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Are you thinking of applying for a Discover card but not quite sure about the credit score needed to get approved? You’re definitely not the only one. In this article, we’ll talk about what score you need, factors that influence this score, and ways you can boost your credit score to qualify for a Discover card.
What is a credit score and why is it important?
Credit scores are numbers that represent your creditworthiness, typically ranging from 300 to 850. They are quick references for lenders assessing the risk associated with extending credit to you. The higher your credit score, the more creditworthy you’re perceived to be. According to FICO’s rating system, a credit score between 670 and 739 is considered ‘good,’ while a score between 740 and 799 is considered ‘very good,’ and anything above 800 is ‘excellent’.
Factors That Determine Your Credit Score
Your credit score isn’t determined by a single factor. It’s calculated based on a combination of factors that include your payment history, credit utilization, length of credit history, and the types of credit accounts you have.
- Payment History: This is the most crucial factor. It assesses whether you consistently make your payments on time.
- Credit Utilization: This refers to the proportion of your available credit limit you’re currently using. It’s recommended to keep this ratio below 30%.
- Length of Credit History: The duration of your credit history is also significant. A lengthier history might be beneficial as it gives lenders more data to assess your credit behavior.
- Types of Credit Accounts: Lenders prefer to see a mix of credit types (credit cards, auto loans, mortgages, etc.) on your credit report, as it indicates that you can manage different types of credit well.
You can check your credit score through various financial monitoring services, some of which even offer this service for free.
So what’s the credit score needed for a Discover card?
While there’s no strict rule about the credit score required for each Discover card, the issuer usually looks at your credit score alongside other factors like your income, payment history, and credit utilization when considering your application.
Most of Discover’s credit cards require a good to excellent credit score, generally between the 670 to 850 range.
However, Discover also offers a pre-qualification tool that allows potential applicants to see which cards they might be eligible for without negatively impacting their credit score. It’s essential to note that pre-qualification doesn’t equate to pre-approval.
Let’s look at a few of Discover’s credit card offerings and the general credit score requirement for each.
Discover it® Cash Back: An Option for Good to Excellent Credit
The Discover it® Cash Back is one of Discover’s top cash-back cards. It offers 5% cash back on everyday purchases at various places each quarter, up to a quarterly maximum once you activate it, plus unlimited 1% cash back on all other purchases.
For this card, Discover generally recommends a credit score at the higher end of the spectrum. While Discover doesn’t explicitly state the required credit score, it’s safe to assume that a score of 670 or above would increase your chances of approval.
Discover it® Miles: Catering to Travel Enthusiasts with Good to Excellent Credit
The Discover it® Miles is ideal for those who prioritize travel. Like the Discover it® Cash Back, this card requires good to excellent credit, which FICO defines as a score of 670 to 850.
This card earns 1.5 miles per dollar spent on every purchase, which can be redeemed for cash or as a statement credit towards travel purchases. If you use your card regularly, Discover will match all the miles you’ve earned at the end of your first year, potentially leading to significant returns.
Discover it® Secured Credit Card: A Lifesaver for Those Repairing Their Credit
The Discover it® Secured Credit Card is an excellent option for those looking to rebuild their credit or establish a credit history. As a secured card, there’s no minimum credit score requirement to apply for this card.
This card offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, plus unlimited 1% cash back on all other purchases. After seven months, Discover will automatically review your account. By making consistent on-time payments, you can potentially convert your card into an unsecured one, offering greater flexibility and benefits.
Discover it® Student Cash Back: An Ideal Option for Students Building Credit
The Discover it® Student Cash Back is for students with little or no credit history. It doesn’t require a minimum credit score to apply, and it carries no annual fee.
This card offers 5% cash back on everyday purchases at different places each quarter and unlimited 1% cash back on all other purchases. Get 5% cash back on everyday purchases at rotating locations each quarter and unlimited 1% cash back on all other purchases with this card. After graduation, easily switch to a standard credit card while keeping the same cash-back program.
How to Improve Your Credit Score
If your credit score isn’t up to the mark for the card you desire, don’t despair. There are several ways to improve your credit score. Here are a few actionable steps:
- Pay Your Bills on Time: This is the most crucial step towards building your credit. Demonstrating a consistent ability to meet your financial obligations will assure credit card companies of your reliability.
- Lower Your Credit Utilization: Large outstanding debts can deter issuers. Paying down bills and keeping your credit utilization below 30% is advisable.
- To ensure accuracy, check your credit report regularly. By being proactive and promptly reporting any discrepancies you find, you can effectively safeguard your financial well-being.
- Apply for a Secured Credit Card: A secured card can be a stepping stone towards proving your reliability to issuers. With consistent payments, a secured card can pave the way for an unsecured credit card.
Final Thoughts
Regardless of your credit situation, Discover likely has a card that suits your needs. While most of their cards require a good to excellent credit score, their secured and student cards can be invaluable for those seeking credit improvement. By understanding your credit score and taking steps to improve it, you can increase your chances of qualifying for the Discover card that best fits your lifestyle!
