Credit score required for a refund in Discover it

Discover it® Cash Back is one of the best cash back credit cards on the market – and a great choice for people who enjoy rotating cash back categories.

With the Discover it Cash Back Card, you can earn 5% cashback on popular spending categories that change every quarter, up to $1,500 on purchases per quarter – all other purchases return 1% cashback. As a new cardholder, the Discover Cashback Match reward will match the amount of cashback you earn during the first year.

In addition, the Discover it Cash Back card is a credit card with no annual fee. New cardholders can take advantage of a 15-month zero annual interest rate on purchases and balance transfers, followed by the regular variable annual interest rate of 13.49 to 24.49 percent. This gives you over a year to pay off old balances, finance a major purchase, or make day-to-day spending decisions without worrying about interest charges.

There are many good reasons to apply for the Discover it Cash Back card, but what credit score do you need to get your application approved? Here’s everything you need to know about the Discover it Cash Back credit card application, including what credit score you need for the card, how Discover calculates your creditworthiness, and what you can do to improve your chances of approval.

What credit score do you need for the Discover it Cash Back card?

You are more likely to be approved for the Discover it Cash Back card if you have good or excellent credit, i.e. a credit score between 670 and 850.

How does Discover rate your creditworthiness?

According to Discover, the Discover it Cash Back credit card is for people with an established credit history, which means it looks for people with a positive credit history. What does it mean? Basically, Discover wants to make sure you stick to responsible credit habits like making payments on time every month and keeping your balance low.

In addition to evaluating your payment history and balance, Discover will also review your credit history to ensure you have a history of responsible credit use. Discover will also check to see if you’ve applied for many new loans recently. Having a lot of recent credit card applications on your credit report suggests that you may be preparing to take on a lot of new debt, and credit card issuers don’t want you to have more debt than you can pay off.

When Discover evaluates your creditworthiness, it not only decides whether to accept you for a better return credit card like Discover it Cash Back, but it also determines what credit limit you will receive once accepted. Your Discover it Cash Back credit limit is based on your history of responsible credit use as well as your current income level compared to basic monthly expenses such as rent or mortgage payments. People with income well in excess of their mortgage or rent payments are more likely to receive higher credit limits, in part because they are more likely to have the cash needed to pay for those high-limit purchases.

How to increase your chance of approval

Before applying, check your credit score. There are many ways to check your credit score online for free. In fact, Discover cardholders can use the Discover Credit Scorecard to get a FICO credit score for free.

Once you know your credit score, you’ll know if it’s worth it to apply for a Discover it Cash Back credit card. Remember that Discover is looking for people with good credit, so you’ll need a FICO credit score of 670 or higher. If you use the VantageScore credit scoring system, you will need a score of 700 or higher.

If your credit score isn’t quite there yet, it’s worth taking the time to improve your credit score before applying for a Discover it Cash Back credit card. The best way to improve your credit quickly is to pay off your outstanding balances, which lowers your credit utilization rate and increases your credit score. You also need to make payments on existing credit cards on time before you can qualify for a Discover it Cash Back card, so if you can’t remember when your credit card is due, consider registering a credit card. auto pay to make sure you never miss a deadline.

If you are not yet eligible, consider the Discover it Secured credit card.

If your credit score isn’t good enough for a Discover it Cash Back credit card, you may want to consider the Discover it® Secured Credit Card. Discover it Secured requires a $200 to $2,500 deposit, which becomes your credit limit. If you use your Discover it Secured card responsibly, you will not only get your deposit back, but you can also upgrade to an unsecured credit card. In addition, Discover it Secured cardholders receive cash back on every purchase: 2 percent at restaurants and gas stations (up to $1,000 with purchases per quarter) and 1 percent on all other purchases. New cardholders will receive double their first year cash back through the Discover Cashback Match program.

bottom line

What credit score do you need for the Discover it Cash Back card? Your chances of getting approved will increase if you have a good or excellent credit history, so try to get a FICO credit score above 670 or a VantageScore above 700 before you apply. If you want to make sure you qualify for a Discover it Cash Back card, use the CardMatch tool on CreditCards.com to see if you can be prequalified for a card. This will not affect your credit score and you will know in a few minutes if your Discover it Cash Back application has been approved.

Nicole Dicker is a freelance writer specializing in personal finance and habit formation. She spent five years as a writer and editor on The Billfold, a personal finance site where people talk candidly about money, and she regularly teaches classes on how to increase your income as a freelancer.