If you’re new to the world of credit cards, it can be a bit overwhelming. There seem to be so many choices out there – and even more confusing requirements. One of the most important requirements is your credit score, or FICO score.
Here’s a quick overview of what you need to know about credit card credit score requirements if you want to get a card that will help you start building your credit history.
What Is A Credit Score?
First things first – let’s talk about what a credit score actually is and why it matters for getting approved for a credit card. Your FICO score is an important number that lenders use to decide whether or not they should approve you for loans or lines of credit, including credit cards.
It ranges from 300-850, with anything over 700 being considered good, and anything over 750 being excellent. It takes into account your payment history, amount owed, length of credit history, new accounts opened, and types of accounts used. The higher your score is, the better your chances are at getting approved for a new line of credit.
What Are The Average Credit Score Requirements?
Unfortunately there’s no one-size-fits-all answer when it comes to the average credit score required by different banks and lenders. That said, each lender has its own criteria in terms of what they consider “good” or “excellent” when it comes to reviewing applications for loan approval. Generally speaking though, banks are likely to approve applicants with scores above 700 – but some may require even higher scores than this before they give the green light on an application.
It’s also worth noting that some banks may offer special products specifically for people who have lower scores – such as secured cards that require a cash deposit in order to open the account (the deposit then serves as collateral). This type of product can be beneficial if you have bad or poor credit as it can help you build up your track record over time so that eventually you can qualify for better offers with better terms and lower interest rates down the road.
Building your FICO score isn’t easy – but it’s definitely doable if you’re committed to making good financial decisions and paying off debt responsibly! When looking at different types of cards offered by different lenders, make sure to check out exactly what kind of minimum FICO score they require before submitting an application; this way you’ll have a better chance at getting approved – and on terms that work best for your needs! With the right tools and strategies in place, anyone can gradually build their FICO score – regardless of where they’re starting from!