Approval Odds: Your Key To A Successful Application | Bankrate (2024)

Key takeaways

  • Having a credit score that’s in line with a card issuer’s requirements doesn’t always guarantee you’ll qualify
  • Each time you apply for a credit card, your credit score can be affected
  • Bankrate’s Approval Odds feature can give you insights upfront about the cards you’re most likely to be approved for
  • Using Approval Odds is fast and easy — and it will not affect your credit score

Researching which credit card is right for you can be intimidating and time-consuming, especially if you’re unsure which cards you’ll qualify for. That’s where Bankrate’s Approval Odds feature can help.

What is Bankrate’s Approval Odds feature?

To get you started, each credit card featured on Bankrate carries a recommended credit range so that you can roughly estimate your approval odds before applying:

  • Excellent Credit: an 800 to 850 FICO Score, or a 781 to 850 VantageScore
  • Good Credit: a 670 to 799 FICO Score, or a 661 to 780 VantageScore
  • Fair Credit: a 580 to 669 FICO Score, or a 601 to 660 VantageScore
  • Poor Credit: a 300 to 579 FICO Score, or a 300 to 600 VantageScore
  • No Credit History: No credit history is required to apply

An on-par credit score doesn’t always guarantee you’ll qualify, though. Issuers may deny your application for other reasons, like multiple recent credit applications or a lower income than they’d prefer. In fact, the Bureau for Consumer Financial Protection’s latest Consumer Credit Card Market Report notes that credit card approval rates on general purpose cards have been declining since 2015, with a large 10 percent to 11 percent drop for those with prime or near-prime credit (a score of 620 to 719) as the economy tightened during 2020.

Considering that applying for a card can temporarily hurt your credit score — which can be a big setback if you’re on the edge of a favorable credit score or you don’t have much credit history — knowing your approval odds ahead of time helps you prioritize your picks.

Fortunately, Bankrate’s Approval Odds feature can give you a heads-up about how likely you are to qualify for a credit card on our site — with no impact on your credit score. That way, you can apply for the perfect card confidently. Think of it like a calculator of sorts; an approval odds calculator that helps steer you in the right direction before you formally apply for a credit card.

Our tool compares your credit report with historical approval data and issuer criteria to comprehensively calculate your odds of being approved. If your odds are excellent, you also might receive personalized card recommendations and prequalified offers through CardMatch.

How to use Bankrate’s Card Approval Odds

Getting started with the Approval Odds feature only takes one click. First head to a credit card category page or open an individual credit card review page. On participating credit cards, you’ll see a button labeled “see your approval odds” which will help you access your approval odds.

Once you’ve clicked “See your approval odds” on the card you’re interested in, you’ll be prompted to share your:

  1. First and last name
  2. Mailing address
  3. Employment status and annual income
  4. Monthly rent or mortgage payment
  5. Social Security number’s last four digits
  6. Email address

After that, clicking “Agree and see results” will finish setting up your account. Bankrate will immediately authorize a soft credit pull, which won’t affect your credit.

Congrats! The legwork is already done. If you’re on a card review page, you’ll see your approval odds for that card, ranging from “poor” to “excellent.” If you’re on a comparison page with multiple cards, you’ll see your approval odds for participating cards on that page.

From there, you can confidently proceed to the final step in the process: applying for a credit card. Of course, the credit card issuer has the final say in whether you’re approved, and you won’t know your status for certain until you’ve formally applied.

What do the Approval Odds ratings mean?

Each of the four Approval Odds color-coded ratings you’ll see in card tiles describe how likely you are to be approved for that card:

Ratings definitions

Excellent chance of approval
You are highly likely to qualify for this credit card. In fact, your high approval odds may also grant you access to “Special Offers” — meaning you may be preapproved for this card and possibly an elevated welcome offer if you apply through Bankrate.

Good chance of approval
You’re a strong candidate to be approved for this card. However, there’s a small chance that a few credit profile variables may slightly affect your likelihood of prequalifying for the card or nabbing its lowest APR.
Fair chance of approval
You may not have a perfect application, but there still may be a chance of approval. However, know that there is a risk of being declined or receiving a high APR. But if this card is the perfect fit, you might want to revisit it in the future after learning more about your credit score and which factors you can work on to increase your approval odds.
Poor chance of approval
You’ll want to avoid applying for this card. But although you probably won’t qualify right now, there are several ways to improve your credit score, even without a credit card.

The bottom line

Your credit score takes a small hit with every credit application, so it’s best to get it right on the first try. Although the credit card issuer always has the final say on whether you’re approved, knowing your Approval Odds can help you approach your next credit card application with an extra layer of confidence and potentially less risk to your credit score.

Approval Odds: Your Key To A Successful Application | Bankrate (2024)

FAQs

What do approval odds mean? ›

Approval Odds serve as guidelines regarding the likelihood you'll be approved for a specific credit card.

What does 90% chance of approval mean? ›

90%—99% chance of approval: You're very likely to be approved, but in some cases, the lender will still need to do a few quick checks to fully approve your application. 80%—89% chance of approval: There is still a good chance you'll be approved. However, there is a slight risk you'll be declined if you proceed.

How can I increase my approval odds? ›

How to boost your personal loan approval odds
  1. Check the accuracy of your credit report. ...
  2. Improve your credit score. ...
  3. Prequalify before formally applying. ...
  4. Work on reducing your debt. ...
  5. Find ways to increase your income. ...
  6. Don't apply for too much money. ...
  7. Adding a cosigner or a co-borrower.
Aug 30, 2023

What is the easiest loan to get approved for? ›

Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Before you apply for an emergency loan to obtain funds quickly, make sure you read the fine print so you know exactly what your costs will be.

