Fifth Third Bank is a subsidiary of Fifth Third Bank Corporation based in Cincinnati, Ohio. It is one of the largest banks in the United States, offering a wide range of banking services to its customers and clients. It provides financial help and services to individuals, small, mid, and large-scale businesses, merchant organizations, and financial establishments in the United States and abroad. It provides standard banking services and credit management to its customers.What Credit Bureau Does Fifth Third Bank Use,Fifth Third Bank uses credit reports from all three major credit bureaus.
The bank will typically pull information about their credit card applicants from TransUnion, Experian, and Equifax. They also report their card holders’ credit card activities to the bureaus so that their credit information stays relevant and up to date. Fifth Third Bank also does hard inquiries on their applicants’ credit information. They do this to ensure credibility of their credit cards.
Requirements For Fifth Third Bank Credit Cards
The following is a list of requirements for getting approved for a Fifth Third Bank credit card:
- The applicant, at the time of the application, must be at least 18 years or older.
- The applicant must have a valid shipping address in the United States. P.O. box addresses are not considered valid.
- The applicant must have the eligibility to enter into a legally binding contract.
- The applicant must provide a valid government-authorized photo ID.
- The applicant must be on good terms with the bank.
- The applicant must have a valid social security number.
- The applicant must have a positive credit report.
- The applicant must have a good or excellent credit score (700+).
Credit Evaluation Process
Fifth Third evaluates applications for a new credit card by going through the reports and scores prepared by all the major credit bureaus.What Credit Bureau Does Fifth Third Bank Use,They check that the applicant’s credit report is positive and they have a good credit score. Fifth Third’s credit card evaluation process is completely transparent. The following are the factors and their weights that determine the credit card approval:
- Payment History: 35%
- Total Debt: 30%
- Credit History Length: 15%
- New Credit: 10%
- Types of Credit: 10%
These factors determine the likelihood of a customer’s application getting approved. For more details on these factors, it is recommended to visit Fifth Third’s official website. Fifth Third Bank also reports their customers’ credit cards to the credit bureaus. This is done to ensure continuity of their customers’ credits. Any updates on the customers’ cards will be visible at the beginning of the new month. Customers with new cards will not see any changes in their cards.
Pros And Cons Of Fifth Third Bank Credit Cards
The following are the pros and cons of Fifth Third credit cards:
Pros
- Most cards require no annual fees.
- Accepted at a large number of financial registers in the United States.
- Very high credit lines.
- Fraud protection.
- Sign up bonuses.
Cons
- Mediocre rewards program.
- High credit score requirements.
Improving Credit Scores for Fifth Third Credit Cards
Due to the high credit score requirements for Fifth Third credit cards, applicants may find it hard to get approved for their cards. They may use any of the following tips to improve their credit scores:
- Regular payment of dues.
- Maintaining and using older credit cards.
- Opting for longer tenure periods.
- Taking only one big debt at a time.
- Dispute any errors in the credit reports.
- Try to use a secured credit card.
Alternatives To Fifth Third Credit Cards
The high credit requirements for Fifth Third credit cards make it hard for many applicants to get. If applicants cannot improve their credit scores quickly enough to apply for Fifth Third credit cards, they can apply for other credit cards with lower credit score requirements. The following is a list of alternatives to Fifth Third Bank credit cards that are very easy to get:
- Surge MasterCard
- Capital One Platinum Secured Credit Card
- Reflex MasterCard
- Total Visa Card
- FIT Mastercard
- OpenSky Secured Visa
- First Access Visa Solid Black Credit Card
These cards require comparatively lower scores for getting approval. There are many other cards with lower credit score requirements and applicants find them easily online.
Conclusion
What Credit Bureau Does Fifth Third Bank Use,Fifth Third bank uses all three credit bureaus for evaluating new and existing credit cards. They do hard inquiries on their customers’ credit information.They also have higher credit score requirements of about 700 or higher. Thus, these cards have higher credit limits. Conversely, they are also not available to many applicants. If applicants find it too hard to improve their credit scores to get their credit cards, it is recommended to get other credit cards to improve their credit scores and then apply for Fifth Third’s credit cards.
FAQs
Q1. How to increase my credit line for my Fifth Third credit card?
A1. Customers can apply for increasing their credit lines online, by calling 800-972-3030 or in person at their local Fifth Third bank location.
Q2. How to cancel a Fifth Third credit card?
A2. Customers can cancel their Fifth Third credit cards by calling at 1-800-972-3030 or in person at their Fifth Third branch.
