Fair Approval Odds. The odds are, your lender will only issue you what is known as a conditional approval after this short period. Often, your lender will ask for more. Free Mortgage Calculators: Preparing for Mortgage Preapproval – Free Mortgage Calculators: Preparing for Mortgage Preapproval If you’re thinking about buying a home, getting mortgage pre. Should I apply for a card with fair approval odds, or wait? I currently don’t have an open line of credit (card). I have a car note that I’ve been paying on time, and have been working with a debt consolidation company to pull some other accounts out of collections. I want to apply for a new credit card so I can cancel my secured CapOne. I signed up for CreditKarma and I have a 684 from TransUnion and Equifax and it says I have "good" approval odds for several cards, but only have 6 months of history so I'm worried that I'll be rejected for having a thin-file or something and I don't want a hard-inquiry on my report.
While the Approval Odds in the example are “Very Good,” other possibilities you might see include “Excellent,” “Good,” “Fair” and “Poor.” But what, exactly, do they mean? Approval Odds serve as guidelines regarding the likelihood you’ll be approved for a specific credit card. The odds are stated as “Excellent,” “Very Good,” “Good,” “Fair,” or “Poor.” On July 22nd, 2019, Credit Karma provided these top picks to LendEDU Co-founder, Nate Matherson, all with excellent approval odds.
Overall, consumers have average approval rate of 39.1 percent, but since that encompasses all scores, it’s much more important to focus on where your score lands on the scale and what that represents in terms of your credit health and approval odds. If your odds look good, apply.
Customers report being approved for the card with credit scores in the fair to good range, but Comenity takes your entire credit history into account. Factors that can decrease your odds of approval include: High outstanding balances on current accounts; Multiple credit inquiries in a short period of time; Unpaid or delinquent accounts One of the best credit cards for people with fair credit is the Target Credit Card because it only requires fair credit for approval, offers 5% Cash Back in rewards on purchases, and has a $0 annual fee. The Target REDcard also earns cardholders free two-day shipping for online orders, plus 30 extra days for returns and various other perks. Choosing the right card is perhaps the biggest factor that can improve your approval odds when applying for credit. For help choosing the right credit card, check out our guide to the best credit cards overall, the best credit cards for fair credit, and the best credit cards for poor credit. 3. Minimize Debt Before Applying For example, a fair credit score according to FICO is a score that falls between 580 and 670. If you have fair credit scores, you will likely be able to qualify for a broad range of loans, credit cards, and other financial services products.
