What Other Factors Determine Credit Card Approval
While your credit score is the most important factor determining whether your card application will be approved, it is by no means the only one. Some factors are easily determined, others require more interpretation.
Heres a rundown of some other factors:
If you are the DIY type, you can fix your credit reports on your own. The first step is to order free copies of your three credit reports from AnnualCreditReport.com, the only federally authorized free credit report source.
Best Card For Choosing Your Own Cash Back Categories: Us Bank Cash+
Why the US Bank Cash+ card is worth it: Among cards that allow you to customize your rewards earning, the U.S. Bank Cash+® Visa Signature® Card is the most generous, offering up to 5% cash back from a long list of eligible categories to choose from.
Picking a card that the most rewards in the categories where you spend the most is one of the best ways to maximize your spending. The U.S. Bank Cash+® Visa Signature® Card makes it extra easy by allowing you to pick two eligible categories of your choice that earn 5% cash back on up to $2,000 in combined purchases each quarter .
You can also choose one “everyday” category to earn 2% cash back , and you’ll earn 1% cash back on all other eligible purchases.
You can choose from the following 5% cash back categories: prepaid air travel, hotel stays, and car reservations booked directly in the Rewards Travel Center online portal, fast food, home utilities, TV, internet, and streaming services, department stores, electronic stores, cell phone providers, sporting goods stores, furniture stores, movie theaters, gyms and fitness centers, ground transportation, and select clothing stores.
Even better, the card doesn’t charge an annual fee, so there’s no cost to keep it for the long term. New cardholders can earn a $200 bonus after spending $1,000 in eligible purchases within the first 120 days of account opening, and also qualify for a 0% intro APR on purchases and balance transfers for the first 15 billing cycles .
How Do Credit Scores Work
Your credit score is a numerical representation of your creditworthiness, or the level of risk a lender takes on when extending credit to you. If you have an excellent credit score, lenders will assume you are likely to make on-time payments, so theyll offer you the best terms and the lowest interest rates. If you have bad credit, youll either get rejected or pay more money to borrow if youre approved.
There are five key factors that contribute to your FICO score:
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Credible: Best For Comparing Multiple Personal Loan Companies
Credible isnt an online lender but connects people with other personal loan lenders. If youre shopping around looking for the best debt consolidation loan, an aggregate site like Credible can save you plenty of time by making it easy to compare various options from other companies.
Credibles partners include Marcus by Goldman Sachs, Upstart, Discover, and SoFi. The site also has a best rate guarantee that gives borrowers a cash bonus if they find a better rate elsewhere.
Loan Amounts and Repayment Terms
Credibles loan amounts depend on the lender but tend to range between $600 and $100,000.
Loan terms across online lenders tend to remain similar, often between 24 and 84 months. Some lenders may offer shorter terms, but these are extremely rare. Similarly, the origination fee and late fees also depend largely on the lender.
Credible relies on its partners to determine the ideal credit score and income requirements for its unsecured personal loans. In many cases, at least one online lender will have lower credit score limits, but these tend to come with significantly higher interest rates and monthly payments.
Credibles personal loans have use restrictions, but these will vary depending on the lender. Most people use their personal loan proceeds to:
- Consolidate credit card debt
Perks and Features
As an aggregate site, Credible doesnt have many loan-specific perks and features.
Who Is Credible Best For?
What Are Some Common Credit Card Benefits
You know all that fine print you see when you go to a credit cards website? It includes a lot of details about card benefits you might not realize you have access to. We have a full rundown of , but heres a quick list of common benefits.
Common Perks on Many Kinds of Credit Cards
- Car rental insurance
- Refund when merchant wont accept returned item
Common Travel Rewards Card Perks
- Insurance coverage for lost or delayed luggage
- Insurance coverage for trip cancellation, interruption, or delay
- Travel accident insurance
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What Is The Toughest Credit Card To Get
Some cards can be difficult to get even if you have stellar credit. Take for example the Centurion Card better known as the American Express Black Card. It is so prestigious that you have to be invited to use it.
