Credit card companies use a three-digit credit score to determine eligibility.  This score is based on the information contained in your credit report. And the interest rate you will be charged is based on your credit score as well. By improving your credit score as much as possible you might be able to obtain a credit card and get the best interest on it and by doing so save in credit card interest charges. Each lender sets its own guidelines for issuing credit. Credit scoring is usually based on the FICO model, which ranges from about 300 to 850. Other lenders might use their own in-house scoring systems or another scoring model.

The information below offers general guidelines

• Credit score 720 or higher [A rating]
  With this score you can easily obtain a credit card at the best rate getting approved online in a few seconds.  Some of the requirements to get such a rating are
  • You have not been late with a mortgage payment in the last 2 years
  • You have been late on your loan payment at the most 1 time within the last 1 to 2 years
  • Good/excellent credit during the last 2 to 5 years; no bankruptcy
• Credit score 620 or higher [B rating]
  With this score you can get approved, but not at the lowest rate. You will get such rating if
  • You have been late with a mortgage payment 2 or 3 times in the last year
  • You have been late with a loan payment 2 to 4 times during the last year
  • You have no 60-day late mortgage payments; if filed bankruptcy, it must be discharged 2 to 4 years ago
• Credit score 580 or higher [C rating]
  With this score you will have trouble getting approved.  Very high rates. The lender might ask you to get someone to co-sign for you. Examples of reasons for getting this rate are
  • You have been 30 days late with a mortgage payment 3 or 4 times in the last year
  • You have been 30 days late with a loan payment 4 to 6 times during the last year
  • If you filed bankruptcy, it was discharged 1 or 2 years ago
• Credit score 550 or or higher [D rating]  
  Serious trouble getting approved.  Co-signor required. Examples of reasons for getting this rate are
  • You have been 30 days late with a mortgage payment 2 to 6 times in the last year and 60 days late 1 to 2 times
  • You have a few 90 and 120 day late loan payments during the last year
  • If you filed bankruptcy, was discharged within last 12 months
• Credit score under 550 [E rating]  
  Unlikely to be approved. Examples of reasons for getting this rate are
  • You have a pattern of 20, 60, 90 and/or 120 day late mortgage payments
  • You have a pattern of 20, 60, 90 and/or 120 day late loan payments
  • You may have a current bankruptcy or foreclosure