Take a moment to check your credit score before applying for the latest credit card offer. According to a recent survey done by the Federal Reserve, banks are tightening up their approval process for credit cards.
The survey asked 76 domestic banks the likelihood of credit card approval for borrowers with a FICO score of 620, 680 and 720. The banks reported they were less likely to approve a credit card application for scores 680 and under. The banks said they were likely to approve a credit card application of 720 or more.
Rejections aren’t personal. The banks surveyed reported that they are less likely to approve the lower FICO scores due to the following reasons: uncertainty of the future economy, a reduced desire to take on risk and concerns about borrowers’ abilities to make consistent payments.
Will You Be Rejected for a FICO Score Below 720?
If you have a FICO score below 720, you aren’t going to automatically be denied on your credit card application, but there is a higher chance of rejection. Similarly, a score above 720 isn’t a promise for approval either.
However, knowing your credit score before you apply for a new credit card can help you avoid unnecessary rejection. Remember, a rejection doesn’t hurt your score, but your score might be affected when you apply for a new card. Space out your credit card applications to avoid hurting your score.
Popular Credit Cards to Build Credit
Whether you’re looking to build your credit or are uncertain about the possibility of a new credit card approval, we’ve rounded up some of the more popular credit cards for people who are looking to build their credit scores.
Ready to apply? Click the links below to begin a secure and confidential application process directly with the issuer.
- Best Cash-Back Sign-Up Bonus: Bank of America® Cash Rewards credit card
- Best for Flat-Rate Cash Back: Chase Freedom Unlimited®
- Best for Balance Transfers: Blue Cash Everyday® Card from American Express
1. Best Cash-Back Sign-Up Bonus: Bank of America® Cash Rewards Credit Card
2. Best for Flat-Rate Cash Back: Chase Freedom Unlimited®
3. Best for Balance Transfers: Blue Cash Everyday® Card from American Express
How to Compare Rewards Credit Cards
Still not sure about which of the best rewards cards are right for you? We get it. Choosing a cash-back credit card that meets your needs is important, which is why Slickdeals’ Credit Card Hub helps you compare the benefits of different cards, search credit cards by rewards categories, and explore cards by their issuers — all to find the best fit for your wallet.