Written By: Calvin O’Neal Russell Jr – Certified FICO Professional

Not too long ago, one of my clients applied for a credit card at a “680 Credit Score Bank.” After putting in the application, he was denied and decided that he would never apply for a credit card again. I explained to him that is was the right activity, just the wrong bank for him to apply for. Most consumers have no idea banks are different and offer different products for certain types of credit scores. Most major banks, or as I call them “680+ Banks” will only approve you if you have a credit score of 680 and above. Let me explain your other options if you don’t have a 680 or above…… Yet!

Oh by the way, my client was declined at the 680+ Bank and was approved for a credit card with a $4000 limit the next day using this method 🙂

1. What Is A 680+ Bank?
The easiest answer would be any bank that you drive by is a 680+ Bank. Most major banks such as Chase, Bank of America, Fifth Third, & Wells Fargo are 680 & Above banks. This means that you must have a 680 and above Credit Score to qualify for most of their products. This doesn’t mean they don’t have products for those who are under 680, but the chances are slim and it would require stipulations.

2. Credit Cards
680+ Banks only approve credit card applications to those who have 680 scores or better. These banks will more than likely offer a Secured Credit Card but you would need to have a $500 deposit just to get it! Another route to go would be to apply at a Sub-Prime Credit Card Bank. Sometimes banks are categorized as Prime and Sub-Prime. Prime would be 680 and above and Sub-Prime would be 679 and lower. These banks cater to those with lower credit scores or no credit history at all. These are banks such as Capital One, Ally, Credit One, and etc. 

3. Personal Loans
Looking for a small personal loan? If you don’t have a 680 or above then you are wasting your time at a 680+ Bank. Other options would include places like Avant Personal Loans, SoFi Personal Loans, Upstart Personal Loans, One Main Financial, & Spring Leaf Financial. Of course, these are not credit cards and you would have to expect a much higher interest rate depending on your credit score.

4. Checking & Savings Accounts
These banks are perfect for opening a checking and/or savings account and its the main reason why most consumers start their financial journey with these banks. Then, after years of being with these banks, they try to open other accounts with them as well. Such as mortgages, auto loans, and personal loans. The worst part about the approval process, is that it doesn’t take into account the amount of money you have in your account, how many on time payments you have made, or even how many other accounts you currently have with these banks. They only care about your credit score and it must be a 680 and above.

The Bottom Line
Now you know what a 680+ Bank is and how they operate. I’m not saying you can not open an account of any type with them, I am only suggesting that you find out what the requirements are to obtain the loan or card of your choice. You also can longer be surprised when you find out that you will more than likely have to have a 680 score or higher to qualify for a loan or credit card. As I mentioned above, there are other resources available for consumers with scores under 680. Thanks for reading and please be sure to share with those who you think would benefit.