Average credit score for credit card approval

There are many different types of credit cards Richland County residents can apply for. Having a credit card is a smart move, especially for emergencies when you need to pay a larger expense quickly.

Credit cards can offer relief when an unexpected expense crops up. That’s why obtaining a credit card and keeping it clear of balances and the associated interest and fees is a wise financial move.

One important consideration that credit card issuers will look at when approving or denying your credit card application is your credit score. Higher credit scores demonstrate your reliability and result in lower interest rates.

What Credit Score Do I Need for a Credit Card?

There is no set credit score you need to have to obtain a credit card. Creditors look at your credit score along with many different factors when deciding to issue a card, including:

  • Credit history. A credit report will tell a creditor the history of your accounts, payments and amount of debt you have. On-time payments, credit that isn’t near the maximum credit limits and the length of time you’ve held different accounts all factor into a broader understanding of your creditworthiness.
  • Income. Credit applications will almost always ask about your annual income. Creditors calculate how much credit to provide partially on what percentage of your income needs to be applied to your outstanding debts.
  • Housing costs. Creditors look at how much you pay for your housing each month in evaluating how much extra cash you have to pay your credit card bill.

Do Credit Unions Offer Credit Cards?

Palmetto Citizens Credit Union offers a low-interest Visa credit card with no annual fee, no balance transfer fee and no cash advance charges. See how Palmetto Citizens can give you the financial security for life’s unexpected costs.