The Black Card, easily one of the most difficult cards to get, is an invitation-only offering from Amex.
Although American Express hasnt officially published the requirements of this card, the word is you must be a high earner who has spent and paid off between $350,000 and $500,000 across all your American Express accounts in a calendar year.
Once youre approved, you have to pay a $7,500 initiation fee and a $2,500 annual fee to take advantage of perks, such as hotel elite status, airport lounge access, international arrival service, and best of all, no spending limit.
Dont worry if you dont get invited to apply for a Black Card any time soon plenty of other credit cards, including those listed above, can reward you handsomely for your good financial habits.
Best For Delta Airlines: Delta Skymiles Gold American Express Card:
- Best features: Earn 2X miles on Delta purchases, at restaurants worldwide and at U.S. supermarkets. All other eligible purchases will earn 1X mile. In addition to Delta, travelers have its large network of airline partners to choose from, plus no blackout dates , and miles dont expire. You can earn 40,000 bonus miles after spending $2,000 in purchases on your new card in your first six months.
- Biggest drawbacks: Unfortunately, frequent flyers looking for comfort and additional perks wont get lounge access or reach elite status with this card.
- Alternative: The Capital One Venture Rewards Credit Card is a better fit for people who dont fly Delta often or who arent frequent travelers. Though it has a $95 annual fee, the sign-up bonus, unlimited 2X miles you earn on every purchase and numerous other perks will go a long way to bringing down the costs of your next vacation.
- Bottom line: Anyone frequently flying with Delta should take a long look at where the Delta SkyMiles® Gold American Express Card can take you.
Read our Delta SkyMiles Gold American Express Card review or jump back to this cards offer details.
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How Many Credit Cards Do People With Excellent Credit Have
Everyone is different and has their own unique preferences and money management strategies, so there is no one definitive answer to this question. While you may be better off with three or four credit cards, one credit card may make more sense for someone else with excellent credit.
Having a mix of credit accounts is factored into an excellent credit rating, so having a few credit cards isnt a bad thing, as long as you use them responsibly. With a number of credit cards at your disposal, you can earn the maximum rewards on every purchase you make.
Your credit mix accounts for 10% of your FICO Score.
For example, you may want to use the Capital One® Savor® Cash Rewards Credit Card every time you eat out and get the most bang for your buck on restaurant purchases, and the Discover it® Balance Transfer to pay off your new kitchen renovation.
Of course, you dont want to have too many credit cards, as it can be easier for you to forget to pay a bill or charge up too much debt.
Best Credit Cards For Excellent Credit Of December 2022
It can take years to build up a high credit score, but that work can pay off big time. An excellent credit score is the key to unlocking all manner of credit perks, not the least of which is having your pick of the best credit cards around. Want a luxury travel rewards card? How about high-rate cash back credit cards? Maybe you just want a 0% intro APR deal. With excellent credit, the card possibilities are endless.
The downside to those endless possibilities is actually picking a card. We chose the cards on our list based on their best-in-class rewards or perks. They include some of our favorite travel rewards cards, as well as top-tier cash back options. We also picked cards that trade rewards for some of the longest intro APR offers we could find. And we went for a healthy mix of cards with and without annual fees.
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Youre Our First Priorityevery Time
We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
The point of having excellent credit is not to sit there and stare at your credit score. It’s to take advantage of the opportunities available to those who have shown they can handle credit responsibly. People with excellent credit get the best terms on financial products the lowest costs, the richest rewards, the nicest perks. That’s especially true with credit cards.
Which Credit Card For Excellent Credit Is Right For You
With excellent credit, you can get just about any credit card you like, which can make it hard to pick the right one from all the options. When comparing credit card offers, you’ll need to consider what you want out of your credit cards.
- Rewards: Think about the type of rewards — cash back vs. points — as well as the rewards rates. We like to choose cards that maximize our rewards on the things we purchase most.
- Annual fee: Some annual fees are worth paying. Others arent. Consider what kind of value youll get from your card to make your decision.
- Interest rates: If you have big purchases coming up, a long intro 0% APR card could be more important than even rewards.
