Q: What is the minimum credit score needed to be approved these days?

A: The minimum credit score needed for approval varies by card. Also that is not the only criteria used. For example, someone with a low credit score simply because they are new to credit will probably be looked at more favorably than someone with a low score due to credit mistakes they’ve made.

The minimum score requirement for a credit card can also change depending on the economy. During the financial crash years ago, card issuers became much more picky. Fortunately, things have now returned somewhat back to normal, but we will probably never again see the loosey-goosey credit availability experienced before the crash.

Here are some ballpark ranges to give you a better idea:

Reward Cards?
A score for credit cards in this category will usually have to be above-average. For example, I would estimate that those 5% cash back credit cards usually require a minimum credit score in the 700 to 750 range (however to get the best rates you may need higher than that). Therefore if you are brand new to credit or have a poor credit history, the best reward cards may be out of your league. That being said, there are plenty of 1% rebate cards that aren’t as picky.

For Fair Credit?
Although there is no official number, most consider a fair credit score to be in the range of 650 to 699. The average American often falls somewhere into this range, especially if they carry high balances, have had charged-off debt, or just a limited credit history. Many of these cards have fees and higher rates. Go here to find out more about credit cards for average credit.

For Bad Credit?
For credit cards with bad credit the minimum score can be anything as long as you are applying for a secured card (where you put up a security deposit). As you can imagine these do come with fees but if used correctly, they are an excellent way to rebuild your credit. To learn more check out our section about rebuilding credit using secured cards.

Conclusion?
Ultimately, you need to remember that the minimum credit score for a credit card is never public information… the banks will never disclose what the magic number is to get approved. So ultimately, all we can really do is estimate the minimum credit score for credit cards based on consumer feedback.

Q: My wife signed up for a free credit score last year but was auto-enrolled in a monthly membership that we had to jump through hoops to cancel. Would there be any way to get a totally free credit score without there being any credit card information required?

A: It’s amazing that these companies advertising free credit reports and scores are still going strong. Judging by all the TV commercials they run, it’s quite apparent that their “free” services must be making them a lot of money!

How the “free trials” really work
Like you said, they intentionally make the cancellation process tedious, because they know some people won’t bother to do it. Usually your window of opportunity to cancel before your credit card is charged is 7 days. After that, you will be automatically signed up for a monthly membership program that may run your anywhere from $10 to $20 a month.

Unfortunately when it comes to these free trials, you won’t be able to get your free credit score without credit card billing info being supplied during signup. Now you still can get a free score using those services, but you just need to make sure you cancel during the trial window.

3 important tips on how to get a free score without having your card charged:

1. Cancel the trial the same day you signup
I usually recommend you cancel the same day you signup, immediately after you see your score. That way, if they make an “accident” in processing your cancellation, you still have several days to straighten things out. Make sure you get an email confirmation from them which clearly states your account has been canceled.

2. Follow the cancellation instructions to a tee
Don’t be surprised if their cancellation instructions are a confusing multi-step process. Whatever the case may be, just make sure you read them slowly and carefully; both during the signup as well as when you cancel.

3. Contact your credit card company before the free trial is up
It probably won’t come down to this, because most free credit score providers wouldn’t try this because then they would have the FTC all over them. But if for some reason you do not get a cancellation confirmation email or run into some other obstacle during the cancellation process, then you should contact your credit card’s customer service before the trial period is up.

Explain to the fraud department the situation – i.e. “Two days ago I signed up for a 7 day free trial, but they are not confirming my formal cancellation request. I would like my credit card account notated in the event they try and charge my card after the 7 days is up.” That way if they do end up charging your card, at least you should have a stronger argument for disputing the charge, since you had the problem documented before the free credit score trial was even up.

An Alternate Option: Pay a Small One-Time Fee For Your FICO Score
When people say “credit score” they are usually talking about your FICO, which is by far the most widely used version. Although a free credit score without credit card enrollment isn’t possible, another option you have is to buy your score outright through MyFICO, which is actually owned by FICO/Fair Isaac Corp. They sell scores from Equifax and TransUnion for a one-time upfront fee through their “FICO Standard” program. After you buy it there’s no membership to cancel or anything like that, so you won’t have to worry about any of those games.

This post was selected for the Carnival of Personal Finance on PTMoney.com

This is interesting…

Up until recently, when he donated most of his wealth to charity, Warren Buffett was the richest man on the face of the earth.  If you had a net worth of more than $60,000,000,000 you would think your credit score would be perfect. Not the case with good old Warren – his FICO score was only 718.  While this isn’t a bad score, it’s certainly around average.

Why would he only score 718? Simple. FICO is not based on income, but rather your credit history. If Warren never had a car payment or a mortgage, what is there to base it off of?

Gosh, if for no other reason, you would have thought such a penny-pinching wise man would have used reward credit cards for the cashback and airline miles if for no other reason. :p