For its credit cards, Chase does not formally require a specific credit score. Nonetheless, it is one of the more “premium” credit card issuers. Most Chase credit cards require at least good credit, which is a credit score of at least 670. A credit score of 740 or higher places you in the “excellent” category and increases your chances of approval.
Most reward credit cards have a score like this. Don’t worry if you aren’t quite there yet. Other factors influence your credit card application, and there are many credit cards available for people with fair or bad credit.
Other factors influencing credit card approval
First and foremost, it is critical to understand that Chase’s 5/24 rule will take precedence over all other factors when determining credit card approval. Your application will most likely be denied if you’ve opened five or more new credit card accounts in the last 24 months.
Aside from your credit score and application history, there are other factors that influence the success of your credit card application, whether you apply with Chase or another issuer.
Credit history length: What kinds of accounts do you have, and how long have they been open? The more credit history you have, the better.
Credit utilization: Have you used all of your available credit? If you have a $10,000 credit limit and have charged $8,000 in the last month, your credit utilization ratio is 80 percent, which is extremely high and can have a negative impact on your credit score and new applications.
Income and debt: Credit card companies want to know that you’ll be able to repay your debts, so income is a common question on credit card applications. For the same reason, you may be asked about your current debt.
Derogatory marks: Delinquencies, bankruptcies, late payments, and other negative behaviors that appear on your credit report may have an impact on the approval of your application.
What if I’m turned down for a Chase credit card?
If your application for a Chase credit card is denied, you will be notified by email or regular mail. The reasons for the denial will be explained in this letter. You can ask Chase to reconsider or appeal your denial after receiving a denial letter. To begin the process, send a letter to the address on the denial notice or call the number on the denial letter.
You can also apply for a different Chase credit card, but your chances of success are likely to be low because nearly all Chase cards have similar requirements. It’s probably best to spend some time addressing the source of the denial.
Finally, you could apply for a credit card from another company. Capital One, for example, has several credit cards designed specifically for people with fair and bad credit. Check out Bankrate’s CardMatch tool for a complete list of credit cards that you are likely to qualify for. You can get a list of prequalified and special credit card offers with just a few pieces of information and no impact on your credit.
Although Chase does not require a specific credit score for its credit cards, a credit score of 670 or higher is generally required — and a score of 740 or higher gives you a good chance of approval. Don’t be concerned if your credit score is lower than the recommended score for the Chase card you want. There are numerous other credit cards available to you.