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If you’re a frequent Amazon shopper, you might have considered getting an Amazon credit card. However, like any other credit card, it’s crucial to understand the eligibility requirements, particularly the credit score needed for an Amazon card. In this comprehensive guide, we’ll delve into the credit score requirements and other factors that Amazon and the issuing bank, Chase, consider when evaluating your application.
What is the Typical Credit Score Needed for an Amazon Card?
According to the information available, one is more likely to get approved for an Amazon credit card if they have a credit score above 640. However, keep in mind that this isn’t a hard-and-fast rule, and approval is based on a combination of factors, including your credit score, income, debt, and more. Here are some general credit score ranges provided by Amazon:
- Fair: 640+
- Good: 680+
- Excellent: 720+
It’s important to note that these ranges are for illustrative purposes and differ from traditional FICO® score ranges. Individual lenders might have different cutoffs when assessing your credit profile. Therefore, even if you’re in the right range, you might still get denied for other reasons.
Factors You Need to Consider
Apart from the credit score needed for the Amazon card, you also need to consider other key factors that can impact your approval odds:
Income Level
One crucial factor that lenders consider is your income level. While a higher income doesn’t guarantee approval, it can significantly improve your chances. Lenders look at your income to gauge your ability to repay the credit you’re applying for.
Credit Utilization Ratio
Your credit utilization ratio is the amount of credit you’re using compared to your total available credit. If you’re using a high percentage of your available credit, it could signal financial stress and deter lenders.
Recent Credit Applications
If you’ve applied for several credit cards or loans recently, it might be a red flag for lenders. Multiple applications within a short period can result in multiple hard inquiries on your credit report, which can lower your credit score and indicate potential financial instability.
Other Aspects of Your Credit Profile
In addition to your credit score, lenders also consider your payment history, credit mix, and the length of your credit history. These factors give them a comprehensive view of your creditworthiness, helping them determine whether you’re a good fit for their credit card.
What If You Don’t Meet the Credit Score Requirement?
Don’t lose hope if your credit score isn’t up to the mark. There are several ways to improve your credit score:
- Check your credit report: This is the first step towards improving your credit score. You can get a free copy of your credit report from each of the three major credit bureaus through AnnualCreditReport.com.
- Make timely payments: Payment history is the most significant factor in your credit score calculation. Make sure to pay your bills on time to maintain a good credit score.
- Reduce your debt: The amount you owe, or your credit utilization ratio, makes up a significant portion of your credit score. Lower this ratio by paying down your debts.
The Amazon Credit Card Approval Process
If you decide to apply for an Amazon credit card, you’ll likely receive a response within 15 seconds of your online application. However, this response time is subject to your internet connection and the number of applications being processed at the same time. If you don’t get instant approval, you can expect to hear back within two to four weeks.
How Can Applying for an Amazon Credit Card Impact Your Credit?
Applying for an Amazon credit card results in a hard inquiry on your credit report, which can lower your credit score slightly. Multiple hard inquiries within a short period can have a more significant impact on your credit score. Therefore, you should be mindful of the number of credit applications you submit.
What To Do If Your Amazon Credit Card Application Gets Denied?
If your application for an Amazon credit card gets denied, don’t panic. Here are some possible reasons for the denial and how to address them:
- Low credit score: If your credit score is too low, work on improving it before you reapply.
- Insufficient income or incorrect application information: If your income isn’t enough or you provided incorrect information on your application, contact the credit issuer to resolve the issue.
- Frequent credit applications: If you’ve applied for too many credit cards or loans in a short period, wait for a while before reapplying.
Wrapping Up
Applying for an Amazon credit card can be a smart move if you’re a regular Amazon shopper. However, make sure you fully understand the eligibility requirements, especially the credit score needed for an Amazon card, before applying.
Remember, your credit score isn’t the only factor that impacts your approval odds. Lenders also consider your income, debt, credit utilization ratio, and more. So, evaluate your personal finances thoroughly and ensure you’re a good fit for the Amazon card before applying.
