Cards

Discover it® Card: What Credit Score Do You Need?

05 June 2024 at 09:57

Regardless of your lifestyle, you need modern payment tools like Discover it® cards. However, if, for example, you have an insufficient credit score for a Discover card, you may encounter difficulties when trying to order one.

Today, you will learn about the features of ordering a payment instrument, as well as:

What credit score do you need for a Discover card?
What is the lowest credit score to get a Discover card?
What are the key requirements for applicants?

Keep reading our comprehensive guide to learn more.

What are Credit Scores?

Your credit score is like a financial report card that lenders look at to decide how trustworthy you are with money. If your score is high, it means you’ve been good at paying your bills on time, and you’re likely to get better terms like lower interest rates when you borrow money. But a low score might signal to lenders that you’ve had some trouble with debt in the past, making them more cautious about offering you favorable terms. Essentially, this score is a key factor in determining how much lenders will trust you with their money.

A credit score is based on a number of factors:

Bill payment history;
Current debt;
Number of open loans;
Types of open loans;
Age of credit accounts;
Credit utilization rate;
Whether there has been bankruptcy or debt collection, and so on.

Equifax, Experian, and TransUnion are the three major credit bureaus. Credit scores can vary because different companies use different methods to calculate them. And a strong credit score is particularly important for obtaining a Discover it® credit card, as Discover considers applicants’ scores a key factor in the approval process.

Discover it® Card: What You Need for an Application

Before discussing the credit score needed for a Discover card, let’s delve into the types of cards and their features.

Discover it® Cash Back

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Annual fee 0%;
5% cashback on everyday purchases;
100% cashback for the first year of use;
Flexible rate of 17.24–28.24% on credit purchases;
No foreign transaction fees;
APR 0% for the first 15 months;
3–5% transfer fees;
Rating requirements: good/excellent.

This card is available to employed citizens with a credit score of 670+.

Discover it® Secured Card

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Annual fee 0%;
1–2% cashback on everyday purchases;
100% cashback for the first year of use;
Rate of 28.24% on credit purchases;
No foreign transaction fees;
APR 0%;
3–5% transfer fees;
Rating requirements: new/rebuilding.

This card is available for people with no credit history or those looking to improve it, but it requires a minimum deposit of $200.

Discover it® Miles

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Annual fee 0%;
Unlimited miles at a rate of 1.5 for every dollar spent;
100% cashback for the first year of use;
Flexible rate of 17.24–28.24% on credit purchases;
No foreign transaction fees;
APR 0% for 15 months;
3–5% transfer fees;
Rating requirements: good/excellent.

This card is available only to citizens with a credit history score of over 670.

Discover it® Student Cash Back

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Monthly payments 0%;
5% cashback on everyday purchases;
100% cashback for the first year of use;
Flexible rate of 18.24–28.24% on credit purchases;
No foreign transaction fees;
APR 0% for 6 months;
3–5% transfer fees;
Rating requirements: new/fair.

To get this card, a person must confirm that they are 18 years old and currently enrolled in college.

Discover it® Student Chrome

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Annual fee 0%;
1–2% cashback on everyday purchases;
100% cashback for the first year of use;
Flexible rate of 18.24–28.24% on credit purchases;
No foreign transaction fees;
APR 0% for 6 months;
3–5% transfer fees;
Rating requirements: new/fair.

To order this card, a person must confirm that they are 18 years old, and currently enrolled in college.

As you may have noticed, obtaining a card requires a good Discover credit card credit score, typically ranging from 670 to 850.

How to Ensure Application Success

To guarantee approval from the issuer when determining your Discover credit score and credit limit, you need a good rating and adherence to FICO conditions/factors. However, you can further increase your chances of success by following these recommendations:

Before applying, make sure to check your score, especially if you’ve recently used credit, taken out microloans, etc.
Check the statuses of accounts opened in your name to ensure you have no outstanding debts.
Work on improving your rating, for example:
- Pay off debts on time;
- Take moderate loans;
- Build a financial cushion in your accounts.

This way, you’ll objectively assess your chances to improve Discover card credit score.

Final Thought

Today, almost everyone uses credit and debit cards. This provides constant access to finances and creates a positive credit profile for banking institutions. While it may not seem promising at first, in the future, a good credit history will allow you to access various programs and payment tools with significant benefits like the Discover it® card and its derivatives.

The benefits of achieving a good Discover it credit card credit score outweigh the challenges. For example: