How Much Cash Back Do You Want
If you activate the bonus category and then meet the $1,500 cap for 5 percent cash back every quarter , you could get $300, plus another $300 at the end of your first year with the Discover it Cash Back. Thats a 10 percent return for your spending for the year, which is a lot more than what other issuers offer. You just need to be sure youre maximizing your spending in each of the bonus categories quarterly and not skewing your spending toward purchases you wouldnt otherwise make.
If category enrollment isnt your thing, the Discover it chrome and Discover it Student chrome cards earn 2 percent back at gas stations and restaurants, on up to $1,000 in combined purchases every quarter . With these cards you could earn $80 a year when you meet the cap each quarter and $160 in the first year with Discovers Cashback Match.
Re: Credit Scores Needed For Discover Card Aproval
Thanks guys for all the advice and support. Will give it a-go very soon. I want about 4-5 prime cards with healthy limits and that will do it for me. At soe point i will like to also add a card that comes with a chip.Makes traveling across the pond a bit easier.
The next two cards I want to app for are Discover card,and also a CitiBank Advantage card.What type of scores would I need to get their attention? Should I go after a different CitiBank card?
Thanks for your advice
Your scores are OK, how long have your accounts been opened and any of your recent approvals report yet??
EQ FICO 548 3/3/16
You Avoid Hurting Your Credit Score
Credit card issuers usually place a soft credit inquiry on your credit report when they check whether you pre-qualify for the card, and this does not affect your credit score. When you submit an actual application for a credit card, the lender uses a hard credit inquiry, which can impact your credit score.
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Drawbacks To This Card
- Requires deposit: Because this is a secured card, you will need to have the cash available to put down as a deposit to open the account. A minimum security deposit of $200 is required.
- Limited line of credit: The available credit issued to you will be equal to the size of your security deposit. The maximum credit limit possible is $2,500, but that will vary by individual and will be determined by your income and creditworthiness.
- Intro APR offer: There is an introductory APR offer on balance transfers with this card, but it is not a 0% intro like on other credit cards.
What Credit Card Can I Get With Fair Credit
Experian defines a fair FICO credit score as ranging from 580 to 669. If your credit score is in the fair range, youll qualify for a greater number of credit cards, including those that dont charge annual fees or require security deposits.
The Capital One Platinum Credit Card is a good option if your credit score falls at the lower end of the fair range. This is a basic card that doesnt offer any rewards. However, it also doesnt charge an annual fee, meaning you can easily use it to help build your credit.
An option if your score is on the higher end of the fair range is the . It offers a rewards program that gives you 1 percent back on purchases for eligible gas, groceries and mobile phone/internet/cable/satellite tv services. However, youll pay an annual fee of $75 the first year and then $99 each year.
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What Credit Score Is Needed For The Discover It Miles Card
To qualify for the Discover it Miles card, youll need either a good or excellent FICO credit score. A good credit score is one anywhere from 670 to 739, while an excellent credit score is one thats 740 or higher.
Keep in mind that while your credit score is one of the most important factors Discover will consider when deciding if you qualify for this card, its not the only factor. The company will also look at your credit report for a history of late payments or other disqualifying factors. Your income, and other factors will also determine if you qualify.
Keeping Track Of Your Credit Score
If youre not happy with your overall credit score, dont fretthere are actions you can take to make it better. The effort may take some time, but understanding your score can help you access better credit in the future and even save you money. Heres what can help:
- Identify why your score is low
- Request copies of your credit report and look for any errors such as a company reporting a bill paid late, but you know it was paid on time.
- Report any mistakes. That way the credit bureaus can investigate and resolve. Corrected information on your report will factor into future score generation.
- 5 reasons your score may be low:
- Missed or late payments
- Using too much of your available credit
- Having too many hard inquiries from potential creditors
- You closed a card, which lowers your overall available credit
- Your creditor canceled or closed a card, which does the same
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What Else Do I Need To Get Approved For The Discover It Cash Back Card
Theres no guarantee that you will be approved for a credit card, regardless of how high your credit score is. Your credit score is probably the most important factor when considering your credit application. However, Discover also considers other factors such as your income, debt, and any negative items on your credit report.
