The Big Lots Credit Card is designed for shoppers looking to finance their purchases with special promotional offers, such as deferred interest when paid in full within a set period. This store-branded card can be used exclusively at Big Lots locations and online, making it a convenient option for frequent customers.
Before applying, it’s important to know the credit score requirements and how lenders evaluate applications. Taking steps to strengthen your credit profile can improve your chances of approval and help you secure better financing terms.
Minimum Credit Score for the Big Lots Credit Card
A credit score of at least 640 is typically recommended to qualify for the Big Lots Credit Card. This falls within the “fair” credit range, meaning applicants who meet or exceed this threshold have a better chance of approval.
However, Comenity Capital Bank considers more than just your credit score when reviewing applications. Other factors, such as your income, debt levels, and recent credit activity, also play a role in the decision process.
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 mix 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 Credit Saint. They have of experience in the industry, and have helped remove many inaccurate negative items from their clients’ credit reports.
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, visit their website for a free credit consultation.
