Credit score needed for the Bank of America Business Advantage Unlimited Cash Rewards Mastercard

The Bank of America content was last updated on August 1, 2022.

One of the more noteworthy aspects of the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card is its flat-rate rewards potential. The card offers 1.5% cash back on all eligible purchases, making it a great choice for businesses looking for a straightforward, no-hassle business credit card.

Before applying for the Business Advantage Unlimited Cash Rewards card, it’s beneficial to evaluate your credit and determine if you have a good chance at approval. Read on to learn what credit score is needed to qualify and other factors impacting your application.

What credit score is needed for the Bank of America Business Advantage Unlimited Cash Rewards Mastercard?

To qualify for the Business Advantage Unlimited Cash Rewards card, you will need an excellent credit score. This means you’ll need a FICO score between 800 and 850, or a VantageScore between 781 and 850.

If you’re interested in earning cash back rewards with this card, you’ll first need to make sure your credit score meets the requirement. If it’s not quite in the excellent range, you’ll need to improve areas of your credit that may be hurting your overall score. By using the tips outlined below, you can hopefully boost your score to excellent and meet the credit range required for qualification.

What can I do if my application is declined?

Credit scores are important because they show lenders how well you manage credit and how likely you are to repay debts. These scores determine whether you will be approved for a loan or credit card, and the higher your score, the more likely your approval.

Your application may have been declined simply because your credit score is not high enough. If that is the case, it’s important to determine which areas of your credit score need improvement. These include payment history, credit utilization, length of credit history, new credit lines and credit mix.

How can I improve my score to get this card?

The easiest way to improve your credit score is to never miss a payment, as payment history makes up 35% of your overall credit score. Even one payment 30 days late can drop your score significantly, and it will take time to build it back up again. If you’ve had trouble remembering to pay on time in the past, consider setting up automatic payments.

The second most important factor to consider is your debt to available credit ratio. Keeping balances as low as possible will help increase your credit score. This is because it lowers your credit utilization, which you can determine by dividing your current balances by your overall credit limit. Typically, it’s suggested to keep your revolving credit below 30% to improve your overall score. To assist in keeping credit utilization low, try increasing your credit limit on open cards and pay off balances every month.

If your credit score is high enough, you’ve never missed a payment, you keep your revolving utilization below 30% and you’re still denied, it may be because of an error on your credit report. The lender is required to provide the reason why you weren’t approved for a card, and this information is insightful to determine if you do in fact have any errors. If you notice an inconsistency, it’s important to fix it as soon as possible. You can then call the lender back and ask for a reconsideration.

Additionally, if you aren’t approved for the Business Advantage Unlimited Cash Rewards card, there are many similar options on the market. For example, the The American Express Blue Business Cash™ Card requires a good to excellent credit score, so if your score is currently in the “good” range, you may qualify. This American Express card offers 2% cash back on up to $50,000 in purchases per calendar year (then 1%), as well as a 0% introductory APR on new purchases for 12 months (followed by a variable APR between 15.49% and 23.49%).

Before applying for any card, it’s helpful to compare your options and choose the one that’s the best fit for your spending style. This is because your credit score takes a small hit every time a lender does a hard credit inquiry. While it lowers your score only by about five points per inquiry, this can add up if you apply for too many cards in a short period of time.

Bottom line

The Bank of America Business Advantage Unlimited Cash Rewards card has the potential to be a valuable card for businesses due to its straightforward rewards potential. With this card, you’ll not only receive 1.5% cash back on all eligible purchases, you’ll also avoid paying an annual fee and receive a 0% intro APR on new purchases for the first nine billing cycles (14.49% to 24.49% variable APR thereafter).

To be approved for this card, you’ll need an excellent credit score. If your score isn’t quite in the excellent range yet, follow the tips discussed to improve your overall score. While it may take time and effort, if you pay close attention to your credit management, your credit score will eventually go up.