Which Credit Report Does Discover Pull
If you’re thinking about applying for a credit card from Discover, you should be most concerned with your Equifax credit report, followed by Experian and then TransUnion.
We researched 134 publicly available, consumer-reported credit inquiries made in 2016 and 2017. While Discover makes use of all three credit agencies, it has an affinity for Equifax the most.
This is useful information indeed since by knowing where financial providers check your credit , you can take steps to maximize your credit score with the credit bureau they prefer improving your chances of getting your loan or credit application approved with flying colors.
Discover doesnt always use Equifax as its go-to credit bureau, our research found, but opts for it in most credit-checking cases. Results vary from state to state heres how it looks by state:
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Take The Guesswork Out Of Applying For This Offer
See offers Matched for You instantly.Create your free Experian CreditWorksSM account now.How do you match me?
Weâve done the research so you donât have to. Our technology works directly with financial institutions to match you to the offers from our partners that are right for you, which means you are more likely to qualify for the products that are Matched for You. Our list is more personalized than other sites because we review lender requirements before showing you offers. We find your best matches using things like your credit profile and your spending habits.
How To Maximize Your Rewards
To get the most value from your card, maximize the purchases you make with it that earn its highest rate of 2%. That means using the card every time you buy gas and whenever you get food out, even if its only a fast-food meal, which qualifies for the restaurant rate.
If you live in a typical household, you should fairly easily reach the $1,000 quarterly limit on purchases eligible for this high rate. Since the average household spends $2,094 per year on gasoline, according to the Bureau of Labor Statistics, fuel purchases might readily get you half-way to the limit. With $3,526 a year the average spending per household on food outside the home, according to the same study, you could likely spend the rest of the $1,000 quarterly limit, and more, on dining out. Over the course of a year, using your Discover it Secured card to pay for all that gas could you earn you about $42 in cash back, with dining out kicking in about another $71 a year in rewards.
You should also use the card for every other transaction you can, however small. While youll make only 1% cash back on those other purchases, theres no limit to how much you can earn. For example, youd earn $25 in rewards if you spend $2,500 per year at the 1% cash back rateand that sum is relatively easy to hit if you use the card rather than cash or check for most purchases.
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How To Apply For The Discover It Business Card
See screenshots of the application form
How long will it take to get my Discover it® Business Card?
You should get a decision emailed to you within minutes. If you dont get a reply within 48 hours, call 1-888-347-2683.
Once approved, expect your card to arrive within seven to 10 business days.
How Can I Get Closer To The Credit Score Needed For A Discover Card
If you have limited credit history, applying for a new credit card could improve your credit utilization ratio. This especially applies to college students, and recent alums who want to build a credit history at a young age. If youve shown that you can use a credit card responsibly as an authorized user on someone elses account or with a secured credit card now may be the perfect time to apply for a new one.
If youre in the market for a new credit card, waiting about six months between credit applications may impact your odds at approval. If credit card issuers find that there have been multiple requests for your credit report in a short period of time, they may assume youre not managing credit responsibly. On that note, its always wise to pay off your current credit cards before shopping for a new one.
While pre-qualification doesnt impact your credit score because the creditor will place a soft inquiry on your credit report, a hard inquiry can hurt your score. Before you submit your application, you should make sure you want the credit card and feel confident that youll qualify.
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Good To Excellent Credit
You’ll likely qualify for any Discover card if you have good or excellent credit. To clarify, a good credit score is a FICO® Score of 670 or above.
In this case, it makes sense to go for one of the most valuable Discover credit cards. These are:
If these cards interest you, take a look at the comparison below to learn a bit more about them.
How Do I Qualify For A Discover It Student Cash Back
To qualify for a Discover it® Student Cash Back, you should have at least 0 – 660 credit. Many credit card issuers also require you to have a source of income, although student credit cards may be more lenient with this requirement. You’ll also need to be a college student, a U.S. resident and at least 18 years of age.
