The Discover it® Student Cash Back Credit Card offers one of the most trusted rewards programs available to students. With this card, you will receive 5 percent cashback on purchases in certain, activated rotating categories every quarter, such as grocery stores, restaurants, gas stations, etc. (up to $1,500 per quarter, then 1 percent).
Discover it student cashback will also match, dollar by dollar, all the cashback you earned at the end of your first year. For example, if you earn $100 in cash within a year, Discover will reward you with an additional $100 in cash, for a total of $200 in cash. Best of all, these benefits come with no annual fee.
But, as with all credit cards, you must meet the Discover it Student Cash Back credit score requirements to be approved. Below we will explain how good a credit score you will need to get approved for this student credit card.
What credit score is required to receive cashback for Discover it students?
Discover does not list the minimum credit score required to qualify for a Discover student credit card. However, when considering applications, the issuer takes into account information other than credit ratings. For example, Discover says it will take into account your income when making a decision. If you are 21 years old, you may list another person’s income (if available to you) on your application. If you are under 21, you can use income from another person (if that person regularly deposits this money into your account).
However, you should strive to ensure that your FICO credit score is at least considered fair if you want to improve your chances of being eligible for the Discover it Student Cash Back program. FICO credit scores range from 300 to 850, with a fair credit score of at least 580.
There are a few additional requirements to consider when applying for this card: you must be a student at a two- or four-year college or university, be at least 18 years old, have a U.S. address, and have Social Security. amount.
What if my application is rejected?
If your Discover card application is rejected, your first step is to find out why. The Equal Credit Opportunity Act requires credit card providers to explain, usually in a letter, why your loan application was denied. Common reasons include a low credit score, low monthly income, short credit history, missed payments, or high levels of debt.
In addition to the letter from Discover itself, you can view credit information on your credit report, which can be requested once a year through each of the three credit bureaus via AnnualCreditReport.com. Armed with this information, you can determine why your credit card application was rejected.
How can I improve my score to receive this card?
Is your credit score low—so low that you’re worried about getting a student credit card? Or maybe because you’re a college student, you don’t have long enough credit experience to even have a credit score.
Luckily, there are tips you can apply to build a consistent credit history and improve your score over time.
Make timely payments
The first step is to pay all monthly bills on time. Some payments, such as student loans, car loans or credit cards, are reported every month to three national credit bureaus – Experian, Equifax and TransUnion. By paying your bills on time and in full, you will consistently improve your credit score.
Just make sure you never pay late. If you pay bills 30 or more days after the due date, your creditors and creditors will report your payments to the credit bureaus as past due. This can cause your three-digit FICO credit score to drop by 100 points or more.
Become an authorized user
If you have a parent or guardian with a credit card, you can request to be added as an authorized user to their account. In such cases, you will be listed in the primary user account and receive a physical credit card associated with that account.
You can then use that card to make purchases, but when payment is due, the primary account holder (not the authorized user) is responsible for making the payment. The benefit to you is that whenever the primary account holder makes these payments, they are also reported on your behalf to the credit bureaus, which ultimately works to improve your credit score.
Consider a secured credit card
If your credit score is not high enough to qualify for a Discover it Cash Back student card or any similar student card, you can apply for a secured credit card first.
A secure card works just like a traditional credit card, except that its credit limit is linked to the deposit you make with the issuing bank. If you deposit $500 with an issuing bank, your secured credit card will have a $500 credit limit. If you do not make payments, the bank may withdraw the amount you owe from your deposit. This makes it easier to get a secure card as the bank takes less risk. In other words, you should be able to qualify for a secured card even if you have a low credit score or no credit score at all.
bottom line
The Discover it Student Cash Back program is a great choice for students with a generous reward rate and additional card benefits. Applicants also do not need an exorbitant credit score to qualify for this student card. If you want to keep building your credit history while still getting cash back, this card might be a smart choice. But if you end up struggling with approval, take comfort in the knowledge that you have other options.
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