If you have maintained a good credit profile for years, you should be hunting for the best rewards credit card you can get. There are so many factors that affect your eligibility to qualify for any credit card of your choice. One of the important factors is your credit score. As you know, your credit score is built over time through your spending and payment habits. If you’re a responsible card user, your credit score should be experiencing stable growth and you should be getting so many offers from rewards credit card issuers. Credit scores are often classified into four categories viz. excellent, good, fair and poor credit. Take your time to find out which category you belong to below.
Excellent Credit | Qualify For A Rewards Credit Card Today
Credit scores generally range from 300 to 850. The higher your credit score, the better. To fit into the excellent credit category, you need a credit score in the upper-700s or higher. An excellent credit gives you access to the best rewards credit cards—those that pay higher rewards, offer huge signup bonuses, and come with extra perks and benefits. It’s like a reward for being responsible – no late payments or other serious delinquencies on your credit report and keeping your existing credit card balances low.
Good Credit | Qualify For A Rewards Credit Card Today
Good credit comes with a credit score in the lower 700s. This is still good as it can get you approved for most, but not all, rewards credit cards. Premium rewards credit cards, which have higher rewards payouts and often higher annual fees, are typically off-limits to applicants with scores below the 760s.
You can fall into this category even with a clean credit report if you don’t have a long credit history or you don’t have experience with multiple types of credit.
Fair Credit
As your credit score falls into the 600s, your options for a credit card—particularly rewards cards—become more limited. Previous late payments, high credit card balances, multiple credit inquiries, and old delinquencies can keep you from being approved for credit cards with the highest rewards rates. Instead, look for rewards credit cards with lower payout rates and fewer perks. If you’re a student, shop around for credit cards geared toward students.
Poor Credit
Having a poor credit score (600 and below) severely limits your options for most credit cards, including rewards credit cards. It doesn’t mean you can’t get approved for a rewards credit card, but your options are far more limited.
The Discover it Secured is a great option for someone who’s rebuilding their credit score but wants to earn rewards. The credit card requires you to make a security deposit against your credit limit. Your purchases earn rewards and you’ll get your deposit back after several months as long as you make all your payments on time.
How To Check Your Credit Score
Want to know where your credit stands? You can check your credit score for free using a few different services—Credit Karma, Credit Sesame, Capital One’s CreditWise, Discover’s FICO Credit Scorecard, and WalletHub are a few. You can also purchase your FICO score.
