To get a Ross credit card, you generally need a credit score of 640 or higher. This falls within the fair credit range, indicating that you don't necessarily need excellent credit for approval.
Understanding the Credit Score Requirement
The Ross credit card is issued by Comenity Bank. For most credit cards issued by Comenity Bank, a minimum credit score of 640 is typically required. However, it's important to note that some Comenity credit cards may require a higher score, specifically 700 or better, which is considered good credit.
Here's a breakdown of what these credit scores mean:
| Credit Score Range | Credit Quality | Implication for Approval |
|---|---|---|
| 300-579 | Poor | Unlikely |
| 580-669 | Fair | Possible (e.g., 640+) |
| 670-739 | Good | Favorable (e.g., 700+) |
| 740-799 | Very Good | Very Favorable |
| 800-850 | Excellent | Highly Favorable |
While a score of 640 is often sufficient, aiming for a higher score, especially in the "good" range (700+), can increase your chances of approval and potentially qualify you for better terms or a higher credit limit.
Factors Beyond Your Credit Score
While your credit score is a primary factor, issuers like Comenity Bank also consider other elements when evaluating your application. These may include:
- Income: Your ability to make payments based on your declared income.
- Debt-to-income ratio: The amount of debt you have relative to your income.
- Credit history length: How long you've had credit accounts.
- Payment history: Your record of on-time payments on other credit accounts.
- Recent credit inquiries: Too many recent applications can sometimes be a red flag.
How to Improve Your Credit Score
If your credit score is below the recommended range, or if you simply want to improve your chances of approval, consider these steps:
- Pay Bills on Time: This is the most crucial factor in your credit score. Set up reminders or automatic payments.
- Reduce Existing Debt: Especially high-interest credit card debt. A lower credit utilization ratio (how much credit you use vs. how much you have available) can significantly boost your score.
- Check Your Credit Report Regularly: Review your credit reports from all three major bureaus (Experian, Equifax, TransUnion) for errors and dispute any inaccuracies. You can get a free copy annually.
- Avoid New Credit Applications (Temporarily): Each application can lead to a hard inquiry, which might slightly lower your score for a short period.
- Become an Authorized User: If someone with excellent credit adds you as an authorized user, their positive payment history can reflect positively on your report, provided they manage their account responsibly.
Improving your credit score takes time and consistent effort, but it's a worthwhile investment for various financial goals, including obtaining credit cards like the Ross card.
For more information on understanding and improving your credit score, you can refer to resources from major credit bureaus or financial education websites.
