Wouldn’t it be nice if you made money back simply for buying groceries or gas? Or perhaps you’re hoping to establish credit so you can buy a car one day. U.S. News gives you the scoop on how to do both with Discover credit cards. This guide will walk you through the steps to apply for a Discover card and increase the odds of getting approved.
Read About Discovery Card Options
Discover offers a variety of cards for various needs. Let us first go over the common availables.
Cashback Cards
A popular option is the Discover it® Cash Back card. It offers cash back on select categories that rotate every quarter. Think 5% back at Amazon. com, grocery stores or restaurants! Plus, Discover will double all the cash back you’ve earned at the end of your first year. It’s ideal for people who splurge on routine purchases.
Travel Cards
Although Discover does not currently offer a travel-specific card like many others do, a rewards card can come in handy for travel. Redeem your cash back for travel — flights or hotels. This is one method of accumulating travel rewards without a travel-branded card.
Student Cards
GET READY FOR THE BEST START! Student cards are for students! These cards may be more readily approved, even with a short credit history. And you can earn rewards on everyday purchases like food and gas. With them, you build credit while you’re in school.
How to Check Your Creditworthiness
When it comes to the importance of your credit score, super, super important. It reflects how responsibly you manage money. Let’s explore this topic.
Understanding Credit Scores
A credit score indicates to lenders how likely you are to repay your debts. Scores range from 300 to 850. With a higher score you get better interest rates and higher credit limits. If you have a good credit score, they will most probably approve you!
Here is a breakdown:
Excellent: 750-850
Good: 700-749
Fair: 650-699
Poor: Below 650
Obtaining Your Credit Report
You can request your credit report free from AnnualCreditReport. com. Just scan it for any errors. Fix any errors you find. This is vital to ensuring your credit report is accurate.
Filling Out the Discover Card Application
Also make it easy—and super simple—to apply for a Discover card. There is a step by step guide.
Collecting necessary information
Have this information prepared:
Your Social Security number
Your address and contact info
Details about your income
This allows the model to be prepared ahead of time, which makes the application quicker.
Guide to the Online Application
The first step is to visit the Discover website and locate your desired card. Click “Apply Now”. The application will request personal and financial information. Be honest and verify all information before submission. Getting this right takes time — you need to take your time getting this right.
Anthropologizing Your Approval Odds
Do you want to increase your likelihood of getting approved? Try these tips.
Ways to Improve Your Credit Utilization
This is how much of your available credit you’re utilizing, which is called credit utilization. Low balances on other credit cards. If possible, keep utilization below 30% on each card. Clear off your balances before the billing cycle closes.
Building up the Financial Stability
Show you’re good with money. Must have a steady income and a good work history. If you can prevent acquiring excessive debt. Financial stability gives you the appearance of a safe bet to lenders.
How to Choose the Right Card for Your Credit Profile
Choose a Discover card that matches your credit tier. Apply for cards intended for fair or limited credit if you have either. Certain Discover cards are easier to qualify for with little credit history.
What Happens After You Apply?
So, you hit submit! What is next?
Understanding the Approval Process
Discover will review your credit report and verify what you told them. They will make that determination based on your creditworthiness and ability to pay. This can take anywhere from days to a couple weeks.
When You’re Approved or Denied
If and when that is approved, please read the terms and conditions carefully. Be aware of your interest rate, fees and credit limit. If denied, don’t worry! I hope you can call Discover and request a review. And, be sure to work on raising your credit score.
Conclusion
It may be a good idea to apply for a Discover credit card. Choose the right card, know your credit score and follow the tips in this guide. PS: Don’t forget to use your card responsibly and have amazing credit!
