To be approved for the Citi Rewards+ card, you will generally need a good to excellent credit score, which typically corresponds to a FICO score ranging from 670 to 850.
Understanding Credit Score Requirements
When applying for credit cards like the Citi Rewards+ card, lenders evaluate your creditworthiness using various factors, with your credit score being a primary indicator. A "good to excellent" credit score signals to the issuer that you are a responsible borrower, making you a desirable candidate for their products.
Here's a breakdown of common FICO credit score ranges:
| FICO Score Range | Credit Category | Likelihood of Approval |
|---|---|---|
| 800-850 | Excellent | Very High |
| 740-799 | Very Good | High |
| 670-739 | Good | Favorable |
| 580-669 | Fair | Challenging |
| 300-579 | Poor | Very Difficult |
As the Citi Rewards+ card requires a score within the 670-850 range, this means applicants should aim for at least a "Good" credit standing to have a reasonable chance of approval.
Important Considerations for Application
Applying for a new credit card typically involves a hard inquiry on your credit report, which can temporarily lower your score by a few points. It's crucial to be confident in your credit standing before applying to avoid an unnecessary hard inquiry if your score is not in the desired range.
It's also worth noting that Citi does not currently offer an option on its website for pre-qualification with only a soft pull of your credit. This means that to ascertain your eligibility, you will generally need to submit a full application, which will result in a hard inquiry.
Improving Your Credit Score
If your credit score isn't currently in the "good to excellent" range, there are several strategies you can employ to improve it:
- Pay bills on time: Payment history is the most significant factor in your credit score.
- Keep credit utilization low: Try to use less than 30% of your available credit.
- Review your credit report: Check for errors and dispute any inaccuracies.
- Avoid opening too many new accounts: Each new account can result in a hard inquiry.
- Maintain a long credit history: The longer your positive credit history, the better.
By focusing on these habits, you can work towards building and maintaining a strong credit score, increasing your chances of approval for cards like the Citi Rewards+ and other desirable financial products.
