How Hard is it to Get a Cabela’s Credit Card?

Landing a Cabela’s credit card isn’t like bagging a trophy elk, but it does require some strategy. Generally, you’ll need a good to excellent credit score – typically a FICO score of 670 or higher – to increase your odds of approval. However, credit score isn’t the only factor; income, credit history length, and overall creditworthiness all play crucial roles.

Understanding the Cabela’s Credit Card Landscape

The Cabela’s credit card, issued by Capital One, comes in a few different flavors, each with slightly different approval thresholds. While the benefits are geared toward outdoor enthusiasts – reward points on Cabela’s and Bass Pro Shops purchases, gas, and restaurant spending – understanding the approval criteria is vital before applying.

Credit Score: The Foundation

While a “good” credit score (670-739) is generally considered the minimum, having a score closer to the “excellent” range (740+) significantly boosts your chances. Capital One, like most issuers, seeks applicants who have demonstrated responsible credit management. This isn’t just about a high score; it’s about the history behind that score.

Beyond the Score: Delving Deeper

A high credit score alone doesn’t guarantee approval. Capital One also evaluates:

• Credit History Length: A longer credit history, demonstrating consistent on-time payments and responsible credit utilization, is a major plus. New credit users may find it more challenging to get approved, even with a decent score.
• Income: A stable and sufficient income is crucial. Capital One needs to be confident you can realistically repay your debts. While the exact income requirement isn’t publicly stated, it must be commensurate with your credit limits and other financial obligations.
• Credit Utilization: How much of your available credit are you using? Keeping your credit utilization low (ideally below 30%) signals responsible credit management. Maxing out credit cards is a red flag.
• Debt-to-Income Ratio (DTI): This is a ratio comparing your monthly debt payments to your gross monthly income. A lower DTI indicates you have more disposable income and are better equipped to handle additional debt.
• Recent Credit Inquiries: Applying for multiple credit cards within a short period can negatively impact your credit score and raise concerns for lenders. It suggests you may be desperate for credit.
• Derogatory Marks: Bankruptcies, late payments, charge-offs, and collections are major obstacles to approval. The severity and recency of these marks significantly impact your chances.

Strategies to Improve Your Approval Odds

If you’re not confident about your creditworthiness, don’t despair! Here are some steps you can take to improve your odds:

• Check Your Credit Report: Obtain a free copy of your credit report from Experian, Equifax, and TransUnion through AnnualCreditReport.com. Review it carefully for errors and inaccuracies that could be dragging down your score. Dispute any errors you find.
• Pay Bills On Time: This is the single most important factor in building good credit. Set up automatic payments to avoid missing deadlines.
• Reduce Credit Utilization: Pay down your credit card balances to lower your credit utilization ratio. Even a small reduction can make a difference.
• Become an Authorized User: If you have a trusted friend or family member with excellent credit, ask to become an authorized user on their account. This can help you build credit history.
• Consider a Secured Credit Card: If you have limited or bad credit, a secured credit card can be a good way to rebuild your credit. These cards require a security deposit that serves as your credit limit.
• Avoid Applying for Too Many Cards: Resist the temptation to apply for multiple credit cards at once. Each application triggers a hard inquiry, which can temporarily lower your score.

What to Do If You’re Denied

If your application is denied, don’t take it personally. Capital One is legally required to provide you with an adverse action notice, explaining the reasons for the denial. Use this information to identify areas where you can improve your creditworthiness.

Review the denial letter carefully. It will pinpoint the specific factors that led to the rejection, such as a low credit score, insufficient credit history, or high debt-to-income ratio.

Take corrective action. Address the issues identified in the denial letter. This might involve paying down debt, disputing errors on your credit report, or waiting to apply until you have a longer credit history.

Consider reapplying later. Once you’ve taken steps to improve your creditworthiness, you can consider reapplying for the Cabela’s credit card in a few months. However, don’t reapply immediately, as another denial can further damage your credit.

Frequently Asked Questions (FAQs)

Here are 12 frequently asked questions about getting a Cabela’s credit card:

1. What credit score is needed to get a Cabela’s credit card?

While there’s no officially stated minimum, you’ll generally need a good to excellent credit score (670+). A higher score significantly improves your chances.

2. Does Capital One offer a pre-approval option for the Cabela’s card?

Yes, Capital One offers a pre-approval tool on its website. Using this tool allows you to check your approval odds without impacting your credit score.

3. What are the benefits of having a Cabela’s credit card?

The card offers rewards points on Cabela’s and Bass Pro Shops purchases, gas, and restaurant spending. It may also come with exclusive offers and discounts.

4. How long does it take to get approved for a Cabela’s credit card?

Approval can be instant online, but sometimes it takes a few days to a few weeks for Capital One to review the application.

5. What should I do if I’m denied the Cabela’s credit card?

Review the denial letter, identify the reasons for denial, and take steps to improve your creditworthiness. Consider reapplying later after addressing the issues.

6. Can I get a Cabela’s credit card with no credit history?

It’s unlikely to be approved with no credit history. Consider starting with a secured credit card or becoming an authorized user on someone else’s account.

7. How does the Cabela’s credit card affect my credit score?

Responsible use (on-time payments, low credit utilization) can improve your credit score. Missed payments and high balances can negatively impact your score.

8. What interest rate can I expect with a Cabela’s credit card?

The interest rate (APR) varies based on your creditworthiness. Applicants with excellent credit will typically receive the lowest rates.

9. Are there any annual fees associated with the Cabela’s credit card?

Some versions of the Cabela’s card may have an annual fee, while others do not. Check the specific terms and conditions before applying.

10. Can I use my Cabela’s credit card anywhere, or is it only for Cabela’s and Bass Pro Shops?

The Cabela’s credit card is a general-purpose credit card, meaning it can be used anywhere Visa or Mastercard is accepted, depending on which network the card belongs to.

11. How often does Capital One report credit card activity to credit bureaus?

Capital One typically reports credit card activity to the major credit bureaus monthly.

12. Is it possible to increase my credit limit on the Cabela’s credit card?

Yes, you can request a credit limit increase from Capital One after having the card for a period of time (typically six months or more) and demonstrating responsible usage.