What does odds of success mean? ›

1 (of a chance, horse, etc.) rated at even money or less to win. 2 regarded as more or most likely to win, succeed, happen, etc.

What does give good odds mean? ›

to offer a bet with favourable odds. See full dictionary entry for odds.

What is the 5 24 rule for Chase? ›

Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

Who is most likely to get approved for a personal loan? ›

In general, people who have a FICO® Score 8 or FICO® Score 9 of at least 670 or a VantageScore 3.0 or VantageScore 4.0 of at least 661 are considered to have good credit or excellent credit, which means they may find it easier to qualify for a personal loan.

How do I get the highest preapproval? ›

The best way to get preapproved for a larger amount is to have strong credit, little or no debt and a high, steady income. Borrowers with lower credit scores, limited or uneven income or high debt levels are more likely to get preapproved for less.

Which bank gives a loan easily? ›

HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours. If you've wondered how to get an instant loan, wonder no more.

What bank is easiest to get a loan from? ›

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.

Who is the easiest person to get a loan from? ›

  • Upgrade. : Easiest personal loan to get.
  • Prosper. : Best for peer-to-peer lending.
  • LendingClub. : Best for debt consolidation.
  • SoFi. : Best for member perks.
  • LendingPoint. : Best for holistic eligibility requirements.
  • Upstart. : Best for borrowers with bad credit.
  • Rocket Loans. : Best for autopay discount.
  • PenFed Credit Union.
6 days ago

Can you get a loan with fair approval odds? ›

It's possible to get personal loans for fair credit — typically a FICO score is between 580 and 669. However, you'll have to jump through more hoops than those with good or excellent credit. You may also have to shop around to find lenders that offer competitive personal loan rates for fair credit.

What does 130 odds mean? ›

This means you need to risk $100 to profit a certain amount. For example, if the odds for a bet are +130, a bettor would have to risk $100 to profit $130. These odds can be scaled up and down.

What does 160 odds mean? ›

If you were to bet $10 on +160 odds you would receive $16.00 in profit if this outcome won. Odds accompanied with a positive sign (+) indicate that this is the underdog and this outcome will have a lower chance of winning compared to a favorite, however underdogs will yield a higher profit if they win.

What does it mean when asked what are the odds? ›

simply put “what are the odds” means “ what are the chances” . “what are the odds” is often used in a cynical sense. to say that the the probability of the occurrence of a certain adverse event was very low, yet because of one's fate or bad luck the unexpected event still happened.

Top Articles
The Longest Ride Ending Explained - Endante
Ira And Ruth Levinson True Story – Just Speak News
Radikale Landküche am Landgut Schönwalde
Riverrun Rv Park Middletown Photos
Mohawkind Docagent
Gameday Red Sox
Cosentyx® 75 mg Injektionslösung in einer Fertigspritze - PatientenInfo-Service
Craigslist Jobs Phoenix
Mephisto Summoners War
Craigslist Apartments In Philly
Studentvue Columbia Heights
Who called you from 6466062860 (+16466062860) ?
Nutrislice Menus
Me Cojo A Mama Borracha
Is Grande Internet Down In My Area
Buy Swap Sell Dirt Late Model
50 Shades Of Grey Movie 123Movies
10 Fun Things to Do in Elk Grove, CA | Explore Elk Grove
Nearest Walgreens Or Cvs Near Me
Barber Gym Quantico Hours
Company History - Horizon NJ Health
Www.dunkinbaskinrunsonyou.con
Danielle Ranslow Obituary
Bento - A link in bio, but rich and beautiful.
Phantom Fireworks Of Delaware Watergap Photos
Royalfh Obituaries Home
Best Restaurants Ventnor
Craigslist Middletown Ohio
Missing 2023 Showtimes Near Grand Theatres - Bismarck
R/Orangetheory
Broken Gphone X Tarkov
Storelink Afs
Culver's Hartland Flavor Of The Day
Truis Bank Near Me
Closest 24 Hour Walmart
Why Holly Gibney Is One of TV's Best Protagonists
Admissions - New York Conservatory for Dramatic Arts
Dadeclerk
Aurora Il Back Pages
Gt500 Forums
Weather Underground Corvallis
Directions To The Closest Auto Parts Store
Lacy Soto Mechanic
All Characters in Omega Strikers
Celsius Claims Agent
Chubbs Canton Il
Meet Robert Oppenheimer, the destroyer of worlds
UNC Charlotte Admission Requirements
Paradise leaked: An analysis of offshore data leaks
Wera13X
Is Chanel West Coast Pregnant Due Date
Ingersoll Greenwood Funeral Home Obituaries
Latest Posts
Article information

Author: Amb. Frankie Simonis

Last Updated:

Views: 5711

Rating: 4.6 / 5 (76 voted)

Reviews: 83% of readers found this page helpful

Author information

Name: Amb. Frankie Simonis

Birthday: 1998-02-19

Address: 64841 Delmar Isle, North Wiley, OR 74073

Phone: +17844167847676

Job: Forward IT Agent

Hobby: LARPing, Kitesurfing, Sewing, Digital arts, Sand art, Gardening, Dance

Introduction: My name is Amb. Frankie Simonis, I am a hilarious, enchanting, energetic, cooperative, innocent, cute, joyous person who loves writing and wants to share my knowledge and understanding with you.