The Big Lots credit card is a store-branded card, which can be used exclusively at Big Lots stores and online. It offers cardholders the opportunity to finance their purchases with special promotional offers, such as no interest if paid in full within a specific period. However, before you apply for the card, it’s crucial to understand the credit requirements and how to increase your chances of approval.
Minimum Credit Score for Big Lots Credit Card
The minimum recommended credit score for the Big Lots credit card is 640. This score falls within the “fair” credit range, and it indicates that your chances of approval are higher if you meet or exceed this score. However, it’s essential to remember that your credit score is not the only factor considered by Comenity Capital Bank when reviewing your application.
Other Factors Affecting Your Approval
Besides your credit score, Comenity Capital Bank also considers other factors when evaluating your application for the Big Lots credit card. Some of these factors include:
- Income: A steady and sufficient income demonstrates your ability to repay your credit card debt. The higher your income, the more likely you are to be approved for the card.
- Debt-to-income ratio: This ratio compares your monthly debt payments to your monthly income. A lower debt-to-income ratio indicates that you have a better handle on your debts, making you a more attractive candidate for credit.
- Negative items on your credit report: Negative items such as late payments, charge-offs, collections, and bankruptcies can significantly impact your creditworthiness. The fewer negative items on your report, the better your chances of approval.
How to Improve Your Chances of Getting Approved
To increase your chances of getting approved for a Big Lots credit card, consider taking the following steps:
- Check your credit reports: Regularly reviewing your credit reports from the three major credit bureaus can help you identify and address any inaccuracies or discrepancies that may be affecting your credit score.
- Pay down existing debt: Reducing your overall debt, particularly revolving credit card debt, can help lower your credit utilization ratio and improve your credit score.
- Keep credit inquiries to a minimum: Applying for multiple credit cards or loans within a short period can result in multiple hard inquiries on your credit report, which can lower your credit score. Space out your applications to minimize the impact of credit inquiries.
- Maintain a mix of credit accounts: Having a variety of credit accounts, such as credit cards, installment loans, and mortgages, can show lenders that you can handle different types of credit responsibly.
Seek Professional Help to Improve Your Credit Score
If you’re struggling to improve your credit score, consider enlisting the help of a credit repair company like Lexington Law. They have over 18 years of experience in the industry, and have helped remove over 6 million negative items from their clients’ credit reports in 2021 alone.
By disputing and potentially removing negative items such as late payments, collections, charge-offs, foreclosures, repossessions, and bankruptcies, you can improve your credit score and increase your chances of getting approved for the Big Lots credit card. To start, give them a call at (800) 220-0084 for a free credit consultation.