Credit Score Needed for a Credit Union Credit Card in 2024 (2024)

FAQs

Credit Score Needed for a Credit Union Credit Card in 2024? ›

Most credit cards require a minimum score of 670 for approval. Excellent scores of 720+ give you the best approval odds and terms. Check the specific card requirements; some may approve scores as low as the 500s with restrictions.

For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.

You need a credit score of 700+ to get a credit card from most credit unions, though some credit unions have options available for people with bad credit or no credit history. There are credit union cards for every credit level, and some of the best credit union cards are only available to people with excellent credit.

There are many different credit scores available to consumers and lenders. FICO® Scores are the credit scores used by most lenders, and different lenders may use different versions of FICO® Scores.

Is It Easier to Get a Credit Card From a Credit Union? When you apply for a credit card through a credit union, you may expect the credit union to check your credit score. However, as a member with less-than-perfect credit, you might find it easier to qualify for a credit card through your credit union than a bank.

The time it takes to raise your credit score from 500 to 700 can vary widely depending on your individual financial situation. On average, it may take anywhere from 12 to 24 months of responsible credit management, including timely payments and reducing debt, to see a significant improvement in your credit score.

As long as you meet the membership requirements, a poor credit score typically won't be a dealbreaker when it comes to joining a credit union. Credit unions usually don't check your credit score when you open a checking or savings account.

The lower interest can provide you major long-term savings, particularly if you carry a balance on your credit card from month to month. Many credit union credit cards come with travel insurance, extended warranty protection, or even price protection.

Do credit unions use FICO scores? ›

Nearly all lenders in the U.S., including Members 1st Credit Union, use FICO^® Scores, as the industry standard for determining credit worthiness. Reviewing your FICO^® Scores can help you learn how lenders view your credit risk and allow you to better understand your financial health.

A bank or credit union may make a soft inquiry on your credit when you open a new checking account to check for a history of fraud. These soft checks do not affect your credit score. However, in some cases, a bank may perform a hard credit check, which does affect your credit score.

There are a number of reasons why a bank or credit union may refuse to open a checking account. For example: A history of writing bad checks.

Credit limits for credit union credit cards are often lower than the limits that traditional banks offer, at least when you first open the card. Your limit should increase, though, once the credit union you're banking with sees that you are able to make your payments on time.

Banks and credit unions want to know their new customers can manage their checking and savings accounts responsibly. However, they won't check your credit report or score, so you won't need an established credit history to qualify for a bank account.

A 740 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.

Consider yourself in “good” shape if your credit score is above the average for people in your age group. Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.

It may take you 4 months to a year to reach the credit score of 700. Your credit score improvement is completely dependent on your financial activities.

Your FICO^® Score falls within a range, from 740 to 799, that may be considered Very Good. A 750 FICO^® Score is above the average credit score.