Find out what credit score you need to qualify — and what to do should your application be denied.
The Capital One SavorOne Cash Rewards Credit Card is a popular choice for consumers who love to dine out and spend money on entertainment. Cardholders earn 3 percent cash back on dining, entertainment, popular streaming services and at grocery stores — as well as 5 percent back on hotels and rental cars booked through Capital One Travel, 8 percent back on Capital One Entertainment purchases and 1 percent on everything else.
On top of its solid ongoing rewards rates, other Capital One SavorOne benefits include a zero-interest offer on purchases and balance transfers, a $200 welcome bonus after spending $500 in your first three months and no annual fee.
This all being said, you should know about the credit score needed for the Capital One SavorOne before you apply. Fortunately, Capital One is very transparent about the requirements for its cards, and you can easily find this information online.
What credit score is needed for the Capital One SavorOne?
Like many rewards cards, a good to excellent credit score is needed to qualify for the SavorOne. When it comes to the FICO credit scoring model, this translates to a minimum of 670 for a good credit score and 740 to 850 for an excellent credit score.
According to Capital One, there are additional requirements to consider beyond the Capital One SavorOne credit score requirement. For example, an applicant’s credit reports should not show a bankruptcy or defaulted loan, and they shouldn’t have been more than 60 days late on any credit card, medical bill or loan payment in the last year. Capital One also prefers applicants to have had a credit card or some type of loan for three or more years, and with a credit limit of $5,000 or higher.
As always, the higher your score, the better your chances. Remember, if you apply for any card, your credit report (and thus, your score) will be impacted. If you’re concerned you might not qualify, you can try our CardMatch tool to see if you prequalify. This is not a guarantee, but it is a good indicator of your chances. Capital One also has their own preapproval tool you can try. Both options use soft inquiries, so your credit score won’t see any impact.
What if my application is denied?
If your application for the Capital One SavorOne is denied, you’ll want to find out why. According to the card issuer, the most common reasons people are denied a Capital One credit card include a low credit score, too much debt, too many hard inquiries, limited credit history, insufficient income, a recent bankruptcy and more.
If you’re already a Capital One customer, you should also know that Capital One only allows a total of five active cards per customer. So, if you already have multiple cards from Capital One, you could be denied a card based on this factor alone. In this case, you may be able to upgrade another Capital One card to the SavorOne or make a product change. However, upgrading a card means you won’t be eligible for the welcome bonus.
How can I improve my score to get this card?
Before you apply for the Capital One SavorOne, it can help to know where you stand in terms of your credit score. If your score is close to the Capital One SavorOne credit score requirement of at least 670, but isn’t quite there, it can help to take steps to improve it first.
Once you check your credit score, the following moves could boost it in the short term:
- Check your credit reports for errors. Pull your credit reports at annualcreditreport.com to check for errors. You can get free reports from each of the credit bureaus — Equifax, Experian and TransUnion — every 12 months.
- Dispute false, negative information on your credit reports. If you find negative items you don’t recognize or that are more than seven years old, work through the dispute process to have them removed. If you have to do this, give it some time to be resolved.
- Pay all your bills early or on time. Your payment history is the most important factor that makes up your FICO credit score, so make sure you’re never in a position to pay a bill late.
- Pay down debt and don’t overdo it with credit cards. Watch your usage on any other credit cards you have and stay below about 30 percent of your credit limit. If you can get into the single digits, even better.
- Try free credit building tools. For a free boost with minimal work on your part, check out programs like Experian Boost and UltraFICO.
The Capital One SavorOne is a good choice for foodies who spend on groceries, dining and entertainment and want to earn rewards for those purchases (without paying an annual fee). However, you’ll need good to excellent credit to qualify, and it may take a while to get there.