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Q&A: What Kind Of Credit Score Do I Need To Get Approved For A Balance Transfer Credit Card?

Pam asks: Three years ago I racked up debts on several credit cards. I paid those cards off and closed them. Today, my only card has a 19 percent APR and no rewards. My credit score is only about 600 because I was (quite) late a few times. Today, I am debt free except for $3,000 on this card. I’ll pay it off in a year, but I hate paying 19 percent interest. Can I qualify for a balance transfer credit card?

Unfortunately, your credit score is still too poor to qualify for 0 percent balance transfer cards.

If you apply to these cards, you’ll most likely be denied because of the late payments. Typically these credit cards will require applicants with FICO scores of at least 700.

That’s not to say, however, that somebody with a lower score would never be approved, or somebody with a high score would always be approved. Credit cards look at other factors besides your score, like your income and job history, your current level of indebtedness, how recently and frequently you made late payments, and other factors.

For example, if the $3,000 balance is your only debt and it’s been several years since your last late payment, your approval odds would be better than if you had a lot of debt and made a late payment in the last 12 months. Still, your credit score is the best measure of your creditworthiness, and 600 is not a very good score.

If you do apply for these cards, note that every application for credit will lower your score, but only slightly. Making timely payments to your creditors and reducing your total debt are the most important things you can do to improve your score.

Whatever you do, avoid applying for credit cards with high fees and/or high interest rates just to get a new credit card. While adding one or two new accounts and managing them responsibly will help your credit score, it shouldn’t cost you an arm and a leg to do. Worst case scenario, wait for your credit to improve and reapply for a “prime” card.

Two final tips: If you are successful transferring your balance, don’t close that old card just yet, as closing a credit card can hurt your credit score. By all means avoid carrying a balance on it; just don’t close it.

If you aren’t successful transferring your balance, try calling your current card company and asking for a better interest rate. Point out that you have been responsibly paying on time and mention that you are shopping for new cards.

Have you been approved for good credit card deals with less-than-perfect credit? Turned down for any cards even though you have good credit? I’d love to hear.

Published or updated on September 10, 2008

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About David Weliver

David Weliver is the founding editor of Money Under 30. He's a cited authority on personal finance and the unique money issues we face during our first two decades as adults. He lives in Maine with his wife and two children.


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  1. Jack says:

    Pam you need to start disputing all your bad accounts, even though it is your fault, by writing letters to all your past creditors. Many of them will accept the dispute because they where paid and they do not care anymore. A few will give you a hard time but you need to keep disputing by sending them letters. You also need to keep up the disputes through the credit reporting agencies because many of your accounts might be deleted this way. This will take some time but it is better than waiting 10 years to get your credit back. I cleaned the same mess this way and I have a 720 score today.

  2. Gugu says:

    I would like to find out what is the average score a person must score to approved of the credit card or a personal loan?

    • josephine says:

      Hi, in answer to your question, there is not an “average” score that gets you approved or denied. An example: my score with the three credit bureaus ranges from 690-715. This is not a bad score, but I still get denied for credit. The reason is because my credit history is too new, and I have too many cards that have a high balance. You could have a score of 625 and get approved before someone like me. It all depends on what the companies qualifications are. People rely too much on their credit score. While the score is important, I know from experience that there are other things that companies take into consideration that are more important than your score alone.

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