How Do I Get A FICO Score Of 720+?

Question:

A lot of sites claim that I need a FICO score of 720+ to be eligible for the better credit card bonuses. I want to increase my score, how can I do it? Tim, Washington DC

Answer:

The FICO score you need to be approved for credit cards varies card to card, it’ll also depend on your current income and employment history (if your income is low and you’ve only been at your job for a short time then you may be denied regardless of your score).

A score of 720 or above used to be enough to get approved for almost every card, but with the credit crunch this is no longer the case. A score of 780+ is usually the tipping point where people find they are approved for every card regardless of other factors. I personally don’t apply for new cards unless my score is 760+.

Improving your score is fairly simply. Follow these steps and you should have a score in the high 700’s fairly quickly (assuming you don’t have bankruptcies or too many late payments on your record).

  1. Check your credit report for inaccuracies/errors. Dispute any found.
  2. Pay all bills on time.
  3. Reduce the amount owed on credit cards. You should have all of your credit cards paid off in full and one card with a balance of around 10%.
  4. Don’t apply for any new credit accounts.
  5. Don’t close any credit accounts
  6. Have both installment and revolving credit.

You can find out why these steps are so helpful by reading our “six steps to improving your credit score” guide.

If you have a question of your own, why don’t you contact us? 

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