Securing Approval: The Essential Credit Score for Retail Store Cards
When you need a healthy credit score for a loan or apartment application, having a solid credit history is crucial. However, getting a credit card initially can be challenging, but things have evolved over the years. So, what credit score do you need to qualify for most retail store cards today?
**FICO Credit Score Ranges**
According to Experian, the FICO score ranges are:
– Exceptional: 800-850
– Very Good: 740-799
– Good: 670-739
– Fair: 580-669
– Poor: 300-579
**Implications of a Low FICO Score**
A lower credit score makes it harder to get credit. Those with lower scores often receive less credit when approved and face higher interest rates. Various factors affect your score, as noted by Experian. If your credit is fair or poor, you might need to improve your score before being accepted. You might also need to start with a card that requires an upfront payment to prove your creditworthiness.
**Things To Know Before Applying**
A credit inquiry often counts as a hard inquiry, which can hurt your credit rating if you have too many in a short period. Therefore, know your score before applying and check the required score to improve your chances.
**Amazon**
– Prime Visa: 670+
– Amazon Visa: 670+
– Store Card: 580+
Amazon offers several cards for different purposes. The Prime Visa is for Prime members, and they also have a Visa and an Amazon Store Card, with varying credit requirements.
**Best Buy**
– Credit Card: 670+
– Store Card: 580+
Best Buy provides two options: the Best Buy Credit Card and the Best Buy Store Card. If you don’t qualify for the credit card, you’ll be considered for the store card.
**Home Depot**
– Score: 580+
Home Depot offers a store credit card with no annual fee and deferred interest on some purchases.
**Kohl’s**
– Score: 640+
Kohl’s offers a credit card. Applying will be a hard inquiry, so check if you can pre-qualify without a hard inquiry to see if you have a good chance.
**Lowe’s**
– Score: 640+
The Lowe’s Advantage Card is a store credit card with perks for frequent shoppers.
**Target**
– Credit Card: 580+
– Target Mastercard: 670+
Target’s Circle Card Credit Card comes in either a Target Credit Card or a Target Mastercard.
**Walmart**
– Score: 640+
You can easily apply for a Walmart credit card online.
By understanding these requirements and preparing accordingly, you can improve your chances of getting approved for a retail store card.