Are you thinking about applying for the Discover It Cash Back credit card? Before you dive in, it’s essential to know what credit score you’ll need to increase your chances of approval.
The recommended minimum credit score for this credit card is 700. However, there have been reports of approvals with a score as low as 600.
If your credit score is not good enough for the Discover it Cash Back credit card, you might want to consider the Discover it Secured credit card.
The Discover Credit Card Approval Process
There’s 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.
While Discover does not publicly disclose a specific income requirement for the Discover it Cash Back card, a steady and sufficient income is essential. This shows the card issuer that you have the means to pay off your credit card balances responsibly.
Another crucial factor is your debt-to-income ratio (DTI). The lower your DTI, the better your chances of approval. A high DTI indicates that you have too much debt relative to your income, which can make lenders hesitant to extend additional credit.
How to Increase Your Chances of Getting Approved for Discover It Cash Back Card
Getting approved for a credit card requires a little planning. Most credit card offers require very good credit. So, when applying for new credit, it’s essential to know your credit scores and what’s on your credit reports.
Maintain a Strong Credit History
Discover wants to see a strong credit history, steady income, and low credit utilization. If you’re using too much of your existing revolving credit, it’s a sign that you may not pay them back.
Limit Recent Credit Inquiries
You’ll also want to make sure you haven’t applied for too much credit in the recent past. Having too many credit inquiries can lessen your chances of getting approved.
Need Help Improving Your Credit Score?
One of the best ways to improve your credit scores is by removing negative items from your credit report. Lexington Law can help you dispute (and possibly remove) the following items:
- Late payments
- Charge offs
With more than 18 years of experience, they achieved over 6 million removals for their clients in 2021 alone. So if you’re struggling with bad credit and want to increase the likelihood of getting approved for new credit, visit their website and fill out the form for a free credit consultation.
Understanding the credit score requirements and other factors that influence your chances of approval for the Discover It Cash Back card is crucial to making an informed decision.
By following these tips and improving your credit score, you’ll be well on your way to getting the most out of your credit card journey. Remember, your credit is an essential tool for your financial future, so take the time to build a strong foundation and make the most of it.