The Recommended Score for a Credit Card
According to Liz Weston of MSN's Money Central, 30 million people in the U.S. have credit scores (below 620) that make it extremely hard for them to get a credit card without a very high interest rate.
Other People Are Reading
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The Facts
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The FICO score accepted by most lenders maxes out at 850 and bottoms out at 300. Ideally, a person should have a score of 850 to ensure they get the best rates and most amount of credit.
Expert Insight
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Most people are unlikely to ever attain a perfect credit score so lenders consider anyone with above a score of 720 as very creditworthy and are usually offered the best interest rate, according to Tatiana Morales of CBS News.
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Considerations
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Scores between 620 and 700 generally qualify people for some kind of credit card, but with a less desirable interest rate. People with scores in this range should start taking measures to raise their score.
Prevention/Solution
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Raising a credit score above 700 may take months or even years for people with a poor credit history. However, eliminating credit card debt and trying to keep credit card balances below 30 percent of the credit limit boost scores immediately.
Tips
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FinanceGlobe.com has a calculator that shows people the type of credit card they likely qualify for given a specific FICO score.
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References
Resources
- Photo Credit Image by Flickr.com, courtesy of Andres Rueda
