What's the recommended score to get a CC?

[argo]

Hi everybody,

My score is slightly above 700 and I was refused for a credit card that I wanted badly. I heard that range around 700 is not considered by banks as low-risk costumers.

So, I'm wondering what should my score be in order to qualify for a credit card?

Also, does anyone know what is the ratio of credit score to credit limit?

And the last, when do you think I should apply for this CC next time? I have one already and maintain perfect history. Although, my limit are not big.

Thanks!

[Ima saver]

Re: What's the recommended score to get a CC?

Well, I think around 700 is a pretty good score. The top score is 850, so 700 isn't too bad. Make sure you pay off the credit card you have, in full, every month.

[PRICEPLUS]

Re: What's the recommended score to get a CC?

The credit card company looks at a great many things. I am shocked that you were refused a card. What type was it and what were the benefits! Maybe they wouls issue you one with with a lower limit and higher interest. Do you truly need this card?

[argo]

Re: What's the recommended score to get a CC?

The credit card company looks at a great many things. I am shocked that you were refused a card. What type was it and what were the benefits! Maybe they wouls issue you one with with a lower limit and higher interest. Do you truly need this card?

It's a fidelity + one of the banks card. It has 1,5% cash back on fidelity account. One more way to increase my investment.

What's the average time for reapplying? When, do you think, I should apply again?

P.S.: Thanks for answering on all my threads.

[CraigThor]

Re: What's the recommended score to get a CC?

I know on the captiol one rewards I was reading their requirement for excellent credit went something like this:

Excellent Credit:
If all this is true for you you should qualify

I have had a loan or credit card for at least 5 years
I have a credit card with a credit limit greater than $10,000
I have NEVER been more than 60 days late on a credit card, medical bill or loan payment
I have never declared bankruptcy

According to this I have a long ways to go till I can be on their excellent list

[PRICEPLUS]

Re: What's the recommended score to get a CC?

Well, if they don't want to give you a card give them a call and ask why! Unless there is something dreadful on your credit report you can usually get a CC! Signing up people is the haredest and most expensive thing to do in the business! Give them a call if there is nothing untoward on your credit report. Trust me unless your credit history stinks they'll want to give you credit. Giving out CCs is how they make oodles of money!

[ren]

Re: What's the recommended score to get a CC?

What's your utilization on the cards you have? Because I know that if you're using much more than 50%, they start worrying that you can't handle the credit you have.

[argo]

Re: What's the recommended score to get a CC?

Yeah, I utilize usually about 90% of the limit and usually 2-3 times a month. These are my needs and get cash back.

[Squantum]

Re: What's the recommended score to get a CC?

I guess the 90% utilization is why you were turned down. Why is your credit limit so low? I was given a $12,000 limit while I was in college! Actually I can't remember the limit exactly, but it was way more than someone with my income at that time should ever have. Luckily I had the good sense not to use any more than I could pay off each month.

But I agree -- call Fidelity and ask them about why you were rejected and what you can do to get their card.

[argo]

Re: What's the recommended score to get a CC?

I guess the 90% utilization is why you were turned down. Why is your credit limit so low? I was given a $12,000 limit while I was in college! Actually I can't remember the limit exactly, but it was way more than someone with my income at that time should ever have. Luckily I had the good sense not to use any more than I could pay off each month.

But I agree -- call Fidelity and ask them about why you were rejected and what you can do to get their card.

I guess cause I'm from other country and lived in US just a couple years.
I would not mind $12,000

[autoxer]

Re: What's the recommended score to get a CC?

Yeah, I utilize usually about 90% of the limit and usually 2-3 times a month. These are my needs and get cash back.

You could ask your current credit card companies to increase the limits to reduce your utilization.

[vishenda]

Re: What's the recommended score to get a CC?

Your credit score is not the only determining factor banks use in deciding whether or not to issue you a card. A score of 700 is sufficient to obtain a credit card.
They also consider the length of your employment, your income, how long you have lived at your current address and your current relationship to the bank.

If you are declined for a credit card they will notify you by mail with a reason. Address the issue(s) in the letter.

Your credit score is not the most important factor in determining what credit limit the bank will give you. Your income is a more important factor.