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Pay All Your Bills On
If your credit score is over 700, youre probably doing this faithfully. At the same time, you should be aware that a single late payment could have a serious negative effect on your credit rating.
Set up automatic debits for any recurring payments you have. You should do this even with rent and utility payments. Though they wont report to credit bureaus in the normal course, they will report unpaid balances. Automatic debits will eliminate that possibility.
Capital One Spark Miles For Business
- 2X Earn unlimited 2X miles per dollar on every purchase, everywhere, no limits or category restrictions, and miles won’t expire for the life of the account.
- 2X Earn unlimited 2X miles per dollar on every purchase, everywhere, no limits or category restrictions, and miles won’t expire for the life of the account.
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The Cards We Looked At
If you are looking at credit cards for excellent credit, you will come across offers for cards positioned as elite or super-premium products. Some of these cards are invitation-only and available only to the very rich. Others are open to anyone who meets the credit requirements.
These cards tend to have astronomical fees. The invitation-only Centurion Card from American Express has a $10,000 initiation fee and a $5000 annual fee! If you dont get invited, you can apply for the Mastercard Gold Card its literally plated with gold which has an annual fee of a mere $995.
These cards might give you a huge ego rush when you whip one out at the end of a business dinner, but they rarely make financial sense. Many have attractive rewards packages, but youd have to spend enormous amounts to generate enough rewards to cover the fee.
You dont have to be a millionaire to have excellent credit. Your credit score doesnt depend on your income at all. Well be looking at cards that are suited to ordinary folks who manage their finances well and have excellent credit because of it.
Summary Of The Best Credit Cards For 700+ Credit Score
In the table below, we summarized the main information for each of the cards we presented as the best cards if your FICO Score is between 700 and 749:
|Bonus Offer: $900 when you spend $6,000 in the first three after account opening|
*5% cash back categories have a $1,500 max spend and require quarterly activation
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Ihg Rewards Traveler Credit Card
- Earn 80,000 bonus points after spending $2,000 on purchases within the first three months of account opening
- Earn up to 17 points total per $1 spent when you stay at an IHG hotel
- Earn 3 points per $1 spent on purchases on monthly bills, gas stations, and restaurants. Earn 2 points per $1 spent on all other purchases
- No Foreign Transaction Fees
- Redeem 3 Nights, Get the 4th Night Free
- IHG Rewards bonus points are redeemable at hotels such as InterContinental®, Crowne Plaza®, Kimpton®, EVEN® Hotels, Indigo® Hotels & Holiday Inn®
Overview Of The Best Credit Cards For Excellent Credit
While folks with average or low credit scores are limited in the cards they can get, applicants with excellent credit aren’t limited by their own creditworthiness. On the contrary, excellent credit means you’ll pass muster for nearly any credit card you could want. Here’s a look at just a few of the best credit cards available to you when you have excellent credit.
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Who Happy Money Is Best For
Happy Moneys eligibility requirements and lack of fees make it an ideal option for those with fair to good credit to consolidate high-interest credit card debt. Most borrowers looking for a choice in loan repayment terms will be able to choose a smaller monthly payment with a longer repayment term or elect to pay off the loan quickly with a higher monthly payment.
What Is The Minimum Credit Score For A Credit Card
You may be amazed to learn that you can get a credit card with any credit score, even the minimum score of 300. Thats because some secured credit cards do not look at credit scores when approving your application. These secured cards require no credit check for approval.
To qualify, you simply have to deposit cash into a special account maintained by the credit card company. The deposit serves as collateral to secure the cards credit limit. Thats why secured cards dont require a good credit score.
Furthermore, because your credit is secured, you can expect relatively low APRs and fees. While some cards limit your initial credit limit to $300, others allow higher credit lines with deposits of up to $5,000.
Secured cards have the same appearance as unsecured ones, so there is no embarrassment in using one. But you have options even if you would prefer an unsecured credit card:
If you dont like any of these options, you may consider opening a credit-builder account at your local credit union or at Self Financial. You can open this kind of account even if your credit score is 300. It works like this:
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