Citibank Credit Score Requirements to Obtain a Credit Card

Credit scores are three-digit numbers, typically running from 300 to 850, that indicate one’s level of debt. When opting for a new credit card, one’s credit score will be kept in mind during the approval process.

As a general guideline, the higher the score, the better one’s credit is, and thus, the lower one’s interest rate will be on credit cards. In a majority of credit decisions, your credit score, or Fair Isaac Corporation (FICO®) score, will play a role in whether you will be approved or denied.

Besides good credit history, Citibank has other requirements for those seeking a new credit card:

  • Be at least 21-years-old at the time of opening the card or 18-years-old with parent permission or have a source of income
  • Be able to provide your valid legal name, home address, and birth date
  • Have a Social Security number
  • Have a steady source of income

Your employment history, collateral value, and any other potential existing associations with Citibank may also be put into account.

So what are the Citibank credit score requirements?

Stacking up to other banks’ FICO® score requirements for applying for a credit card, Citibank is comparable. Like many institutions, it is recommended that a score is in the ‘good’ to ‘excellent’ range, among holding the above requirements, to be strongly considered a Citi credit card.

As for one’s credit score, being around the 670 range or above is recommended before sending in your application. Based on Citibank’s FICO® score scale, the ‘good’ score range spans from 670 to 739 with ‘exceptional’ from 800 to 900. Aiming to be within at least the initial range is recommended.

Credit score needed for Citibank

It is also important to keep in mind that there are different credit score scales present in the marketplace. Here at Citibank, card members receive FICO® scores that measure from 250 to 900. In the end, the better the credit, the more likely one is to be approved for a credit card.

Because Citibank credit card applications are dependent upon numerous circumstances and requirements, the only way to know if you will be approved or denied is by sending in an application.

What if I Don’t Meet the Citi approval requirements?

Say that you meet most of the above requirements but are missing a few or don’t have the best credit prior to submitting your application. No worries; you may still be qualified for a credit card with Citibank.

First and foremost, those who are at least 18-years-old not qualifying for a credit card due to the age restriction can receive parent approval or prove that they have a source of steady income to be considered for a credit card, as mentioned.

However, if one’s credit score is an issue, one can seek to improve their score. Some ways to do this include: paying your bills on time going forward, eliminating credit card balances, contacting collection agencies, disputing any negative information present on your credit report, and most importantly, avoiding new debts, as applicable. The process to improve your credit can take as little as a month or few for some. Others find that it may take a few years depending on what their credit score is and why their credit is troubled in the first place.

Not sure what your FICO® score is? Get your score free from Citibank here.

Why Your Credit Score Matters for Citibank?

To lenders, having good credit is crucial as it is an indicator of whether or not one is a suitable candidate capable of paying back debts owed on time. In this case, Citibank recommends one to have good credit to acquire a Citi credit card as it informs us on the financial history and general responsibility of our potential credit card holders. In a way, this helps to generate an initial trust between Citibank and its customers.

A credit score, though, does not just help Citibank indicate if one is fitting for holding a credit card in the first place. Knowing one’s credit score is also imperative to Citibank as it helps negotiate an appropriate interest rate to charge its customers for payments on late credit card debts. Considering the former, having a good credit score should be as potent to you personally as it is to us for our customers to have.

Being Denied: What to do Next

Even if you do meet the necessary requirements or suggestions, it is possible to still be denied from opening a credit card. The below are potential reasons why one could get their application denied:

  • Your source of income is too low.
  • You haven’t been working long enough at your current job.
  • Your credit history is minimal or non-existent.
  • Too many inquiries are on your credit report.
Other reasons you may have been denied for a credit card include the following: your credit report contains an off-charge, you have a recent record or public record, the balances on your credit card are too high, your loan balances are too high, you currently have too many credit cards, you had a recent delinquency, or your credit card application simply wasn’t completed.

One may think that within the time frame to fix any potential problems in their lack of qualifications, the best opportunity to apply for a credit card will be soon be gone. Although, waiting to apply for a credit card can actually be a good thing. Waiting a few months between credit card applications is crucial as a review of your credit score can make your score drop a few points greater than the previous time. Thus, this will make it more difficult to earn high sign-up bonuses or low APRs.

The 60-day minimum recommended gap to reapply for a credit card will allow you time to build your credit history, fix up your credit score, or attempt to solve or reduce any other relevant roadblocks preventing you from getting a credit card application approved before sending in another application.

It is important to note that there is no such thing as the perfect application. Citibank understands that its customers are varied in their circumstances. Based on this, one should know that reapplying for a credit card with Citi, if not approved the first time, is a definite option. Credit card holders associated with Citibank come from many backgrounds, socioeconomic classes, and past experiences related to their financial history.

Ready to take that first initial step? Send in your credit card application today with Citibank.

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