Credit score needed for the Jasper Cash Back Mastercard

Sometimes it seems like the best rewards cards are only for people with excellent credit. If you’re still working on building your credit, that can seem a bit unfair. The Jasper Cash Back Mastercard® is one rewards card that’s available to those who don’t yet have golden credit scores. In fact, if you don’t even have a credit score yet, it may still be possible to get approved for the Jasper Cash Back card if you can prove your financial situation is sound.

While the card does have its pros and cons, it remains a solid option for people looking to build credit while earning rewards. But if you’re building your credit, you’ll want to be extra careful about applying for credit cards. Each time you apply for credit, the lender will do a hard credit check, which can ding your score by a few points. That’s something you want to avoid if you don’t have a high credit score to begin with, especially if you’re not rewarded by being approved for the card. Here’s how to tell if you’re likely to qualify for it or not, so you can judge whether it’s worth applying.

What credit score do I need to get the Jasper Cash Back Mastercard?

First, you should know the Jasper Cash Back Mastercard has two ways of evaluating your application.

If you have a bit of credit history built up, then the company will check your credit report and your credit score. In this case, you’ll need a minimum of fair credit to qualify. FICO defines fair credit as a range from 580 to 669 – which makes this card more accessible than most rewards cards. Typically, you need at least a good credit score (670 or above) to qualify for a rewards credit card.

However, if you don’t have much credit history on file – perhaps you’re a recent arrival to the country or you just haven’t applied for any credit yet – Jasper has other ways to process your application and make a decision. If you’re in the country on a work Visa, for example, you’ll need to provide details about your employment, including your income.

How can I improve my score to get this card?

If you don’t think you’re ready for this card yet, here’s good news. There are many ways to improve your credit score. A few things you can do, even if you have no credit at all:

• Open a secured credit card: Just about anyone can open a secured credit card because you’re required to put down a security deposit on them, which makes banks more likely to approve you regardless of your credit score. Other than that, secured cards work just like a normal credit card and allow you to start building credit immediately. When you close the card, you’ll be refunded your security deposit.
• Take out a credit-builder loan: Credit unions often offer credit-builder loans, which are small personal loans you take out and repay over a short time period. You can even deposit the loan in a savings account and set it on autopay to build credit automatically (and so you’re never tempted to spend it if you see it sitting in your checking account). Since the loans are small, you won’t have to pay much in interest for these loans.
• Try Experian Boost and UltraFICO: Experian Boost allows you to add bills to your credit report, like your phone bill or other utilities. UltraFICO lets you link your checking and other bank accounts, which can also add positive information to your credit report. These two programs allow you to use data that isn’t normally included in credit reports to help you build a better credit score if you manage your bills and banking well.

Regardless of which route you try, remember the golden rule for credit building: Always pay your bills in full and on time. This has the single biggest impact on your credit score. Even a single late payment can decrease your credit score for up to seven years. To guard against that, you can put your bills on autopay so you never have to worry about a late payment.

What can I do if Jasper declines my application?

If Jasper declines your application, don’t worry too much. You’re legally entitled to find out why within 60 days of being declined. You can contact Jasper at support@jaspercard.com to find out the problem so you can fix it and apply again when you’re ready.

If your application was declined because of credit issues, try the steps listed above to improve your credit score. Building your credit can take years of responsible financial management if your goal is to join the 800+ club. But if you’re just trying to qualify for a decent credit card, it probably won’t take that long to build it up to a level that will qualify you for most credit cards. For example, according to one FICO study, it’ll take about nine months for your credit to fully recover from making a debt payment 30 days late, assuming that your starting credit score was around 680.

Final thoughts

Most people choose the Jasper Cash Back Mastercard because it offers a decent shot at earning rewards while you’re still building your credit. To get it, you’ll likely need a credit score of at least 670 or a stable income if you don’t yet have a credit score. This makes earning rewards something that almost anyone can achieve.

While the rewards you can earn with the Jasper Cash Back Mastercard are decent, once your credit score is in the good range (670 to 739 or higher), a lot more doors open up for you in terms of what kinds of rewards cards you can likely get. If you thought you were earning good rewards with this card, you’ll be awe-struck by what you could be earning instead. That would be a great time to consider opening a new credit card.

We recommend keeping your old Jasper Cash Back Mastercard open and using it every once in a while, though, because this will help establish a longer credit history that will continue to boost your credit score over time.