You can find out if you qualify for a credit card by checking your credit score and making sure you meet the credit card’s approval requirements. For instance, you’ll need to be at least 18 years old, have enough income and/or assets to afford a card’s minimum monthly payments, and a U.S. mailing address.
However, once you know your credit score, you will be able to sort credit card offers based on their eligibility requirements on WalletHub. To do that, you can simply use the filters on the left side of our main Credit Cards page.
How a credit card application will impact your credit score:
Keep in mind that applying for a credit card may trigger a hard inquiry and temporarily cause a dip in your credit score. Some credit cards offer pre-approval tools, which assess your odds of approval through a soft inquiry, without hurting your score. While getting pre-approved for a credit card indicates you have good chances of approval, it does not guarantee it.
A good annual income for a credit card is more than $39,000 per annum for a single individual or $63,000 per year for a household. Anything lower than that is below the median yearly earnings for Americans. However, there’s no official minimum income amount required for credit card approval in general. It varies by credit card company and from individual card to card.… read full answer
For example, the Capital One Venture Rewards Credit Card requires at least $425 more in income per month than you spend on rent or mortgage payments. Generally, the top 10 issuers either have no minimum income requirements or do not publicly disclose that information.
Reasons Why Income Is Required
By law, credit card companies are required to ask for your income. Lenders can only issue you a credit card if they’re confident you can make at least the minimum monthly payments and that you have the ability to repay any balance you may incur. In addition to employment income, you should also report any alternative sources of income. This includes alimony, Social Security or pension payments, and investment income, among other sources.
Applicants under 21 years old can only report “personal income.” This may include money earned from a job, of course, as well as things like investment income, inheritance distributions, or even an allowance that someone regularly deposits into your bank account. You cannot include your parents’ income unless they co-sign for your card, and major issuers don’t allow co-signers anymore. If you’re over the age of 21, you can add in someone else’s income that you may have reasonable access to, such as the salary of a working spouse.
There’s still another part of the equation, and that’s how much debt you have. Issuers will review your debt in relation to your income to determine how much more you can afford to borrow and how risky you would be as a borrower. Issuers set your credit limit based on this information and other factors like your credit history. There’s no specific cutoff for credit cards, but you’ll want to maintain as low of a debt-to-income ratio as possible.
Finally, you should always be honest and accurate when reporting income on a credit card application. Knowingly entering false info is illegal.
To get a credit card, you need a Social Security number, a non-P.O. Box U.S. mailing address, some form of income, and to be at least 18 years old. If you’re under 21 years old, you will need your own independent income, rather than shared income, to get a credit card. Your legal name, phone number, email address and date of birth will be required, too. In some cases, an ITIN or passport will be accepted in place of a Social Security number.… read full answer
Even though people who are under 18 years old can’t get their own credit card account, they can easily become an authorized user on an adult’s account. This enables the authorized user to get a card with their name on it and to begin building credit, but they won’t be responsible for paying bills.
Here’s what you need to get a credit card:
Social Security number. ITIN or passport is acceptable, in some cases.
Street address. P.O. Box addresses are not accepted.
Annual income. For applicants under 21 years old, this can’t be shared income.
Age. You must be at least 18 years old. If under 18, you can become an authorized user.
Credit history. You don’t need credit history to get a credit card, but a good credit score will make it possible to get the best cards.
You can get a credit card with just the bare minimum qualifications, but you may not be able to get any credit card. There are credit cards for all categories of creditworthiness, so credit cards have vastly different approval criteria from card to card.
To see what credit cards you might qualify for, start by checking your credit score for free on WalletHub. You’ll also get personalized offers for credit cards that suit your personal financial situation, with approval odds included.
There is no minimum credit score to get a credit card, if any credit card will do. Some credit card companies don’t even check applicants’ credit history, and the main approval requirement is that you earn more money than you spend. So it’s certainly possible to get a credit card even if you have a very low credit score or no credit score at all.… read full answer
But there is a difference between getting approved for a credit card in general and getting one of the better offers.
The credit score needed for credit card approval ultimately depends on which specific card you want to get. Most of the time, credit card companies have a credit score tier they’re looking for, and applicants will need a score in the required tier (or higher) for a good chance of approval. The tiers are bad, fair, good and excellent.
The thing is, credit cards require scores that are a bit higher than the traditional minimum for each tier in the overall credit score range, according to WalletHub’s research. So for each credit tier, you can see a “traditional” score range and a “WalletHub recommended” score range below.
Here is the credit score needed for a credit card at each level:
One way to estimate your credit card approval odds is to check for pre-approval. Many major issuers will allow you to check for free. It won’t hurt your credit score. And you’ll get a pretty good idea of your chances. Plus, if you’re not sure what your score is yet, you can check your latest credit score for free on WalletHub. You’ll also get personalized credit card recommendations with high approval odds.
Just remember that having a qualifying credit score does not guarantee credit card approval. The credit card application process takes many other factors into account. Payment history, existing debt and income play big roles, too.
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