Credit score needed for the BankAmericard

If you’re looking for a credit card that offers balance transfers to help you consolidate and pay down debt at 0 percent APR, the BankAmericard® credit card could be your answer. Credit score needed for the BankAmericard

This Bank of America card offers a generous introductory period of 21 billing cycles on purchases and balance transfers made in the first 60 days (followed by a variable APR between 15.74 per cent and 25.74 per cent). There’s no annual fee, although a 3 per cent fee applies for balance transfers when you use this card for debt consolidation.

That said, you’ll need to gauge your eligibility and creditworthiness before you apply. This includes knowing whether any BankAmericard credit score requirements exist, as well as whether your credit score is high enough to qualify on your own. Credit score needed for the BankAmericard

Read on to learn about the BankAmericard’s credit score requirements and the steps you can take if your application is denied.

What credit score is needed for the BankAmericard?

The BankAmericard is for those with good or excellent credit, which typically includes any FICO credit score of 670 or higher. Scores of 670 to 739 are considered good by FICO, while 661 to 780 is considered good by VantageScore. However, lenders may define “good” differently, so being at the higher end of the range is a plus. Credit score needed for the BankAmericard

The good news: Bank of America lets you get preapproved online without a hard inquiry on your credit report. Preapproval will not damage your credit score since it uses a soft pull rather than a hard pull to estimate your chances of acceptance. Cards that don’t offer pre-approval or pre-qualification tools are riskier to apply for, as your score will likely take a temporary hit from a hard pull. Credit score needed for the BankAmericard

If your credit score is in the “good” range and you have a steady history of employment and income, however, you can feel fairly confident that you’ll be approved for this card. Aside from getting preapproved, filling out an application is the only way to know for sure. Credit score needed for the BankAmericard

What if my application is denied?

If your application is denied, Bank of America will tell you why. Its decision will also include a listing of which credit report and score it used to make the decision, and you’ll be sent this information automatically. If that happens, be sure to review everything and see where you can make changes to improve the situation. Credit score needed for the BankAmericard

Look especially at the reason codes (or statements) listed. According to FICO, the most common is “proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high”. This means the balances on your credit cards (utilization) are too high.

If you’re trying to transfer a balance from another Bank of America card to take advantage of the introductory interest rate, you’ll be disappointed. The BankAmericard can’t be used for that purpose. Only balances on cards from another credit card issuer will be accepted for transfer. Credit score needed for the BankAmericard

How can I improve my score to get this card?

If you discover that your application was denied because you don’t meet the BankAmericard minimum credit score requirement, you have some work to do before you apply again. Fortunately, there are several steps you can take to improve your credit score in a short amount of time. Credit score needed for the BankAmericard

Steps to take right away include:

• Making all monthly payments on time. This move is important since your payment history is the top determinant of your FICO score.
• Pay down debt. How much debt you owe in relation to your credit limit is the second most important factor that makes up your FICO credit score, so paying down debt can help tremendously in this category.
• Use credit-building tools. A credit-building tool known as Experian Boost can help you get credit for streaming services, utilities and other bills you pay. Best of all, it’s entirely free to use. There’s also UltraFICO, which takes into account banking activity and history. Credit score needed for the BankAmericard

Bottom line

If you have a good credit score (minimum 670), you’ll likely qualify for the BankAmericard. However, you may need to do quite a bit of research before deciding whether the BankAmericard is worth it or not. Credit score needed for the BankAmericard

To begin this part of the process, read over our BankAmericard credit card review. With some digging and time spent comparing offers, you’re bound to find a card that helps you get out of debt once and for all.