credit levels, including no credit or bad credit. But the better your credit rating, the better credit card you can qualify for.

What is a credit score?

use lenders your creditworthiness to assess the risk you pose as a borrower. The better your credit score, the better you appear to be at debt management and the better credit card terms you get.

How is your credit score calculated?

Your credit score is calculated by the three major credit bureaus — Experian, Equifax, and TransUnion — based on your credit reports. Your credit report is basically a summary of your accounts, payment history, and credit limits.

The factors that contribute to your credit score are your payment history, credit usage, the age of your accounts, and the number of open accounts you have.

There are two popular scoring models, FICO and VantageScore, and each weights the factors slightly differently. Payment history is the biggest contributor to both, closely followed by the amount of debt you owe.

Both FICO and VantageScore break your score into different credit levels. This is how they fall:

Credit Score Ranges

FICO Vantage Score

Bad (300 to 579)

Very bad (300 to 499)

Fair (580 to 669)

Bad (500 to 600)

Good (670 to 739)

Fair (601 to 660)

Very good (740 to 799)

Good (661 to 780)

Exceptional (800 to 850)

Excellent (781 to 850)

These rating systems help lenders determine which credit cards you qualify for.

Credit cards for good to very good creditworthiness

If you have good or excellent credit, you may qualify for the best credit cards. This means they offer the most valuable benefits and you are likely to get the best terms, including attractive interest rates.

Credit cards designed for higher credit scores include coveted perks like introductory APR periods designed to help you avoid interest costs, or better premium rates. Progressive travel credit cards may include benefits such as primary insurance for rental cars, access to airport lounges and opportunities to get through airport security faster.

Credit cards for bad or fair credit

While credit cards designed for excellent credit are best, that doesn’t mean credit cards designed for bad or fair credit aren’t worth it. If you know, you can find good performance in any credit area What to look for in a credit card.

For people with poor to decent credit ratings, there are still a number of good cards to choose from. There is Credit cards for studentssecured credit cards and credit cards created for those with limited credit histories.

Student cards tend to be easier to qualify because they’re designed for college students who don’t generally have extensive credit histories. They help students learn responsible card habits and build credit. Some of them even offer rewards..

Secured Credit Cards Help people build or rebuild credit. not how unsecured credit cards — or traditional credit cards — secured cards require a one-time security deposit after approval, which sets your starting credit limit. In most cases, the deposit will be refunded after responsible use of the card, which basically means that if you use the card regularly, you will always pay on time.

Then there are credit cards designed for limited credit history, which are unsecured credit cards that have lower credit requirements. They don’t always have the best features, but some offer perks and rewards while checking your credit.

How to build your credit score

The easiest way to Build your credit is to pay your credit card bills — and other loans — on time. A positive payment history contributes the most to your creditworthiness. Another way to improve your credit score is to limit your credit card debt.

How much of your total available balance you use at once affects your credit score. Credit bureaus like to see less than 30% of credit utilization, which means you only want to use 30% of your total credit line.

By reducing credit card debt and thereby lowering your credit utilization, your credit score becomes healthier.

Credit account aging also improves your credit score. If you have a lower credit rating and there is a trusted family member with a better established credit history, you can ask to be added as a authorized user on their account to help you skip bad credit.

The final result

There are credit cards for all credit levels, from no credit to very good credit. But the better your credit score, the better credit card you can qualify for. If you need to build your credit, you can use this secured credit cards or others Bad credit cards to.

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