{"id":58997,"date":"2023-07-25T07:17:00","date_gmt":"2023-07-25T07:17:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=58997"},"modified":"2023-08-31T16:19:20","modified_gmt":"2023-08-31T16:19:20","slug":"can-you-get-a-credit-card-with-your-current-credit-score","status":"publish","type":"post","link":"https:\/\/businessyield.com\/financial-aid\/can-you-get-a-credit-card-with-your-current-credit-score\/","title":{"rendered":"Can You Get a Credit Card With Your Current Credit Score?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
A strong borrowing power makes life easier. Your ability to attain significant milestones like renting a house, purchasing a vehicle, or obtaining a mortgage for your first house is significantly influenced by this three-digit figure, which touches almost every aspect of your financial life.<\/p>\n\n\n\n
A very high borrowing power of 700 or more is needed for the majority of credit cards. Additionally, credit scores of 750 or above are often required for cards with several advantages, such as cashback and travel incentives. However, if you apply for the correct credit card, you might still get approved for one even with lower borrowing power.<\/p>\n\n\n\n
Before we go into the details, let’s quickly review the FICO (Fair Isaac Corporation) credit score range:<\/p>\n\n\n\n
Deficient: 300 to 579<\/p>\n\n\n\n
Fair: 580 to 669<\/p>\n\n\n\n
Good: 670 to 739<\/p>\n\n\n\n
Excellent: 740 to 799<\/p>\n\n\n\n
Outstanding: 800 to 850<\/p>\n\n\n\n
As a result, FICO ratings vary from 300 to 850. At this point, it’s crucial to keep in mind that the better alternatives you have available to you, the higher your credit score is.<\/p>\n\n\n\n
Lending institutions, whether for a vehicle, a house, or anything else, want to see that you are creditworthy and can be trusted to repay their money on time before they decide to provide you with the loan. To determine whether to accept your loan and how much to offer you, they may consider your credit record and borrowing power. Because of this, it’s crucial to maintain the best credit score possible.<\/p>\n\n\n\n
You must pay your bills on time and not be late with your dues. It is also better not to think about online loans, like a “quick 500 dollar loan<\/a>“, because they have high-interest rates and you can not calculate your finances to pay off the debt, which will ruin your rating.<\/p>\n\n\n\n A credit card is available for almost everyone, regardless of credit score. However, the cards offered to customers with lesser credit scores won’t have the greatest rates or conditions.<\/p>\n\n\n\n A decent FICO<\/a> borrowing power is between 580 and 670, and if you fit this description, you may select from a variety of reliable bank cards.<\/p>\n\n\n\n This is a wonderful choice for anyone trying to improve their creditworthiness while simultaneously collecting cash rewards on a rewards plastic that needs a borrowing power between 580 and 740.<\/p>\n\n\n\n An alternative is a secured bank card. Secured cards have the same appearance and functionality as regular cards, but the spending limit must be “secured” with your funds. Your security deposit will be maintained in an FDIC account insured for your protection. However, you will forfeit your warranty if you don’t pay.<\/p>\n\n\n\n If your borrowing power is in the good (670 \u2013 799) to exceptional (800+) range, you should be able to be approved for a bank card that gives you rewards for your purchases. Do your homework before applying for a rewards card since not all reward cards (or issuers) have the same credit criteria.<\/p>\n\n\n\n<\/a>Borrowing Power for a Bank Card<\/span><\/h2>\n\n\n\n
<\/a>Cards for Those With Good to Average Credit<\/span><\/h3>\n\n\n\n
<\/a>Credit Cards for Outstanding to Decent Credit<\/span><\/h3>\n\n\n\n