What Credit Score Do You Need to Get a Credit Card?

A frequently asked question in the consumer credit realm seems to be, “what credit score do you need to get a credit card?”

Unfortunately, the answer to this question isn’t one simple three-digit number, but rather a variable answer dependent on a number of factors.

Approval Goes Beyond Your Credit Score

Let’s put it this way; you could have a higher credit score than another consumer, but subsequently be denied for a credit card that the other consumer gets approved for.

How would that work, you ask?  Well, in one common scenario, you could have a better credit score than another applicant, but too many recent credit inquiries or newly opened accounts.

As a result, a credit card issuer may deny your credit card application while simultaneously approving an application for a consumer with a lower credit score. That other consumer may have had a late payment at some point in their credit history, but no recent requests for new credit until said application.

So in the eyes of the credit card issuer they are deemed less of a default risk going forward, despite some missteps in the past.

That’s just one example, but the main take away is that credit card issuers may take a hard look at your credit score, instead of just saying all credit scores above “X” number get approved, and all credit scores below “Y” number will be declined.

At the same time, it’s generally safe to say you’ll be approved for most credit cards if your credit score is above 700 (assuming you don’t apply for too much credit all at once), as it’s considered a good credit score.

But you may need a credit score of 720 or higher to qualify for certain platinum cards or other credit cards that require so-called excellent credit (what is considered an excellent credit score?).

Minimum Credit Score Needed for a Credit Card

If you’re credit score is below 620, or even 640, there’s a good chance you won’t be approved for most credit cards, though you may be able to get your hands on a credit card for bad credit.

If your credit score falls between 620 and 700, it’s a bit of a crap-shoot as to whether you’ll be approved for a certain credit card.

Approval could be determined by the credit card issuer’s risk appetite, which has certainly become less favorable for consumers in light of the ongoing credit crisis.  They’re certainly taking a harder look at applicants than they were in the past.

Also note that credit score and credit history are just one piece of the pie.  Approval is also based on your income and employment, so don’t assume you’re golden just because you’ve got an 800 credit score.  You might be in for a rude awakening.

Tip: Credit scores are also used to set your credit card limits, so the higher your credit score, the higher your limit, generally. Again, income/employment will also come into play.

***Get all 3 credit scores FREE instantly to see where you stand before applying for a credit card!