FICO Scores Used by Issuers to Determine Balance Transfer Card Eligibility

Credit card issuers are using FICO scores to determine eligibility for balance transfer cards. To qualify, applicants typically need a good to excellent credit score, with a FICO score of 670 or higher generally placing a borrower in the good-credit range. Issuers also consider factors like income and existing debt when reviewing applications, regardless of the FICO score.

This practice influences consumer access to debt management tools, as balance transfer cards allow borrowers to move high-interest debt to a promotional 0% APR period. This is relevant given that the average APR on credit card accounts assessed interest was 22.15% according to Federal Reserve data.

Lenders utilize FICO scores to determine eligibility for loans.