Most lenders, including credit card issuers, use a FICO Score, which analyzes the information on your credit report. The FICO scoring model is used to predict the risk of you paying a bill 90 days late or more within the next 24 months.
FICO Scores are generally on a scale of 300 to 850. If your score falls on the higher end of that range, you have a good credit score. The higher the score, the less risky you appear to potential lenders. The lower the score, the greater the chance of you defaulting on your loan and the less likely you are to get approved for a premium credit card, like the Chase Sapphire Reserve®.
The factors that determine your FICO score will fall into one of these five categories:
- Payment History: 35%
- Amounts Owed: 30%
- Length of Credit History: 15%
- New Credit: 10%
- Credit Mix: 10%
What Is a Good Credit Score for Chase?
Chase, like most banks, hasn’t officially stated what its threshold is between good credit and just fair credit. Generally, most lenders consider a FICO score of 670 and higher to be a good score, but know that other factors, including the amount of debt you’re currently carrying, will factor into a lender’s decision whether or not to approve you for a particular card.
What Is An Excellent Credit Score for Chase?
Just like with a good credit score, most banks, including Chase, won’t tell you an exact threshold where credit is considered to be excellent instead of just good. In general, lenders are likely to consider a FICO score between 740 and 799 to be very good and anything from 800 to 850 to be excellent.