Factors that affect your credit score (Photo by scyther5/Getty Images)
Before you start applying for any credit cards, it’s essential to understand the factors that make up your credit score. After all, the mere act of applying for new lines of credit will change your score.
While the exact formula for calculating your credit score isnt public, FICO is transparent about what factors go into its calculation:
Payment history: 35% of your FICO score is made up of your payment history. You can improve this part of your score by making payments on time. Recent and extended late payments will harm your credit score the most.
Amounts owed (credit utilization): 30% of your FICO score consists of the relative size of your current debt. In particular, your credit utilization is the total of your debts divided by the total amount of credit that you’ve been extended across all accounts. Many people claim that it’s best to keep your credit utilization below 20%, but it’s not a magic number.
Length of credit history: 15% of your score is based on the average length of all accounts on your credit history. This becomes a significant factor for those who have a limited credit history, such as young adults, recent immigrants and anyone who has avoided credit. It can also be a factor for people who open and close accounts within a very short period.
New credit: Your most recent accounts determine 10% of your credit score. Having recently opened too many accounts can hurt your score, as the scoring models may interpret this as a sign of possible financial distress.
Credit mix: 10% of your score is related to how many different types of credit accounts you have. While having a larger mix of types of loans is better than having fewer, no one recommends taking out unnecessary loans just to boost your credit score.
One crucial factor to consider is your average age of accounts. While a lengthier credit history will boost your score, many issuers focus on the one-year cutoff. So, having an average age of accounts of more than a year can go a long way toward increasing your odds of approval. But, you might have trouble getting approved with 11 months of credit history, even if your numerical credit score is excellent.
Finally, if you have any delinquencies or bankruptcies showing on your credit report, Chase might be hesitant to approve you for a new line of credit even if your score is otherwise solid. It’s important to remember that your credit profile is more than just a number. It’s a collection of information given to the issuer to analyze your creditworthiness.
Credit score required for Marriott Bonvoy credit cards (Photo by cnythzl/Getty Images)
Although the Marriott Bonvoy Boundless is easier to get than some of the premium travel rewards cards on the market, you may not be able to get approved if you dont have much credit history or have a history of bad credit.
Consumers with good or excellent credit — or anyone with a FICO score of 740 or higher — are more likely to be approved. However, its certainly possible to get approved with a score outside this range.
Many other factors go into qualification beyond your credit score, including your income and the age of your credit accounts. Another significant factor that’s often forgotten about is your relationship with the bank. For example, if you’ve been a long-time Chase customer and have large balances in your banking accounts with them, reports suggest that you may have better approval odds — especially if you apply in a branch.
There is not much variation in the recommended Marriott Bonvoy credit card credit score.
A credit score in or above the recommended range means you have a higher chance of approval, but doesn’t guarantee it.
Marriott Bonvoy Brilliant™ American Express® Card. You will need a Good to Excellent credit score rating of 690-850 to improve your chances of approval.
Marriott Bonvoy Business® American Express® Card. Similarly, new applicants can increase their chances of approval by applying with a Good to Excellent credit score rating in the range of 690-850.
Marriott Bonvoy Bold® Credit Card. A credit score of 690-850 is suggested for this card.
Marriott Bonvoy Boundless® Credit Card. Again, if your credit score is in the range of 690-850, you might have a higher chance of approval.
FAQ
What credit score is needed for Marriott Bonvoy?
Although card approvals are based on multiple factors and not a credit score alone, the recommended credit score needed for Marriott Bonvoy is in the good to excellent range (690 to 850). The higher the score, the better your approval odds will be.
What bank is Marriott credit card through?
Choose from our Chase credit cards to help you buy what you need. Many offer rewards that can be redeemed for cash back, or for rewards at companies like Disney, Marriott, Hyatt, United or Southwest Airlines.
Is the Marriott Bonvoy worth it?
Marriott Bonvoy points are worth approximately $0.009 each. While this value is low compared with flexible rewards programs like Chase Ultimate Rewards®, it’s a very good redemption value for hotel loyalty points. In fact, we value Hilton Honors points and IHG Rewards points are just $0.005 each.
How long does it take to receive Marriott Bonvoy credit card?
You could get approved for the Marriott Bonvoy Bold card instantly. Otherwise, the issuer might need up to 30 days to review your application. If it’s been more than 30 days and you’ve heard nothing from them, call (800) 432-3117 to find out what’s going on.
