People commonly ask what kind of credit score they need to get a rewards card, but until now I didn’t have a data driven answer. Now I can tell you the minimum scores that get approved, denied, and the minimum credit line they’ll need to open with. I’ve even analyzed reasons for denials and which banks use which agencies.
There is a website called credit boards where people can report their scores, credit details and for which credit card they were approved or declined. The idea is that when you receive your approval/denial letter it will state your credit score, and if it’s a denial it will have a reason for the denial. I put hundreds of these into a spreadsheet and
quantified data for each credit card to show people what kind of credit each bank is looking for.
I’ll run through this with the Chase Freedom and go over what the data actually means. Then show the credit bureau overview data, and most importantly, the “reason for denial” data.
And btw, you can get a free proxy credit score at creditkarma.com, or you can go straight to the bureau and do a 14 day trial and make a dozen memos to cancel on day 13.
Of the 93 reports I looked at, how many of the applications were with each credit bureau?
- Equifax = 19
- Experian = 52
- TransUnion = 22