Increase Your Approval Odds For, Burlington Credit Card

April 10, 2023

Low credit score hurting Burlington Credit Card approval odds?

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From the moment you open your first line of credit, you begin to build a credit score. Whether we like it or not, our credit scores matter. Everything from housing, vehicles, credit cards, and even phone upgrades depends on your credit score.

Some credit cards are easier to attain than others. While some lenders have strict rules and minimum required scores, others allow borrowers with fair credit to get a small line of credit with them. 

Let’s explore what the Burlington credit card is, how to attain one, and how to increase your approval odds. 

Credit Scores: How Do They Work 

If you don’t have a credit score yet, it’s likely because you haven’t started using credit. As soon as you open a car loan, student loan, home loan, or even a small credit card, you start to build credit. All of these things are considered a line of credit. 

A line of credit is any sum that a lender has agreed to lend you, under the agreement that you will pay this money back over time. In most cases, this money is paid back with interest. 

Interest is the price you pay to borrow money in the first place. It is most commonly calculated as an annual percentage of the loan amount. The interest rate will vary depending on the lender and the type of credit line. 

On average, credit scores range anywhere from 300 to 850, with 300 being the lowest and 850 being the highest. Within this range, the scores are placed into one of five rankings: 

  • Poor (300-579) 
  • Fair (580 - 669)
  • Good (670 - 739) 
  • Very Good (740-799) 
  • Excellent (800-850) 

Building Credit

As you make the minimum payment amounts required, and on time, you begin to build good credit. If you miss payments, pay less than the minimum amount, or cease paying altogether, your credit score will go down. 

Whenever you apply for more credit, your credit score will be pulled. This applies whether you are applying for the same type of credit line or a new one. In addition, lenders often run what’s called a “credit check” to assess if you will be a trustworthy borrower. This will also help them determine if you’re a borrower that’s likely to default on the loan.

Additionally, even applying for more credit can affect your credit score. Applying for too many lines of credit in a short period of time can decrease your credit score as well. 

Therefore, it is best to apply for credit slowly and deliberately. Make your payments on time for your existing lines of credit, and slowly increase your credit accounts over time. These simple actions will help you build strong credit over just a few years. 

The Burlington Credit Card  

There are hundreds of credit card options available to consumers today. In addition to larger financial institutions such as Bank of America, Chase, and Wells Fargo offering credit cards, many retail stores offer them now too. 

The approval requirements with each of these lenders will vary. Larger financial institutions tend to have stricter requirements than financial institutions doing financing for retail stores. 

Credit cards, such as the one offered by Burlington, are quickly gaining in popularity. This is because they are more likely to approve credit for individuals with a fair credit score, rather than a higher credit score. 

Currently, borrowers need a credit score of 640 or higher to get approved for a Burlington credit card. Additionally, you also must meet these requirements:

  • You must be of legal age in your state
  • You must have a valid social security number or tax ID number
  • You must a valid government identification card
  • And, you must provide a valid mailing address

In addition to a credit score of 640 or above, these factors will also be taken into account by Burlington when you apply for credit: 

  • Your current annual income 
  • Your existing debts owed to other lenders 
  • The number of credit accounts you have open and in good standing
  • Your employment status
  • Your housing status
  • How many recent credit inquiries you have on your credit report 

There is no minimum credit limit listed in the terms and conditions for the Burlington credit card. This indicates that the credit limit will vary on a case-by-case basis. 

How Does Applying for a Burlington Card Affect My Credit? 

Applying for a Burlington credit card will inevitably affect your credit, and here’s what you should know about applying. 

Burlington currently uses Comenity Capital Bank for their financing. While a pre-approval with Comenity will not affect your credit, actually applying for the credit card will require a hard pull on your credit. 

This means your application for a Burlington credit card will show up on your credit report as a hard inquiry. This is true whether you get approved for the card or not. 

A hard inquiry is not necessarily a bad thing. In fact, there is no way to build your credit or open new accounts without an occasional hard pull on your report. 

However, too many hard inquiries on your report in a short period of time will lower your credit score. Be sure to spread out your credit applications over time. Moreover, do not apply for new credit if you are already falling behind on the credit you have. 

Increasing Your Approval Odds For a Burlington Card 

If your credit score is already at 640 or above, you will likely be approved for the Burlington credit card. However, keep these criteria in mind, and ensure you meet these standards before applying. 

If your credit score is not yet at 640, there are some things you can do to improve your credit score: 

  • Make minimum payments on all your existing credit accounts, and on time.
  • Do not apply for any new lines of credit until your score improves. 
  • Maintain steady employment to ensure you don’t begin to fall behind. 
  • Consult with a credit repair company to find out how to quickly improve your credit score.

Improving Your Credit Score 

Whether you don’t yet have credit, or need to improve your credit, working with a credit repair company can drastically improve your credit score. They can review your credit report, explain any derogatory remarks on your report, and advise simple steps to improve your score. 

Building and maintaining good credit can make or break your financial freedom and future. And, all the ins and outs of credit can be confusing and overwhelming. 

If you need help improving your credit score to at least 640, reach out to one of our credit repair specialists today. We are here to help you improve your credit and gain more financial freedom and greater options.

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