Back
Reading Now:
What Score Do I Need To Get Approved For A Credit Card
Advertiser Disclosure: Many of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.
2
minute read

What Score Do I Need To Get Approved For A Credit Card

"Unlocking Financial Doors: How Your Credit Score Determines Your Access To Loans, Credit Cards, And More"

song.url

Your credit score is pivotal in determining your eligibility for various financial products, including credit cards, loans, and more. This score, which ranges from 300 to 850, categorizes into different levels, significantly affecting your financial opportunities. Whether it's securing a mortgage or leasing a car, your credit score plays a crucial role in the terms and rates you receive.

Very PoorPoorAverageGoodVery GoodExcellent
579619679719779800+
578618678718778799
577617677717777798
576616676716776797
575615675715775796
574614674714774795
573613673713773794
572612672712772793
571611671711771792
570610670710770791
569609669709769790
568608668708768789
567607667707767788
566606666706766787
565605665705765786
564604664704764785
563603663703763784
562602662702762783
561601661701761782
560600660700760781
559599659699759780
558598658698758
557597657697757
556596656696756
555595655695755
554594654694754
553593653693753
552592652692752
551591651691751
550590650690750
549589649689749
548588648688748
547587647687747
546586646686746
545585645685745
544584644684744
541583643683743
540582642682742
539581641681741
538580640680740
537639739
536638738
535637737
534636736
533635735
532634734
531633733
530632732
529631731
528630730
527629729
526628728
525627727
524626726
523625725
522624724
521623723
520622722
519621721
518620720
517
516
515
514
513
512
511
510
509
508
507
506
505
504
503
502
501
500
Sample Caption

Mortgage Loan Score Ranges

Knowing your credit score is essential when considering a mortgage. Below is a breakdown of the score ranges and what they might mean for your mortgage options:

  • 500-579: Eligible for an FHA Loan with a larger down payment required.
  • 580-619: Qualifies for an FHA Mortgage Loan.
  • 620-699: Minimum for a Conventional Mortgage, with better rates for higher scores.
  • 700-759: Necessary for most jumbo loans, with the best rates starting at 740.
  • 760+: Optimal scores for reduced mortgage insurance premiums.

Auto Lease/Finance Score Ranges

When financing or leasing a vehicle, your credit score impacts the terms you might receive:

  • Below 540: Possible approval at high interest rates from certain financial institutions.
  • 540-580: Approval chances increase if low scores are due to inactive accounts and previous auto loans.
  • 580-650: Approval likelihood depends on credit history specifics, like previous repossessions or unpaid charges.
  • 650-700: Generally approved if all accounts are in good standing, although interest rates may be higher.
  • 700-850: High approval odds for any vehicle, subject to individual credit factors.

Credit Card Score Ranges

Credit cards have their own set of score requirements for approval:

  • 450-620: Likely declines from most banks; consider secured credit card options.
  • 620-660: Possible approval for secured cards; some may get standard cards depending on their credit details.
  • 660-700: Approval likely for secured or store cards.
  • 700-740: Broad eligibility for various credit cards, with conditions such as few recent inquiries and no late payments.
  • 740-800: Excellent chances for most credit cards, though other factors like recent account openings and inquiries are also considered.
  • 800-850: Superb scores lead to high approval rates, but banks will review other credit factors as well.

Business Loan Score Ranges

For business loans, the range of your credit score can dictate the terms and type of loan you might receive:

  • Below 540: Low approval chances; possible high-cost terms with Merchant Cash Advances.
  • 540-580: Likely eligible for costly MCA or Equipment Financing.
  • 580-620: Better terms for MCA or Equipment Financing, but still high cost.
  • 620-660: Traditional banks may require strong collateral for approval.
  • 660-700: Scores in this range could meet SBA minimums; secured loans possible with sufficient collateral.
  • 700-720: Similar to 660-700, with additional possibilities for higher unsecured loan limits.
  • 720 and above: Premium credit, generally receiving the best rates.

Each credit score range offers specific financial opportunities and challenges. Understanding where you stand can help you better prepare for the financial products you aim to acquire.

Featured Card
No items found.
Stay updated on the latest credit articles and offers
By clicking Sign Up you're confirming that you agree with our Terms and Conditions.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Key points in this article
Key Takeaways
Key Takeaways
Key Takeaways

More questions? More answers.

No Questions here? Ask One and we'll add it

0 Comments

Active Here: 0
loader

Articles

The latest news and updates,
Chase Ink Business Unlimited®
New Offer!
$900 Cash Bonus
See offer