For rates and fees of Blue Cash Everyday® Card from American Express, please click here.
The information related to Discover it® Student Cash Back and Discover it® Student chrome has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.
These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site . ValuePenguin does not include all financial institutions or all products offered available in the marketplace.
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What Is Fair Credit
Fair credit is a general term used to describe a span of credit scores from 580 to 669. Thats a very broad range, but its based on figures reported by major credit bureaus.
But thats just the starting point. Whats considered a fair credit score can vary by industry and sometimes even by lender.
For example, mortgage lenders generally will not make a loan to someone whose credit score is below 620. For all intents and purposes then, a credit score of 605 is considered poor for mortgage applicants.
A bank or credit union that makes auto loans may set the minimum credit score at 650, below which they wont extend credit. From their standpoint, a credit score below 650 is considered poor.
This is why you dont want to spend too much time in the fair credit score range. The best way to get out is by taking new, small credit lines, then making your payments on time every month. It will enable your good payment history to gradually overcome your bad payment history.
Improve Your Payment History
Your payment history is the single most important factor in determining your credit score, accounting for 35% of the calculation. Therefore, one of the best ways to increase your credit score is to improve your payment history.
First, be sure youre making every monthly payment on time. Even one late payment on your credit report can have a huge impact on your credit score and prevent you from getting a new credit card. Additionally, catch up on any past-due accounts. Those late payments will remain on your credit report for seven years, but getting caught up on the bills can help minimize the damage.
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Is The Discover It Student Cash Back Worth It
Students looking for their first credit card have a lot to gain by applying for the Discover it® Student Cash Back. This card requires a certain level of involvement and monitoring in order to maximize its value. If, however, consumers are looking for less hassle and flat-rate rewards, the Discover it® Student chrome may be a better option. Ultimately, the Discover it® Student cards are fantastic for building credit, regardless of which variant you choose to go with.
Is The Discover It Secured Credit Card Right For You
If youre committed to building or rebuilding credit, a secured card can be very helpful, especially a card like this one that has a smooth process to help you transition to an unsecured card when youre ready. This card also gets high marks for paying such generous rewards and having an annual fee of $0.
Overall, unless you lack a bank account or cant pay the $200 minimum deposit, the Discover it® Secured Credit Card should definitely be on your short list of secured credit cards.
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Key Points About: What Credit Card You Qualify For
Your credit history usually affects what credit cards you qualify for
You can check whether youre pre-approved with no harm to your credit
If you have the highest level of credit score, you can qualify for a credit card with great rewards, such as the Discover it® Cash Back credit card. If you dont qualify for this Discover it card due to a low credit score, you may qualify for another type of card.If your credit score is lower due to missed payments, high levels of debt, or other negative components of your credit report, you may be limited in the credit cards you qualify for. One way to find out is to request a pre-qualified offer for a credit card before you apply.
Debunking Credit Score Myths
Even if you know the basics of what your credit score entails and how to keep it on track, theres still a lot of misinformation flying around regarding the topic. Heres the truth behind five credit score myths.
Myth: Credit scores are the only factor creditors consider.Truth: While theyre important, creditors consider your credit score as part of your overall financial picture. Other information such as your income, housing costs , and other factors also come into play.
Myth: Your age, gender or race impacts your credit score.Truth: Creditors are not allowed to base lending decisions on a borrowers race, color, religion, national origin, sex, marital status, or age, thanks to the Equal Credit Opportunity Act and FICO® Scores dont consider these types of information.
Myth: You need to close credit cards after you pay them off.Truth: Your payment history stands, even if you close a card. So you wont be able to hide late payments. However, closing an account will reduce the credit available to you and could negatively affect your utilization rate.
Myth: You can get penalized for checking your credit score.Truth: Only hard inquiriescredit checks from outside partiesmay impact your credit score. Soft inquiries dont affect it.
Your credit score is an important indicator of your financial health and a tool that can help you access the credit you need. Understand how it works and what you can do to impact it. Then put yourself on the path to better credit.
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